Welsh manufacturers seeing benefit in technology driven factories
Leading Welsh manufacturers are realising the benefits of emerging technologies, according to new research from the ESTnet and Barclays Eagle Labs.
Both organisations recently collaborated on an event called “Factories of the Future” to explore how technology is enabling the manufacturing industry to accelerate efficiencies.
According to the findings from the event, 49 per cent of companies that have implemented AI, the Internet of Things or Big Data are seeing increased performance and productivity.
Meanwhile, 22 per cent of respondents said technological investments had increased profits, and 27 per cent felt that technology had helped them reduce costs and generate positive customer satisfaction.
However, there are challenges when it comes to using these technologies. Some respondents noted how it’s difficult to implement modern solutions due to a lack of understanding (17 per cent) and skilled resources (17 per cent).
Avril Lewis MBE, managing director of the ESTnet, said: “The technology industry is a hugely important part of the Welsh economy, and its role will only continue to grow as businesses adopt emerging and enabling technologies.
“As such, a thriving technology sector is imperative to the acceleration and future proofing of work in Wales, not only across market sectors but also the foundation economy.
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 additional events.”