Manufacturing study highlights value of UK-based production

The study — Industrial systems: capturing value through manufacturing — was produced by the Royal Academy of Engineering following roundtable discussions with a range of senior executives and structured interviews with leading industrialists.

The study said: ‘In the complex, globalised world of modern manufacturing, companies are finding new ways to capture value. Much value (and employment) is now enabled by the production process rather than coming from production itself. Throughout the lifecycle of a product, opportunities for creating value are increasingly being taken by manufacturers rather than allowing other organisations to capitalise, so production can become a strategic activity within businesses rather than an end in itself.’

The study placed such conclusions in the context of its stance on ‘capturing value’. It said: ‘… capturing value from modern manufacturing is not just about capturing the implicit value in making and selling products — it is about capturing value throughout the lifecycle of those products, benefiting many companies and requiring many different kinds of skills throughout the value chain.’