Spending on R&D to rise as factories look to future
Manufacturers with operations in Scotland are Âplanning to spend more developing new products and services, a report by professional services firm KPMG suggests.
KPMG’s Rethink Manufacturing report says more than four-fifths (84 per cent) of manufacturers operating in the country say innovation is vital, with half of those surveyed saying they expect to increase R&D spend over the next three years.
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Nearly one third (31 per cent) of manufacturers cited investment in new technology as one of the top three factors that would help boost productivity in Scotland.
Nearly half (47 per cent) said they are already investing in the “internet of things” – the ability to connect everyday devices via the internet.
Artificial intelligence and advanced robotics are also high on the agenda.
James Kergon, partner and head of industrial manufacturing for KPMG in Scotland, said: “Manufacturing businesses with operations in Scotland recognise the importance of innovation.”