A report by EEF suggests almost 70% of manufacturers believe the latest revolution will happen faster than previous changes in the industry – with 80% saying it will be a business reality by 2025.
It is not surprising then, that companies have urged the government to ensure the country is ready for what lies ahead by putting a supportive industrial strategy in place. Politicians have been quick to react because they see an opportunity for the UK to be at the forefront of a global industrial wave which could have major economic consequences.
Lynne McGregor of Innovate UK reported on the government’s official website: “This fourth industrial revolution (4IR), or ‘Industry 4.0’, has the potential to create impressive, new and sometimes unimaginable business opportunities for those who are innovative and agile.”
The challenge, however, is managing the risks which run alongside those opportunities. Whether that is insuring against the problems which arise from an ever-greater reliance on technology or protecting a business from an unpredictable market or even potential litigation.
In a short whitepaper from Howden insurance, the EEF explores the risks to be aware of and ways that opportunities can be leveraged.
