Stagnation is where UK manufacturing is heading if it holds tight and fails to press ahead with plans to invest, grow, market and launch new products. And stagnation is dangerous, because you intend to remain as you are, but inadvertantly go backwards.
Manufacturers need to diversify, adjust and add value to the ‘widgets’ they sell. Servitisation is the key and personalisation might be the logical first step in that process.
The University of Loughborough found that customers might be prepared to pay up to 10% more for personalised products indicating a real desire for that personal touch. The use of emerging technologies through investment has the power to create great opportunities for manufacturers to grow.