The event, is part of an on-going series on how technology can enable the manufacturing industry and brought together Welsh manufacturing and technology organisations to workshop 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.
Powered by the ESTnet, the voice of the technology industry in Wales, and Barclays Eagle Labs, who’s Cardiff based tech incubator provides Welsh businesses with the ideal environment to grow their business – the morning served to highlight the current success of innovation in Welsh manufacturing, but also the need for both industries to work closer together to continue to grow their influence on the Welsh economy.
Surprisingly, the workshop found that 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.
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.”
More information on the Factories of the Future series of events, including how to reserve your place on the future programme can be found at; http://www.estnet.uk.net/