Is there going to be another industrial revolution? Most experts agree that the fourth industrial revolution has already begun judging by the rate that technology is advancing.

Are we ready for a fourth industrial revolution? Personal Loans Now

Learning Highlights
  • The government-commissioned report
  • How Britain must embrace industrial technologies
  • The potential for Britain to become a great manufacturer once more
  • The effects of a fourth industrial revolution
  • Britain’s readiness for industrial technology
  • Whether or not Britain should embrace this new technology
  • Conclusion

In this article Personal Loans Now, a premium personal loans lender in the UK, takes a look at whether Britain is ready for the new industrial revolution.

The Government Plan its Industrial Strategy

The report was commissioned by the government and was produced by University academics, executives from big companies as well as from smaller businesses. Professor Jurgen Mailer, head of Siemens UK and Ireland, has led the investigation. The report suggests that if Britain wishes to become a world-class manufacturer and compete with the likes of the US and Asian markets, then we will have to embrace new and exciting manufacturing technologies. Artificial intelligence needs, robotics and 3D printing in the form of a fourth industrial revolution.

Britain Needs to Embrace Industrial Technologies

The report suggests to the government that it needs to give more support to companies, aid in the reskilling of workers and to use a National Adoption Program that has already been piloted in the north-west. In order to set up the necessary changes, the report also suggests that 5 research centres that will help improve innovation and capability should be established. It also called for a national commission who would be responsible for aiding Britain to become a global leader in industrial technology.

1 million workers in the manufacturing industry will need to be trained up - Personal Loans Now

Will Britain Become an Important Manufacturer Again?

Other countries already have plans in place to put them in touch and take advantage of new manufacturing technologies. If Britain wants to keep up it will need to act fast. Smaller, fast-growing businesses need the help of the government if they are going to have a chance of becoming successful in the industry. Many advanced countries have witnessed a decline in manufacturing over the last few decades, none more so than Britain. Today, just 10% of the economy is manufacturing based, as opposed to 20% in 1990.

So what have we learned so far?

  • Industry leaders and academics have compiled a report commissioned by the government
  • If Britain wishes to keep up with global industry then it must embrace new manufacturing technology
  • The report will influence the government’s industrial strategy
  • The fourth industrial revolution refers to robotics, 3D printing and artificial intelligence technology
  • The report called for more government support for businesses
  • Other countries are embracing this technology
  • Manufacturing has declined rapidly and now contributes to 10% of the economy

The Effects of a Fourth Industrial Revolution in Britain

If Britain wants to expand the economy and create a possible 175,000 new jobs in the manufacturing industry and generate £455 billion in extra income then they will have to move forward quickly. Professor Maier pointed out in a BBC interview that some jobs would be lost until the transition could take place. He explained how robots and artificial intelligence would replace people’s jobs. But, the increased productivity and exports would create more, different jobs for employees.

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Britain’s Preparations for the New Manufacturing Technology

By embracing the new manufacturing technology, Britain will need to train up some 1 million workers who are already employed in the manufacturing industry. Although robots and artificial intelligence will replace many workers, they’ll still need people to program these computers and manage them. This is why the report asked for cooperation and government support during the transition through the help of a national commission to help and advise businesses.

Should Britain Embrace the Manufacturing Technology Changes?

The British economy needs more earning potential and by becoming leaders in this new industrial revolution a much more stable and profitable economy could be established for all. Over the coming decade, manufacturing could grow by as much as 3% per year if the recommendations in the report are listened to. Hopefully, by encouraging manufacturing innovation and supporting research, new technologies and industries could be created. This could provide many well-paid jobs, something that Britain should embrace with open arms.

Britain has an ambitious goal to create 175,000 new jobs in the  manufacturing industry  - Personalloansnow

Conclusion – Are We Ready For A Fourth Industrial Revolution?

Personal Loans Now offering flexible personal loans in the UK has discussed whether Britain are ready for the new industrial revoultion. Industrial technology in the form of robots and artificial intelligence is changing the way that the manufacturing industry operates and these changes are inevitable. The rest of the world are racing to adopt these new methods of manufacture. If Britain wants to become a world-class manufacturing competitor then it must embrace the changes.

Businesses will need government help and direction in order to grow and reach their potential. It’s not only important to keep up with the world, but become more innovative and create new industries. If we could expand the economy in this way, there would be job losses suffered through the transition. However, Britain must have faith that once we become established in new manufacturing technology, many more jobs can be created.

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Apply now for a personal loan from a responsible lender - Personal Loans Now
Apply now for a personal loan from a responsible lender - Personal Loans Now