It reveals that while the majority (78%) believe they have the capacity to develop the necessary strategies for changes, little more than one in five (22%) have made it a priority to develop those plans. Meanwhile, only 15% are making future-proofing their main focus.
NatWest head of automotive and manufacturing Richard Hill said the findings indicated too few business leaders were keeping pace with change.
He said: “During our research a sub-group of manufacturing leaders emerged who we’ve called Trailblazers. These businesses have prioritised the development of strategic plans, ensured they have the staff to deliver them internally and have built a resilient business system that is proactively seeking to diversify.”
Leaders must bridge the gap between their intentions and actions when it comes to innovation and R&D
Richard Hill, head of automotive and manufacturing, NatWest
While eight out of 10 business leaders agreed innovation would be crucial for development in the next decade, more than half (54%) admitted a lack of innovation was their main challenge.
Added Hill: “With the convergence of rapid changes in technology, data analysis and other macro-economic issues, it’s clear that in order to prepare for the future, leaders must bridge the gap between their intentions and actions when it comes to innovation and R&D.”
NEWS: Stockpiling product for complex production lines in the event of a no-deal Brexit is impractical as a solution, warned automation specialist Richard Gane.
Speaking after the recent announcement by JLR that it was shutting its Solihull factory for two weeks after a dip in sales, Gane, director and automotive sector specialist at management consultancy Vendigital, said other manufacturers had announced similar plans for possible Brexit outcomes.
Describing it as an attempt to “build in some buffer time to protect operations from the impact of customs delays and trade tariffs” he added:
“In an industry that relies on Just in Sequence (JiS) processing, planned shutdowns could help to mitigate the risk of production line chaos in the event of a no-deal Brexit. Stockpiling product is not practical due to the high level of complexity.