Supply Chain Transition (Investment Zone)

There are many important trends in the global economy which are creating huge change in how businesses operate. Massive and rapid technological advances, Covid-19 and its aftermath, the push to decarbonise and adapt to climate change as well as geopolitical tensions and their response are altering how businesses operate across many areas such as how they train, recruit and manage staff, how products are made, how services are delivered and how customers and suppliers are managed. The global competition in older industries (e.g., Automotives) has pushed prices down and forced SME companies to be as competitive as possible. This means many small businesses operate on lower margins, where superfluous costs must be trimmed so they can focus on essentials. As a result of this increased competition, the ability of many smaller firms in the West Midlands to navigate and adapt to the new requirements and practices is limited. It takes a lot of resources for companies to plan and prepare for meeting these requirements, let alone the resources required for investment in new plant and equipment, gaining new certifications or hiring new managers and employees etc. Many companies don’t have these resources, and selling their business is sometimes an easier solution. The Supply Chain Transition (IZ) Programme hopes to inspire and equip hundreds of businesses in the West Midlands to take advantage of opportunities in growing sectors of the global economy. Businesses will be engaged at different stages of their journey – from those just beginning to explore new options, to those who need more in-depth analysis of costs and risks, to those who are committed to change and are seeking to invest in necessary accreditations, training, research and development or capital equipment. The programme will be funded by the West Midlands Investment Zone (IZ). The Investment Zone aims to attract investment and jobs into areas which have traditionally underperformed economically but have the potential to be areas of high growth and support the levelling up agenda. The West Midlands Investment Zone will target the Advanced Manufacturing sector.