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Manufacturing risk management strategies
What are the best manufacturing business risk management practices globally and locally? Who can help manufacturers to protect assets more cost-effectively and grow revenues more profitably? Why does manufacturing risk management not always work well? Which parts of the world could you learn from? How could you improve the management of risks?
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Risk in Manufacturing
What are top risks for the manufacturing industry in the UK? Learn how to manage manufacturing risks better, sustainably and more profitably.
Take BusinessRiskTV.com’s holistic risk management approach to manufacturing business decision-making.
- Use risk assessment tools and techniques to understand risks better.
- Types of risk vary across different types of manufacturing but included in the this risk should be recruitment costs, workplace safety, finance risks, political risks, economic risks, societal risks, technology risks, compliance and regulatory risks and environmental risks. The optimal management of these risks is best achieved by looking at the whole not the individual risks.
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Risk is an inherent part of business. Adopt a systematic risk management approach to be more successful. Business leaders have many options for managing the risks. Our service does not offer a panacea. BusinessRiskTV.com aims to facilitate the solutions to how to manage risks better.
The UK manufacturing industry is facing many new threats and opportunities in a dynamic changing marketplace. Supply chain management is a key part of manufacturing risk management to ensure the reliability and quality of parts and end product. Manufacturers have to strike a balance between reducing costs in the short term and long term business sustainability.
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Risks To Manufacturing Businesses News Views Reviews
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— Risk Management (@HolisticRiskMgt) June 6, 2018
5th March 2018 – UK Manufacturing Firms Performing Well
According to the British manufacturers representatives EEF survey, factory output at the start of 2018 is near record highs and British factory leaders are confident in their prospects for the future helped by strong overseas orders.
There is increased demand for UK products due to improvement in global economy.
27th February 2018 – Small Medium-Sized (SME) Factories Sales Expectations Near 3-Year High
Sales expectations of SME factories in UK are near 3-year high due to strong global economy growth and low value of the pound.
National Manufacturing Barometer survey has revealed manufacturing to be the fastest growing sector of Britain’s economy in the final quarter of 2017.
The survey also revealed that more than half of SME manufacturers plan to invest in plant and machinery over the next 6 months. SME manufacturers in UK are more confident in their prospects in 2018 than they were in 2017.
The National Manufacturing Barometer surveyed 320 companies in January 2018
2nd February 2018 – British Small Manufacturers Fastest Rise New Orders Since 1995 In January
A Confederation of British Industry CBI survey has found that the UK’s small manufacturers had their best increase in new orders in January since 1995.
The CBI surveyed a large number of small manufacturers for the survey, 339 firms were asked.
8th January 2018 – UK Manufacturing Firms Optimistic About Business Prospects 2018
British manufacturers are optimistic about the UK economy and global economy. Optimism amongst manufacturing business leaders is at a 4-year high according to the manufacturers own organisation the EEF survey.
Top 3 UK key manufacturing business risks for 2018 :
- Rapid currency fluctuations – source more UK suppliers and other global suppliers
- Skills gap – invest in apprentices and training
- Cyberattacks – develop skills to mitigate cyber threats
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5th January 2018 – Don’t Panic UK Car Manufacturing Is Not Suffering
The UK has suffered a 5.6% fall in new car registrations in 2017, but 2017 still posted the 3rd highest new car registrations in the last decade.
If your industry posts record high new car registrations (ever ever!) in 2016 it is likely that an increase in road tax and an increase in interest rates it is going to stop the run of record new car sales in the UK, as happened in 2017. 2018 may moderate further but is more likely to stay at around 2017 car output levels.
Many financial experts, in the early part of 2017 were warning about a growing “new car lending financial bubble” that was about to burst unless the Bank of England did something about lending to buy new cars and this could cause, it was argued, another financial crisis like 2008.
If you increase interest rates to curb inflation and spending then it shouldn’t come as a massive surprise that new car sales fall from the record high’s of 2016. If this also means a financial crisis has been averted then that could be a good thing for the long-term sustainability of the car industry and the UK economy.
The Society of Motor Manufacturers and Traders SMMT are promoting their industry, but they are not blessed with holistic economic glasses when looking to their future! They should be careful about “crying wolf”, as when help is really needed it might not come.
Given that Forbes Magazine ranked the UK as the best country in the world to do business in 2018 despite Brexit, interest rates are still comparatively low and unemployment is at levels not seen since mid 1970’s, now is not the time to shout for help from the government.
Bigger risks to jump up and down about in UK manufacturing:
- Cyber Risks and driverless technology
- Growing Skills Gap and improving apprenticeships and training
- Exporting more overseas to take advantage of low value of pound
The lack of sales in the UK domestic new car sales market is not the biggest threat to car manufacturing.
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