1st January 2020 by
Manufacturers seeing benefit in technology driven ‘Factories of the Future’
Summit powered by Technology Connected and Barclays Eagle labs reveals Welsh manufacturing’s future in tech
Leading Welsh manufacturers are feeling the benefit of investing in new technology, according to the findings from Technology Connected’s and Barclays Eagle Labs’ latest Factories of the Future summit.
The event, which is part of an on-going series in how future technology can enable the manufacturing industry, brought together some of the biggest names in Welsh manufacturing to workshop the opportunities, benefits and barriers in bringing together two of Wales’ most significant market sectors – technology and manufacturing.
The findings from the event revealed that nearly half (49%) of businesses that had implemented either AI, the Internet of Things or Big Data within their business had also benefited from an increase in performance and productivity, with more than a fifth (22%) saying that implementing new technology had resulted in increased profits.
Added to this, more than one in four (27%) felt that investment in new technology had reduced costs and had also ultimately resulted in greater customer satisfaction.
Powered by the Technology Connected, the voice of the technology industry in Wales, and Barclays Eagle Labs, who’s Cardiff based tech incubator provides Welsh businesses with the ideal environment to grow their business – the summit served to highlight the current success of innovation in Welsh manufacturing, but also the need for both industries to work closer together to continue to grow their influence on the Welsh economy.
Surprisingly, the summit found that the biggest challenge for manufacturers in implementing future technology was not cost related, but instead a lack of understanding (17%) and skilled resource (17%). Highlighting the need for future events to facilitate introductions and connections for knowledge sharing to help bring together two of Wales’ most significant market sectors.
Avril Lewis, managing director of the Technology Connected said; “The technology industry is a hugely important part of the Welsh economy, and its role will only continue grow as business continues to evolve. As such, a thriving technology sector is imperative to both future proofing work in Wales and providing the infrastructure to enable other industries to develop and grow.
“That is why our Factories of the Future series isn’t just aimed at helping manufacturing professionals better understand how things such as AI and big data can improve their businesses, but also to enable tangible connections with those within these industries who can assist by sharing their knowledge, expertise and experience to benefit both sectors.
Niki Haggerty-James, ecosystem manager at Barclays said; “We created Barclays Eagle Labs to support individuals and businesses grow through collaboration and innovation. Events like the Factories of the Future are a key part of this ethos, bringing together businesses and industries to knowledge share and create new opportunities for everyone. “It’s really the collaboration and successes of our residents and partners across our network of Eagle Labs that help to put each hub at the heart of its community. We’re looking forward to welcoming more businesses to our Lab in Cardiff for the upcoming events in the series.