Investment Smarts: AI could boost manufacturing by £102bn

Manufacturing bosses are holding back on 4IR investment over uncertainties about ROI. AI, machine learning, sensors and automation technology will boost Britain's competitive edge in global commerce, yet a lack of skills stands in the way of immediate investment, new research has found. A study from Barclays Corporate Banking has shown that 83% of manufacturers are confident about Britain's ability to compete in the international marketplace over the next five years, with two-fifths attributing their optimism to fourth industrial revolution (4IR) technologies including AI. Just over half (51%) of manufacturers report smart technology has improved productivity, yet 43% have not invested in 4IR at all. One in five decision makers said they were not clear on what the return on investment would be, with one in three citing a dearth of information on tangible benefits of AI and machine learning as a main drawback.