The manufacturers organisation, EEF and Santander has published a survey which shows that manufacturers are still at the centre of the innovation efforts for UK businesses. The EEF Innovation Monitor 2017/18 monitor has highlighted the importance of innovation as well as the success of manufacturers at home as well as abroad.
Some of the most important findings from this yearâs survey includes 95% of all manufacturing respondents have managed to engage in some form of innovation over the course of the past three years. Following on from this, three fifths of manufacturers have also reported that they have been able to introduce a new or improved product in the past three years. Other results from this annual Innovation Monitor survey shows that 37% of companies felt that the process of innovation is itself becoming a more important process that the forms of innovation that taking place.
Manufacturers are having to constantly broaden their horizons in terms of innovation and testament priorities, because of this it is hugely encouraging that more productivity-enhancing innovations are becoming widespread in the manufacturing industry. As well as this, companies are focusing on creating new and better product to sell to their customers. Despite this progress, not all companies are moving forward at the same rate, with many restricted by lack of access to the right people as well as overcoming uncertainties in regards to the returns gained from any investment in innovation.
It is promising to see that the manufacturing industry is leading in terms of a large amount of innovation while also accounting for 70% of all of the research and development projects taking place in the UK. Santander UK have said that they are in the perfect position to support the innovation ambitions of UK manufacturers, to expand into overseas markets. Santander have committed to be on hand to support innovation as the cornerstone of business while also working alongside manufacturers to help them increase their productivity and capitalise on any new job opportunities that arise.