Inpartnershipwith

MAUK

TheManufacturers'organisation

Investment

Monitor2024:

UsingDatatoDriveManufacturing

Productivity

EXECUTIVESUMMARY

ExecutiveSummary

Long-termstrategiesareimperativetocreatingacompetitive,predictableandstableeconomicenvironmentforbusinesses.Thenewgovernmenthasanincredibleopportunitytoresetthe

riskappetiteofbusinessandgetinvestmentflowingagain.Thismeansacceleratingthedigitaltransitionthroughthemassadoptionofindustrialdigitaltechnologies,AI,dataanalytics,

robotics,automationandmakinguseofadditivemanufacturingtechniqueslike3Dprinting.

Manufacturerswillplayacentralroleinthatopportunity

byinvestingandactingasachannelfornationalgrowth,

enablingtheGovernmenttoachievetheirmissionforthe

UKtobethefastestgrowingeconomyintheG7.Thatgoaliscertainlyachievableifmanufacturingissetattheheartofanylong-termindustrialstrategy.

Asmanyofusknow,thisvibrantindustrycontinuesto

investmorethan￡30bnayearincapitalassetsand

around￡20bninR&D,accountingfornearlyhalfofthe

privatesector’stotalspendoninnovation.Ontopofthis,

manufacturersinvestheavilyinskillsbothinretraining

existingworkersandsupportingthepipelineoffuturetalentthroughapprenticeships.Itisimportantweensurebusinessinvestmentisadequatelysupported,andthisresearch

helpsuspinpointwhatweneedtodonext.

UsingtheInvestmentMonitorSurvey,weupdateand

highlightwhatmanufacturers'investmentprioritiesare

overthenext12months.Thisdatacanhelpusunderstandthedirectionofinvestment,whichwecanusetoinform

supportingindustrieslikefinance,tofuelthoseambitions.Thisfeaturealsoincludesafocusontheuseandbenefitsofdataanalyticsinthesector,aswellasalookatthefund-raisingaspectofinvestment.

Thesurveyhighlightsthatmorethanhalfcontinueto

prioritiseinvestmentinplantandmachineryandskills.

However,investmentinsoftware,sustainabilityandR&Dalsorankhighforbusinesses.Asaninterestingfollow-uptoMakeUKandRSMUK’spreviousinvestmentresearch,

investmentintensityincapitalequipmentexpenditurehas

increasedinthelasttwoyearsindicatingmanufacturers

areinvestingmoreinplant&machinery.Thisisapositive

signfortheUKgivenbusinessconditionsarethemost

stablethey’vebeeninoverhalfadecade.Though,therearesurprisingdifferencesbetweenUK-ownedandforeign-ownedcompanies.

Butclosingtheproductivitygapwithourwesterncompetitorswillnotbeeasy.Overthelastdecade,asthefourthindustrialrevolutiontakesplace,moreorganisationsareusingthe

powerofdatatodiscoverefficienciesinthemanufacturingprocess.Thefindingsofthisresearchshowsthatdata

analyticshaspenetratedeveryaspectofamanufacturingorganisation,fromtheproductionprocesstoallback-

officefunctionslikeIT,financeandHR.Dataisbeingusedtoaccelerateproductivityandreducecosts.Though,thenextopportunityliesinhowwetakethisfurther,asmostmanufacturersareonlyusingdataanalyticsforabouthalf,orless,ofprocesseswithineachdepartment,andonlyanaverageofabout10-20%havegonebeyondthisthreshold.

Governmentpolicydesigncanplayacrucialroleinenablingfurtheradoptionofdataanalytics.Thekeythemesidentifiedbymanufacturerslargelyechotheideasproposedbyour

previousinvestmentresearch,encouraginginvestment

incentivestobedesignedwithlongevity,generosityand

accessibility.Thefindingsofthissurveyshowmanufacturerswanttheseideastoextendtoalltypesofincentives,whichshouldbemadesimple,accessibleandtostickforthelonghaul.Inotherwords,thehallmarksofanindustrialstrategy.

