EEF Manufacturers Organisation in Great Britain is an organisation dedicated to the future of British manufacturing. The organisation helps manufacturing businesses evolve, innovate and compete in a fast-changing world, providing a combination of business services, government representation and industry intelligence.
In a survey published today, with respondents from 150 companies, the organisation reports that manufacturers in the United Kingdom are concentrating their efforts on product and service innovation as a weapon to break into emerging markets.
According to the new Innovation Monitor survey, the manufacturers’ organisation and NatWest Bank, the sector is looking beyond its recovery-driven need to focus on cost cutting to meet the needs of existing domestic and foreign customers, towards increasingly ambitious innovation strategies.
This change has become necessary to keep up competition with commoditised goods made out in low-price countries. More than 70% of respondents are planning to move into new markets on the strength of innovation in products and services, a jump from 54% three years ago.
Some key figures from the survey:
- 71% of companies plan innovation to export to new markets in the next three years
- 73% of companies plan to bring new products to market in the next three years
- 75% of companies say speed to market is more important than it was in the past, but speed of innovation remains a top concern
- Two thirds of companies collaborate with a research institution
- Half of companies collaborate on research with organisations overseas
- Almost two-thirds of businesses collaborate with research institutions, such as universities, up from 44 per cent three years ago