Manufacturing Performance Insights: Edition One

We hope you've enjoyed a good start to 2023.?

In this issue, we provide key insights from the Make UK National Conference, news of a groundbreaking partnership, the latest manufacturing stats and details on how you can access a?complimentary cost savings analysis .

If you have any questions or to book your free trial of Thingtrax, please get in touch?here.

Team Thingtrax

Make UK National Manufacturing Conference

We're proud to support Make's UK 2023 National Manufacturing Conference. The recent conference highlighted a number of key issues and ideas to tackle them.

Ahead of the Spring budget, Make UK's CEO Stephen Phipson, made four calls to the Government in his keynote address.

1. A coherent Industrial Strategy, knitting together our national missions and providing a vision for national capability.
2. A commitment to building a truly world-class system of technical and vocational education.
3. Doubling down on the transition to net zero and the tremendous opportunities that decarbonisation presents us with.
4. Resetting our political and trading relationship with the EU.

Prior to the event a major survey on supply chains published by Make UK and Infor?revealed that less than 14% of manufacturers are taking advantage of the most advanced digital capabilities, including real-time sensors, automation, artificial intelligence and machine learning to enhance supply chains.

Key findings below.

• Use advanced digital platforms to build supplier security:?supply chain vulnerability remains a key risk in 2023, but ever-improving digital technologies allow manufacturers to better anticipate and predict supply chain disruption.
• Manufacturers can gain an advantage through AI and machine learning:?while dashboard analytics are popular with almost half of companies (46%) there is minimal take up of AI and machine learning (8%), robotics and automation (7%)
• 40% of companies don’t use technology?to monitor their supply chains, while around a quarter of companies don’t monitor either up or down their supply chains.

New Partnership with Cyient

We're excited to announce our global partnership with technology solutions provider?Cyient ?to enable manufacturers to reduce costs and increase efficiency.

Together,?Thingtrax and Cyient ?will help global clients improve efficiency and reduce operational costs by improving their performance KPIs enabled by faster machine connectivity, dynamic visual feeds, and decision systems throughout organisations.

To discuss how Thingtrax and Cyient can help your business to reduce costs and increase efficiency please contact:

• UK:?Paul Reader ,?Harry Parker
• US:?Harish Doshi, CLS
• International:?Prabhakar Shetty

Manufacturing Statistics

UK manufacturing is incredible resilient, however, supply chain disruption, access to labour, spiking energy costs, and ongoing economic and political instability is creating a heightened sense of uncertainly across the board.?

Rising Energy Costs

70% of manufacturing leaders say energy costs will increase in 2023?which will cause major concern for businesses not protected by the Energy and Trade Intensive Industry support (ETII) scheme.

Source: Make UK / PwC

Ongoing Labour Shortages

• There are currently 84,000 live vacancies in manufacturing.
• More than 80% have tried to recruit new staff in the last 3 month
• Nearly a quarter (24%) have successfully filled all roles
• Less than 1% have filled none
• Biggest barriers are lack of technical skills and lack of applicants

Source: Make UK, ONS

Rising Costs

• Manufacturers face a significant and ongoing financial burden due to unplanned asset downtime, with costs reaching as high as?$220k per hour in 2022.?
• Research indicates that manufacturers experience, on average,?annual downtime of 800 hours, resulting in reduced output capacity, higher labour expenses, wasted materials, decreased revenue, and narrower profit margins.

Source: IDC's 2022 Worldwide IT/OT Convergence Survey

Free Cost Savings Analysis

Book a complimentary audit today ?and see how our platform can connect all of your equipment and people to save time and reduce costs.

We'll help answer your key questions and guarantee a no obligation technology agnostic recommendation to optimise your factory's performance.