INVESTMENTMONITOR2024:USINGDATATODRIVEMANUFACTURINGPRODUCTIVITY2

CONTENTS

CONTENTS

ExecutiveSummary2

Part1–InvestmentActivity4

Investmentpriorities4

Investmentintensity5

Investmentintensityinplant&machineryovertime6

Influencefactorsforinvestment8

Bringingitalltogether9

Part2–InvestmentandDigitalAnalytics10

Advancingproductivitywithdatapower10

Thebenefitsofdataanalytics13

Italwaysboilsbackdowntopeople14

Datacompatibility16

Sowhatshouldmanufacturersdotoovercomethebarriers?16

Part3–InvestmentandFinancing17

Differentmethodsoffundinginvestments18

Fundingresearchanddevelopment19

Barrierstoaccessingfinance20

Part4–GovernmentSupport21

Ruleofthreeinpolicy-making22

Conclusion23

Recommendations23

RSMViewpoint24

Makinginvestmentsindigitaltechnologies–5keysteps25

INVESTMENTMONITOR2024:USINGDATATODRIVEMANUFACTURINGPRODUCTIVITY3

PART1-INVESTMENTACTIVITY

PART1

INVESTMENTACTIVITY

INVESTMENTPRIORITIES

Nowthatthedusthassettledonthegeneralelection,

manufacturersarelookingforwardastheypreparefortheimplementationoftheUKIndustrialStrategy,followingitsannouncementattherecentInvestmentSummit.

Manufacturersachieveproductivitygrowththrough

investmentincapital,highlyskilledlabour,andtakingrisksonnewideas.Morethanhalf(53%)ofmanufacturers

plantoprioritiseinvestmentinplant&machineryoverthenext12months,whichwouldincludeequipmentsuchas

toolingmachines,CNCs/PLCs,whitegoodsandevenofficeequipmentsuchascomputers,chairsordesks.

Formanufacturersthereislikelytobeagreaterfocus

ontheproductivity-enhancingcapitalequipment,which

canbesplitintotwocategories.Eithernewinvestmenttoincreasethecapitalstockofthebusiness,ormaintenance

investmenttoupdateandreplacedepreciatingassets.

Theformercanresultinimprovedproductivitywhichthepreviousgovernmenthadsoughttoacceleratewithuseofincentivessuchasattractivecapitalallowances.

Almostequalinpriorityistheinvestmentinlabourandskills(52%),specificallyforproduction.Theaccessofskillsisoneofthegreatestbarrierstogrowththatmanufacturersfacetoday,soitisexpectedthatbusinessescontinuetoinvestinthisarea.Today,therearestillover60,000vacanciesinthesector,with2.5rolesvacantforevery100roles.1Investmentinlabourcanincludebothrecruitmentandretentionas

wellasupskilling,trainingandapprenticeshipstoensureapipelineoffuturetalent.Though,theApprenticeshipLevyhasfailedtomeetitsobligationstosupporttraininginnewtalent,withanearly40%declineinapprenticeshipstarts

sincetheLevy’sinceptionin2017.

Chart1:Manufacturers’investmentprioritiesinthenext12months

%shareofresponses

PlantandMachinery

LabourandSkills(productionstaff)DigitaltechnologiesandsoftwareSustainability

R&DprogrammesAItechnologies

LabourandSkills(non-productionstaff)SupplyChainsystems

Netzero

Internationalexpansion(Exports)Newandimprovedbuildings

Strategicacquisitions/supply-chainintegrationInfrastructure(e.g.transportationsystems,communicationnetworks)

Internationalexpansion(newplantsoverseas)

Other

None

53%

52%

39%

33%

33%

30%

30%

24%

24%

22%

18%

17%

16%

7%

0%

2%

Source:MakeUK/RSMUKInvestmentMonitorSurvey2024

1ONS

INVESTMENTMONITOR2024:USINGDATATODRIVEMANUFACTURINGPRODUCTIVITY4

PART1-INVESTMENTACTIVITY

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Investmentindigitalrankedrelativelyhighly(third)amongstthelistofpriorities,whichissomewhatunexpected,givenR&Disusuallyoneofthemostimportantinvestments

manufacturersmake.Thoughonlyfor39%,therankingofthisprioritysendsasignalthatthemanufacturingsectorislookingtoacceleratetheadoptionofdigitaltechnologiesandiswillingtoprioritiseitaheadofinnovationspendin

thecomingyear.

