Innovation is still at the forefront of the UK’s manufacturing industry, according to a recent survey by The Manufacturers’ Organisation (EEF), in partnership with Santander.
The EEF Innovation Monitor 2017/2018 survey has revealed the UK’s manufacturing innovations have been successful in recent years. The report explored manufacturers’ forms of innovation in the past three years and found that:
- Almost every manufacturing respondent (95%) has engaged in some form of innovation in recent year
- Many businesses that have invested in innovation processes have improved their labour productivity, production process and reduced their production costs and lead times
- Close to half of all of the manufacturing respondents have entered new export markets, whilst two-fifths have entered new domestic markets to improve their innovation activity
Innovation activities play a crucial role in manufacturers’ growth strategies, productivity and competition levels. The development of innovation is becoming essential for manufacturers to efficiently manage business practices. At present, there is an importance on developing new and improved products and services, enhancing domestic and overseas market positions and satisfying existing clients’.
As manufacturers invest in process innovations, it leads to them strengthening their position in existing and new markets. The process is critical to capitalise new business opportunities, as half of manufacturers intend to enter new export markets and 40% plan to innovate into domestic markets.
About JB Springs
A family-run company since 1895, the JB Springs Group operates from purpose-built premises equipped with the latest technologies in the production of springs, wireforms and custom parts across a wide range of industries and sectors. We are committed to staying at the forefront of spring manufacturing in the UK by tackling the challenges of the modern global manufacturing marketplace to offer our customers the highest standard of product and service, whilst maintaining a competitive edge.