{"id":5759,"date":"2018-11-13T12:10:15","date_gmt":"2018-11-13T12:10:15","guid":{"rendered":"https:\/\/www.openbusinesscouncil.org\/?p=5759"},"modified":"2022-05-04T21:37:58","modified_gmt":"2022-05-04T21:37:58","slug":"new-report-shows-the-worst-decline-in-the-uks-manufacturing-sector-in-two-years","status":"publish","type":"post","link":"https:\/\/www.footballthink.com\/new-report-shows-the-worst-decline-in-the-uks-manufacturing-sector-in-two-years\/","title":{"rendered":"New Report Shows The Worst Decline In The UK’s Manufacturing Sector In Two Years"},"content":{"rendered":"
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New Report Shows The Worst Decline In The Manufacturing Sector In Two Years<\/figcaption><\/figure>\n

A new report from the IHS Markit\/CIPS Purchasing Managers\u2019 Index (PMI)<\/a> revealed the biggest decline in the manufacturing sector in two years. The index showed that the manufacturing sector fell to 51.1 this October, down from 53.6 in September.<\/p>\n

According to Jason Chester, Director of Channel Programs for InfinityQS: \u201cThe report is indicative of what we are seeing across the manufacturing sector. Economic uncertainty fuelled by the lack of a final agreement on Brexit (despite Britain\u2019s departure from the European Union being months away), in conjunction with the gradual decline of high-street retailers and a contracting construction sector is having a negative effect on supply-chain demand and restricting further growth. As a result, it can be tough to accurately gauge the current state of the UK manufacturing industry, as it appears to be in a state of constant fluctuation.<\/em><\/p>\n

\u201cAlongside rising costs for imported materials and increasing business anxiety, the manufacturing industry must remain resilient to any external threats that continue to put pressure on manufacturers of all sizes. Unfortunately, the lack of understanding surrounding technological innovations, including\u00a0robotics, industrial Internet of Things (IIoT), automation, manufacturing intelligence, cloud computing, Big Data, and artificial intelligence, has meant manufacturers are hesitant to go digital. These opportunities can deliver significant benefits such as improved agility, cost reduction, and risk management, all of which are so badly needed by manufacturers in this current environment.\u201d<\/em><\/p>\n

Chester continued: \u201cThe problem is that firms seem to be taking the easier and \u2018safer\u2019 option by investing in labour rather than new technologies. We recently conducted a global client survey which revealed that 64 per cent of global manufacturers rate their own shop floor IT capabilities as \u2018non-existent, weak, or just average-at-best.”<\/em><\/p>\n

It\u2019s understandable that firms with smaller budgets are hesitant to scrap their existing machinery in favour of newer technologies, but it is equally ineffective to simply hire new staff without investing in the right technologies and connected systems for them to operate. Advancements in the IIoT and cloud-based data analytics now offer manufacturers the ability to operate far more efficiently, enabling them to accurately monitor and adjust their operations in real-time so they can remain competitive and adapt to an increasingly unstable global market.<\/p>\n

\u201cIn many ways the manufacturing sector is the backbone of the economy, currently employing approximately 2.6 million people and accounting for 44 per cent of total exports. The importance of remaining as efficient and competitive as possible within the current economic climate cannot be understated, and the responsibility falls on CEOs and CIOs working in close collaboration with managerial teams to ensure their digital transformation initiatives are successful.<\/em><\/p>\n

\u201cFirms that take the initiative to future-proof their manufacturing operations by prioritising investment in IIoT and intelligence solutions will be able to navigate their challenges to emerge as leaders in the fourth industrial revolution.\u201d<\/em> Concluded Chester.<\/p>\n","protected":false},"excerpt":{"rendered":"

A new report from the IHS Markit\/CIPS Purchasing Managers\u2019 Index (PMI) revealed the biggest decline in the manufacturing sector in two years. The index showed that the manufacturing sector fell to 51.1 this October, down from 53.6 in September. According to Jason Chester, Director of Channel Programs for InfinityQS: \u201cThe report is indicative of what […]<\/p>\n","protected":false},"author":7,"featured_media":5760,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":""},"categories":[1],"tags":[3874],"acf":[],"yoast_head":"\nNew Report Shows The Worst Decline In The UK's Manufacturing Sector In Two Years - OpenBusinessCouncil Directory<\/title>\n<meta name=\"description\" content=\"The index showed that the manufacturing sector in the UK economy fell to 51.1 this October, down from 53.6 in September on the same year\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.footballthink.com\/new-report-shows-the-worst-decline-in-the-uks-manufacturing-sector-in-two-years\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Report Shows The Worst Decline In The UK's Manufacturing Sector In Two Years\" \/>\n<meta property=\"og:description\" content=\"The index showed that the manufacturing sector in the UK economy fell to 51.1 this October, down from 53.6 in September on the same year\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.footballthink.com\/new-report-shows-the-worst-decline-in-the-uks-manufacturing-sector-in-two-years\/\" \/>\n<meta property=\"og:site_name\" content=\"OpenBusinessCouncil Directory\" \/>\n<meta property=\"article:published_time\" content=\"2018-11-13T12:10:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-05-04T21:37:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.footballthink.com\/wp-content\/uploads\/2018\/11\/manufacturing-sector-UK.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1380\" \/>\n\t<meta property=\"og:image:height\" content=\"797\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Hernaldo Turrillo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Hernaldo Turrillo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.footballthink.com\/new-report-shows-the-worst-decline-in-the-uks-manufacturing-sector-in-two-years\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.footballthink.com\/new-report-shows-the-worst-decline-in-the-uks-manufacturing-sector-in-two-years\/\"},\"author\":{\"name\":\"Hernaldo Turrillo\",\"@id\":\"https:\/\/www.footballthink.com\/#\/schema\/person\/b9610afd0759dc701187a7f622375c23\"},\"headline\":\"New Report Shows The Worst Decline In The UK’s Manufacturing Sector In Two Years\",\"datePublished\":\"2018-11-13T12:10:15+00:00\",\"dateModified\":\"2022-05-04T21:37:58+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.footballthink.com\/new-report-shows-the-worst-decline-in-the-uks-manufacturing-sector-in-two-years\/\"},\"wordCount\":503,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.footballthink.com\/#organization\"},\"keywords\":[\"report\"],\"articleSection\":[\"Open News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.footballthink.com\/new-report-shows-the-worst-decline-in-the-uks-manufacturing-sector-in-two-years\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.footballthink.com\/new-report-shows-the-worst-decline-in-the-uks-manufacturing-sector-in-two-years\/\",\"url\":\"https:\/\/www.footballthink.com\/new-report-shows-the-worst-decline-in-the-uks-manufacturing-sector-in-two-years\/\",\"name\":\"New Report Shows The Worst Decline In The UK's Manufacturing Sector In Two Years - 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