Thisisagreatopportunityfortheindustrytobenefit

fromoptimisationstrategiesthatcouldleadtomassive

productivitygains.PreviousMakeUKresearchfoundthat

oneinfourmanufacturerswerestillatthe“conception”

stageofdigitalising,meaningtheywerebeginningto

exploredifferentsolutionsfortheirbusiness.Andnearlyhalfwereatthe“evolution”phaseindicatingtheywerealready

implementingnewdigitalsolutions.2Now,manufacturers

needtotaketheseinvestmentsforwardandreachthe

“revolution”stagewhendigitaltechnologiesreturnefficiencyandproductivitygains.

INVESTMENTINTENSITY

Investingcoversawiderangeofideas.Asthepriorities

highlight,mostinvestmentswilltaketheformofactionstohelpmanufacturersachievetheirgoals,fromdigitalisationtodecarbonisation.However,intermsofcost,notall

investmentsareequalassomecanrequiresubstantialfunds,expertiseandcarrydifferentrisks.Asaresult,

thereisadifferenceintheshareofacompany’sturnoverthatmaybeallocatedtocertaintypesofinvestments.

Comparinginvestmentinplant&machinerywithR&Dsuggeststhatmanufacturersspendmoreoncapitalequipmentthaninnovation,asexpected.

Theaverageforplant&machineryiscurrently8.1%,an

increasefromthelasttimethissurveyquestionwasposed(in2022)andreportedanaverageof7.5%.Thisispositiveasitsuggeststhatinvestmentintensitymayhaveincreasedinthelasttwoyears.

MANUFACTURERSSPENT8.1%

OFTHEIRTURNOVERONPLANT&MACHINERY

AND

OFTHEIRTURNOVERONINNOVATION

6.5%

R&D,alternatively,isslightlylessinvestmentintensivewiththeaveragemanufacturerspending6.5%oftheirturnoveroninnovation.Thelargestgroupofmanufacturers(59%)sitwithinthe6%orlesscategory.Itisnaturalthatthetypicalmanufacturerwouldinvestmoreinplant&machinerygiventhehighcostnatureofphysicalequipment,thoughinsomecasesthismaybeuntrueasmanufacturersinspecific

industries,likeaerospace,pharmaceuticalsorchemicals,maybesubstantiallymoreR&Dintensive.

Chart2:Investmentexpenditureasashareofturnover,plant&machineryvsR&D

%shareofresponsesforeachcategory

24%

22%

22%

■Plant&Machinery■R&D

19%

16%

15%

13%13%

11%

7%

7%

5%

5%5%

4%

3%3%

2%

1%1%

Don'tknow

<1%1-3%4-6%7-9%10-15%16-25%26-50%>50%No

expenditure

Source:MakeUK/RSMUKInvestmentMonitorSurvey2024

2MakeUK/AWS,DemystifyingDigitalisation(2023)

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PART1-INVESTMENTACTIVITY

INVESTMENTINTENSITYINPLANT&MACHINERYOVERTIME

Investmentintensityasashareofturnoverhistorically

deviatedaroundthe7%mark,whichisconsistentwith

nationalstatisticsthatsuggestthemanufacturinginvestmentintensityforcapitaliscloserto6%.3However,thesurvey

findingsnowshowthatinvestmentintensityinplant&

machineryinvestmenthasexceeded8%forthefirsttimeinadecade,whichisapositivesignthatthesectorisinvestingmoreinproductivityenhancingcapitalequipment.Theneedfornew,energyefficientmachineryandtherisinginterestinroboticsandautomationisfuellinginvestmentintheseareas.

