Industry 4.0, often referred to as the Fourth Industrial Revolution or 4IR, represents the upcoming stage in the digital transformation of the manufacturing industry. It is propelled by groundbreaking developments such as the proliferation of data and interconnectedness, advanced analytics, seamless human-machine collaboration, and enhancements in robotics.
Our region is home to leaders in advanced manufacturing and robotics. A world leader in prosthetics, Covvi is based in Leeds and designs bionic hands for patients. It is also working to develop robotic hands for the nuclear sector.
While Synthotech in Harrogate has developed advanced robots to identify and fix leaks from inside pipelines. The result will mean less roadworks and a greener, more efficient, utility network.
Innovation of any kind requires investment. It’s expensive to bring an idea to market and manufacture it to a high standard. That’s where Fresh Thinking Advisory comes in. Funding advisors bring knowledge and expertise to navigating the complex world of finance and funding options. They can provide valuable insights, guidance, and strategies tailored to your specific funding needs.
The Fresh Thinking team also brings an extensive network of established relationships with lenders, investors, and financial institutions. We can leverage this network to connect you with potential sources of funding that you might not have access to otherwise.
A funding advisor can assess your financial situation, business goals, and funding requirements to create a customized funding strategy that aligns with your objectives. This tailored approach can increase the likelihood of securing the right type of funding for your needs.
According to The Data City, a global leader in sector, growth and cluster data, the advanced manufacturing sector in the UK has a turnover of over £140bn and employs 341,000 people. With an average growth rate of 5.5%, it’s also outpacing the overall British economy.
To take advantage of the opportunities, it’s vital to ensure that your company is well-funded and has the headspace to design and develop new products that move the industry forward.
An experienced advisor can research funding options, help prepare applications, and negotiate terms, which can be time-consuming and overwhelming. An experienced hand can streamline the process, saving you time and allowing you to focus on running your business.
Industry 4.0 leaders are well on their way to adopting AI and other cutting-edge technologies by 2025. They can anticipate growth of 122%, according to a 2018 McKinsey Global Institute report. While companies that only follow AI’s lead can only anticipate a 10% decline.
In summary, the economy is set to be hugely benefited by Industry 4.0, and the companies that act quickly will reap the biggest financial rewards. There has never been a better time to seek advice on how to source the funding your company needs to invest and grow.