Leading Welsh manufacturers are feeling the benefit of investing in new technology in their factories, according to the findings from the ESTnet and Barclays Eagle Lab Factory of the Future forum.

An event held earlier this year, together Welsh manufacturing and technology organisations covered the opportunities, benefits and barriers to adoption and acceleration of new technology.

The findings from the event revealed that nearly half (49%) of businesses that had implemented either AI, the Internet of Things or Big Data within their business had benefited from an increase in performance and productivity, with more than a fifth (22%) saying that implementing new technology had resulted in increased profits.

Added to this, more than one in four (27%) felt that investment in new technology had reduced costs and had also ultimately resulted in greater customer satisfaction.

Surprisingly, the biggest challenge for manufacturers in implementing future technology was not cost related, but instead a lack of understanding (17%) and skilled resource (17%). As such, the Factories of the Future series isn’t just aimed at helping manufacturing professionals better understand how things such as AI and big data can improve their businesses, but also to enable tangible connections with those within these industries who can assist by sharing their knowledge, expertise and experience to benefit both sectors.

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.