Amorestablepoliticalenvironment,combinedwiththeabsenceofunwelcomeeconomicshocks(suchasa

pandemicorenergycostcrisis)hasgivenbusinesses

moretimeandroomtobreathe.Thishasenabledsensibledecision-makingintheinvestmentsceneandresultedin

greatercapitalexpenditure.ThecollectionofdataforR&Dintensityhasonlyjustbegunbutitwillbeinterestingtoseewhetherinnovationspendtakesasimilarpath.

Yet,itshouldbeacknowledgedthattheincreasedshareofturnoverspendmayalsoreflectrisinginterestrateswhichhaverestrictedaccesstofinance,especiallyforSMEs.Asaresult,itispossiblethatmanufacturersaredippingintoagreatershareoftheirturnovertomeettheirinvestmentneeds.

Chart3:Investmentinplant&machineryasashareofturnover,weightedaverages

8.1%

7.5%

7.2%

7.5%

6.9%

6.5%

5.9%

2014201520162017201820222024

Source:MakeUK/RSMUKInvestmentmonitorsurvey2024,previousInvestmentmonitorsurveys

3MakeUKcalculationsofONSdata(BusinessInvestmentasashareofturnover)

PART1–INVESTMENTACTIVITY

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UK-ownedmanufacturersbetmoreontheUKeconomy

Doesthetypeofownershipofabusinessmakeadifferencetoinvestmentintensity?Breakingdownthedatafor

bothplant&machineryandR&DwefindsurprisingdifferencesbetweencompaniesthatarewhollyUK-owned,

internationally-owned(withaUKpresence)andUKowned(withinternationalpresence).Thebreakdownofthisdatadrawsouttwomainthemes:

–UK-ownedfirmsinvestagreatershareoftheirturnoveroncapitalandinnovationthaninternationally-ownedcompanies.

–LargerUKorganisations,withamoreinternationalpresence,aremoreinvestmentintensivethanbothUKfirmswithoutanoverseaspresenceofinternationally-ownedfirms.

Chart2a:Averageinvestmentexpenditure(%shareofturnover),brokendownbyownershiptype

11%11%

9%

6%

5%

5%

UKcompany,basedonlyinUK

UKcompanywith

internationaloperations

InternationalcompanywithUKsubsidiary

■Plant&Machinery

■R&D

Source:MakeUK/RSMUKInvestmentMonitorSurvey2024

Basedonthisdataalone,fromapolicyperspective,itisworthconsideringwhethertheGovernmentshouldputgreaterfocusonunderstandingthebenefitsofforeignownershipandensurethattheydogainfromthedomesticeconomy.ThesurveyfindingsherewouldargueinfavourofUKownershipofUKmanufacturers,aswellasfocussingscalingupeffortsonthoseUK-ownedbenefits.Thatis,ofcourse,ifwewanttoseemorebusinessesincreasingtheirinvestmenthere.

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PART1-INVESTMENTACTIVITY

INFLUENCEFACTORSFORINVESTMENT

Cost,accesstofinance,skills,riskappetite,competition.

Therearemanyfactorsthatcaninfluenceabusiness'

investmentchoices,andgenerallyitisnotalwayspossibletodictateinvestmentbypullingonpolicylevers.However,long-termstrategiesfromGovernmentcanprovidecertaintyandpredictabilityforindustry,andvisionssuchasachievingnetzeroandbecominganAIsuperpowercanincentivisegreaterinvestmentinproductiveactivities.Therecentlypublished

IndustrialStrategyGreenpaperhasnamedAdvanced

ManufacturingasakeysectorthatwilldrivetheUK'sstrategy

OFMANUFACTURERS

SAYCONFIDENCETHATDOMESTICDEMAND

HASIMPROVEDWILL

INCREASEINVESTMENT

59%

goingforward.Thismessagingwillhelpmanufacturersdirecttheirinvestmentinamoreappropriatedirection.

Forthisreason,nearlysixintenmanufacturerssaythatconfidenceinthedomesticmarketisthemostimportantfactorwhichwillinfluencetheirinvestmentdecisions,

whetherthatisinplant&machinery,innovationorlabour.Confidenceineconomicconditionssupersedeseven

theneedtoupgradeand/orreplaceequipment,whichisimportantfor43%ofbusinesses.

