Manufacturers supported by Made Smarter, the movement helping SMEs join the Industry 4.0 revolution, are forecasting the creation of more than 750 new jobs from £12.6M of technology investment.
Since launching two years ago, the North West technology adoption pilot has engaged with 1,131 businesses to help them introduce digital tools and technologies to help boost productivity and growth, and navigate the impact of Covid-19.
542 manufacturers have received intensive support including expert, impartial technology advice, digital transformation workshops to help manufacturers take their first steps to transform their business, a leadership programme, and funded digital technology internships.
126 businesses have secured £3.2M matched funding for 155 projects which are worth £12.6M after private sector investment.
These technology adoption projects are forecast to deliver an additional £118.9M in gross value added (GVA) for the North West economy over the next three years, create 761 new jobs, and upskill 1,585 existing roles.
Over 80% of SMEs working with Made Smarter to adopt cutting-edge technologies have seen a boost in productivity, and more than 25% reduced their carbon emissions. Businesses will also benefit from increased revenue, profits and exports, and lower energy bills.
Juergen Maier CBE, Chair of Made Smarter, said: “I am delighted to see the positive impact that Made Smarter’s adoption pilot is having on individuals, businesses, the environment, and the UK economy.
“In the tumultuous times we face, it can be tempting to cut costs rather than invest. Yet, this approach runs the risk of businesses getting left behind in the long term. For the UK manufacturing sector to thrive and become a world leader, we need to ﬁnd ways to encourage innovation and the adoption of digital technologies.”