By: Lisa Birch, Howden
The Fourth Industrial Revolution (4IR) is set to greatly impact the manufacturing sector over the coming years. From robots to blockchain, wearable gadgets to 3D printing, the Internet of Things to driverless cars, and gene editing to artificial intelligence, many experts predict change will happen at a ferocious pace.
A report by EEF, the manufacturers’ organisation, suggests almost 70 per cent of manufacturers believe the latest revolution will happen faster than previous changes in the industry – with 80 per cent 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, we explore the risks to be aware of and ways that opportunities can be leveraged.
About EEF Insurance
Howden, EEF’s insurance partner, provide specialist cover for businesses in the manufacturing sector. For over ten years Howden has helped numerous EEF members to achieve their commercial objectives, from reducing business risk with improvement contributions from insurers to stabilising premiums to enable more accurate long-term budgeting. Howden truly understand the nuances of the manufacturing sector and recognise the benefits EEF membership brings in terms of risk reduction.
Howden is the world’s largest independent international retail broker.