However,thereareotherfactors,includingexporting

conditions,theneedtoexpandaswellasGovernment

incentives,suchascapitalallowancesorR&Dtaxcredits,whichimprovethepotentialreturnoninvestments

(ROIs)fordifferentprojects.Foreachbusiness,themostimportantfactormaybeslightlydifferent,butitisclearexternalconditionsplayamoreprominentrolethan

internalbusinessconditions.

Chart4:Factorsthatwillinfluencedecisionstoincreaseinvestmentoverthenext12months

%shareofresponses

59%

43%

ConfidencethatdomesticdemandhasimprovedNeedtoreplace/upgradeequipment

40%

39%

ConfidenceintheexportoutlookhasimprovedExpandingintonewareasofactivity

30%

23%

NewGovernmentincentivesmakingitmoreattractivetoinvestEmergingcapacityconstraints

22%

19%

Needtoreducelabour(moreautomation)Thetaxenvironmentismoresupportiveforinvestmentnow

18%

16%

16%

GreaterpoliticalcertaintyIncreasesupply-chainresilience

14%

13%

13%

MoreinternalfinanceavailabletofundinvestmentImprovedsupplychaindecisionmakingandinsightImprovedinfrastructurenetworks

11%

MoreexternalfinanceavailabletofundinvestmentCompetitormodernisation

1%

2%

OtherDon'tknow

Source:MakeUK/RSMUKInvestmentMonitorSurvey2024

PART1-INVESTMENTACTIVITY

BRINGINGITALLTOGETHER

Prioritiesforthemediumtermareclearformanufacturers.Fromapolicyperspective,itisimportantthatwedon’tpulltherugfromunderthefeetofmanufacturerswithtoomanyradicalchangestoexistingincentives.Thiswillhelpproducethedomesticconfidencemanufacturersarelookingfor.

TheGovernmentshouldcommittokeepingfullexpensingofcapitalallowancesinplace,makingR&Dtaxcreditseasiertouse,anddirectlytacklingdisincentiveslikeunfairbusinessrates.Despitethedifferencesininvestmentintensityby

organisationownership,FDIwillplayaprominentrolein

achievingtheGovernment’smissions.Goingforward,itisimportantweadaptourbusinessenvironmenttoattractforeigninvestmentsofthehighestqualitywhichultimatelyleadstogreaterprosperityfortheUK.

Allofthisgoodworkshouldbecoupledwithproper

campaigningtoensurebusinessesarealsoawareof

thewidersupportecosystemthatexists,suchaspublic-privatefundedinstitutionsliketheCatapults,InnovateUK,theBritishBusinessBankorMadeSmarter.Collaborationbetweentheseinstitutionscanhelpacceleratethe

adoptionofthetechnologiesthatwillbekeytoeconomicprogress.

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PART2-INVESTMENTANDDIGITALANALYTICS

PART2

INVESTMENTAND

DIGITALANALYTICS

ADVANCINGPRODUCTIVITYWITHDATAPOWER

Chart5:Hastheuseofdataanalyticsmade

anoverallpositivecontributiontoyourbusiness?

%shareofresponses

■Yes■No■Don'tknow

Sincetheonsetofelectronictelecommunication

technologiesinthelate1800s,tomoderninternetservices,thevolumeandvalueofdatathatbusinessesandpeople

producehasreachedunprecedentedlevels.Thevalue

ofthatdatabroadlydependsonhowitisanalysedand

usedtoinformdecisionssuchasinvestmentchoices,

14%

66%

recruitment,marketingstrategies,orresourcemanagement.Manufacturingbusinessesarealifespringfordatawhich

grantsgreatopportunityfordataanalyticsolutionsto

20%

providesupport.Nowmanybusinessesarebeginningtofinduniquewaystousetheabundanceofunstructuredinformationtheyhavetocreatebotheffectivenessandefficiencygains.

