A recent report from Make UK revealed that two-thirds of manufacturers and engineers plan to address rising operational costs by boosting internal productivity, with 29% intending to leverage technologies such as cloud computing and AI to achieve this.
As technology continues to advance, the engineering industry can no longer resist the pressures to adopt it. Over recent years, the engineering industry has faced various challenges, to navigate these effectively and to differentiate from competitors, it’s increasingly important for the industry to embrace the capabilities of technology.
The recent surge in tech across the industry
Resistance to change and additional high setup costs are commonly the two most significant barriers for implementation – particularly for SMEs or start-ups with limited cash flow. However, in recent years, there has been a noticeable increase in businesses adopting technology to enhance efficiency and retain a competitive edge globally with tech solutions such as automation and AI now regularly being issued to improve efficiencies, mitigate risks and optimise work flows.
Surprisingly, the adoption of AI within the industry has been slow with research revealing that less than 40% of engineers and manufacturers in the UK plan to implement AI within their business. Despite this cautious approach, more than 70% of respondents believe that the benefits of tech and AI outweigh the risks, suggesting optimism. Addressing this gap is considered a crucial step toward the engineering industry fully embracing the benefits of technology.
Why should the engineering industry implement tech?
Tech solutions such as robotics, AI and machine learning have become essential in the engineering industry due to their significant benefits and capabilities. These technologies enable companies to operate more efficiently by streamlining repetitive tasks, improving outcomes through better decision-making, and ultimately reducing costs by minimising material waste while saving time and resources.
Similar to other industries, such as construction, the engineering industry often spends a lot of time on administrative tasks and repetitive processes, which can be eliminated by introducing AI and robotics. These solutions help businesses save time and money, reduce errors, and increase productivity, boosting employee satisfaction.
Another benefit of modern technology for the industry is that it can assist companies in tracking sustainability metrics such as carbon footprints and optimise energy usage. This is particularly important in light of the Global Status Report 2020, which revealed that the engineering industry, particularly construction, accounts for 38% of global CO2 emissions. This alarming statistic is prompting the industry to re-evaluate its operations and swiftly implement changes.
What’s next for the engineering industry?
The industry is set to become even more competitive, with rising operational costs squeezing margins and political tensions presenting issues from delivery delays, product shortages and increased shipment costs. For the engineering industry to bolster its offering and create a truly robust system to support flexibility and enhance the industry’s ability to mitigate risks, tech solutions are essential.
In the coming years, AI and robotics will become increasingly important, enhancing efficiency and operational performance, particularly with the UK Government recently announcing a multi-billion pound AI investment to boost national capacity. Additionally, there will be a heightened emphasis on cybersecurity, making data security a significant concern and priority for engineering businesses.
To stay ahead of the curve and ensure sustained success, businesses and the industry must wholeheartedly embrace technology to fully understand the range of available benefits.
Source: E&T
