Business News Round Up (08/03/2024)
New report exposes manufacturing industry’s data struggles
Data challenges are hindering industry progress, according to a new advanced manufacturing report. The Advanced Manufacturing Report, conducted by Forrester Consulting and commissioned by Hexagon, unveiled that nearly 40% of manufacturers risk lagging behind competitors due to their sluggish adoption of automation and data-driven productivity measures. These findings underscore a pressing need for manufacturers to prioritise data quality, workforce collaboration, and automation to stay competitive in an increasingly digital landscape. The report also found that data-related challenges contribute to 97% of manufacturers experiencing difficulties in collaboration and productivity. This impediment not only hampers innovation but also delays responses to customer needs. A staggering 71% of business leaders express concerns about the lack of synergy between design and manufacturing teams. The report also found that only 2% of manufacturers claim to be problem-free with their data practices, highlighting a widespread issue across the industry.
https://www.digit.fyi/new-report-exposes-manufacturing-industrys-data-struggles/
Brexit hitting UK economy and damage set to worsen with new trade barriers, budget watchdog warns
Brexit is dragging down the economy and its impact is set to get worse due to new trade barriers; the Government’s Budget watchdog is warning. The UK’s Gross Domestic Product (GDP) is set to grow by a modest 0.8% this year, before picking up to around two per cent annually over the next four years, according to the Office for Budget Responsibility. But in its detailed analysis of Chancellor Jeremy Hunt’s Budget, it stressed: “The effects of subdued investment, the energy price shock and Brexit compound the ongoing weakness seen since the financial crisis.” The OBR expects Britain’s recovery, having fallen into recession at the end of last year, to largely be driven by a pick-up in household consumption growth to around two per cent from 2025 to 2028. Compared to last autumn, it now expects higher household disposable incomes, a sharper slowdown in inflation, and lower interest rates.
Majority of female business owners in Scotland are confident about their future success
A new survey has found that more than half (59%) of female business owners in Scotland are confident about the future of their business in the next three years. While confidence remains moderately high, the impact of Brexit, cost-of-living and the COVID-19 pandemic endures, with three-fifths (61%) of respondents saying the recent economic climate has negatively affected their operations. The survey also found that almost a third (30%) of respondents felt a fear of failure when starting their business. This was mirrored when asked about access to funding, where over a third (35%) confirmed a lack of funding was their biggest challenge when setting up their business. Conducted by Business Gateway, Scotland’s national business advisory service, the survey gathered responses from 577 women in business around the country, to understand the current landscape for women-led and women-run small businesses.
Construction reacts to lack of long-term infrastructure plan
Chancellor Jeremy Hunt MP yesterday outlined the UK Government’s plans to tackle climate change and support its 2030 net-zero targets with a commitment of more than £1 billion to renewable technologies in the next auction round for Allocation Round 6 (AR6) of its Contracts for Difference (CfD) scheme, which will take place later this year. Also announced during the UK Government’s Spring Budget was confirmation that £390 million will be allocated to offshore wind supply chain and electricity networks as part of the Green Industries Growth Accelerator (GIGA). Claire Mack, chief executive of Scottish Renewables, welcomed the announcement but added: “The funding allocated to offshore wind is not fully aligned with the increase in deployment required to meet the UK Government’s stated ambition of deploying 50GW of offshore wind by 2030. With a world leading pipeline of projects, we will only achieve this target through deployment in Scottish waters.