Theuseandimpactofdataanalytictechnologiesinthe

manufacturingsectorisoneofthekeythemesofthe

InvestmentMonitorsurvey.Manufacturersmakeuseofdataanalytictechnologiesinmanydifferentways,fromoptimisingthemanufacturingprocess;planningstocklevelsacrosstheirsupplychains;todevelopingsocialmediacampaignsand

calculatingreturnoninvestmentsforR&D.Theapplicationsareendless,thoughmanySMEsremainbehindthecurve

Source:MakeUK/RSMUKInvestmentMonitorSurvey2024

whenitcomestomaximisingadoptionofthesetechnologies.Despitethis,anoverwhelmingmajorityofmanufacturers

(66%)saythatdataanalyticshavemadeanoverallpositivecontributiontotheirbusinesswhichsuggeststhereislargelyawelcomingresponseforsuchtechnologyamongstthesebusinesses.

Theseareexcitingtimesfortheworldofdata,worthmorethan￡15bntotheUK4,andmanufacturersareexploringdataanalyticsforallfunctionsoftheirbusinessestomaximise

theirbenefits.Whenaskingmanufacturersinwhichareastheyhadimplementeddataanalytics,atleast50%said,

encouragingly,allkeydepartmentshadsomelevelofdataanalyticsbuiltintotheirfunctionality.

4DepartmentforBusiness&Trade(DataanalyticsandartificialintelligenceapplicationsinLeedsCityRegion-.ukinternational)

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PART2-INVESTMENTANDDIGITALANALYTICS

Formostitvariedanywherefrom1%and49%ofthe

particularareawhetherit’sinfinance,ITorHR.Onein

fourhaveimplementeddataanalyticsinto49-99%of

themanufacturingprocesstoo,highlightingprogressin

thedigitalisationjourney.Anillustrationofdataanalytic

examplesinthemanufacturingsectorarealsohighlightedbelow.

Furthermore,weaskedmanufacturers,ofthesevarying

functions,whichhavebenefitedthemostfromdataanalytictechnologies.

Theresultsplacethefollowinginthetopthree:

36%saidthemanufacturingprocess(qualitymanagement,material/productprocessing)

31%saidmarketingandsales(e.g.CRM)

30%saidbackoffice(fiance,billing,invoicing,procurementetc.)

Whilsttherewasamixedresponse,thetopthreeindicatesthatdataanalyticshavepositivelyimpactedmanufacturersacrossfront,middleandbackofficefunctions.

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PART2–INVESTMENTANDDIGITALANALYTICS

EXAMPLESOFDATAANALYTICSUSES

ACROSSTHEMANUFACTURINGBUSINESS

EnergyManagementandEmissionscontroltoolsareagrowing

sectorfordataanalyticsasmoremanufacturersimplement

ESGstrategiestoreducetheircarbonfootprint.Theemergence

ofAIisalsocreatingnewopportunitiesinthisarea.

QualityManagementSystems(QMS)can

enablemanufacturerstoensureproductsmeetregulatedstandards,aswellassupportdefectdetectionusingmachinelearningtechniques.

ManufacturerscanuseEnterpriseResourceplanning(ERP)

orMaterialRequirementsplanning(MRP)softwareto

manageinputs/outputs.ERPscanconnectMRPstoother

partsofthebusiness,suchasenergymanagement.

Chart6:Dataanalyticspenetrationwithinvariousfunctionsinamanufacturingbusiness

%shareofresponsesshowingwhatshareofprocessescurrentlymakeuseofdataanalytics

■None(0%)■Some(1-49%)■Most(49-99%)■All(100%)

Themanufacturingprocess(qualitymanagement;

material/productprocessing,finitescheduling)

Marketingandsales(e.g.CRM)

Supplychainmanagement–planning,forecastingandcapacityplanning

ManufacturingproductdesignanddevelopmentCustomerExperience

Back-office:eg:Finance,billinginvoicing,reconciliations,etc.Compliance

Transportandlogistics

Procurement(supplierselection/performancemanagement,

inventorymonitoring)EnergymanagementSkillstraining

HR:recruitment,payroll,staffmanagement

Source:MakeUK/RSMUKInvestmentMonitorSurvey2024

26%

14%

56%

24%

18%