Our strategy focuses on key elements that keep our business model running.
People and culture
Delivering success through the strength of our talented and committed employees.
Our success is a result of the commitment, skills and ingenuity of our people. They bring fresh thinking and customer focus to every aspect of their work.
Our core values of innovation and integrity shape our strong culture. They provide the foundation for us to work successfully towards our strategy, fulfil our purpose and continue to build a sustainable and successful Group.
We are focused on delivering an internal communications strategy to ensure effective information sharing, engagement and feedback across the Group. Our focus on learning and development, and leadership and management training, is complemented by a new performance review process.
- 470 UK managers completed mental health awareness workshops and we implemented a UK network of mental health first aiders
- We implemented Workday as our global HR system, providing immediate access to business-critical information with high levels of data accuracy, integrity and security
- We created a Diversity and Inclusion Group focused on establishing a more inclusive culture and diverse workforce.
Creating strong market positions with innovative products.
For Renishaw, research and development has always been at the heart of our business, typically investing between 13% and 18% of revenue annually in R&D and engineering to maintain leadership in our various technologies. Patent and intellectual property generation is core to new product developments and our six in-house patent attorneys are key members of our development teams.
'apply innovation' is deeply embedded in our culture. We are prepared to take a long-term view with R&D and continue to protect our core businesses with exciting new patented technology and process developments, while also diversifying into new product and market areas. We also work with key universities to supplement our core specialities.
- 17 new patent applications filed and 89 previously filed patents granted during the year
- The new RFP fringe prove for the REVO measurement system allows the inspection of freeform surfaces and complex geometry, including delicate surfaces
- Featuring industry-first, blue laser technology, the new NC4+ Blue system delivers significant improvements in tool measurement accuracy including for very small tools.
Delivering robust and reliable products tested to our exacting standards.
We are a highly vertically-integrated organisation with significant in-house manufacturing capabilities. With high-quality manufacturing plants located in the UK, Ireland, India, Germany, the USA and France, we are able to deliver exceptionally robust and reliable products to our customers, which have been tested to our exacting standards.
As a manufacturer operating in a high-mix/low-volume situation, with a strategy of delivering exceptional customer service, our approach has been to maintain as much control as possible of our supply chains. This has been achieved through a combination of in-house manufacturing (using in-house automation and our own products), duplication of critical processes, dual sourcing and strategic long-term relationships with our third-party suppliers. We also have supply chain management teams based in China, India and Ireland.
- Despite huge challenges associated with the pandemic, including our global supply chain and the necessity to rapidly implement social distancing, hygiene measures and remote working, we were able to maintain supply to customers throughout the period
- New investments in electronics manufacturing capability and a significant upgrade of IT infrastructure to support our operational challenges.
Global customer support
Ensuring our customers recognise Renishaw as a critical part of their value chain.
We are passionate in our belief that excellent customer support delivers success. Our customers can be global, with an order being placed in one country and the product shipped to the eventual end-user, who could be located on a different continent. By having 'local' global support through our wholly-owned subsidiary network and long-term distributors, we are able to assure customers that whatever needs, we are able to support and assist them, resulting in a positive return on their investment.
We are very focused on having a long-term relationship with our customers. It is not just about a sale but also supporting and helping our customers develop their processes and improving the quality of their product output.
- New 52,000 sq ft facility for Renishaw Fixturing Solutions in Michigan, USA, expanding the design and manufacturing capability for metrology fixturing and including customer demonstration facilities
- Warehouse established in Ireland to allow direct shipments to EU customers ensuring no disruption due to Brexit
- Largest ever exhibition stands at EMO Hannover enabled customers from around the world to see our full range of metrology and additive manufacturing solutions.
Understanding our customers' needs to offer cost-effective, efficient and easy-to-use solutions.
Our business has transitioned over recent years from primarily being a supplier of products to capital equipment manufacturers, to becoming much more focused on delivering a full solution directly to end-users. We aim to truly understand our customers' needs, allowing us to offer a cost-effective, efficient and easy-to-use solution.
This requires our sales force and technical support teams to be ever more knowledgeable, not just about what our products do, but also how they can be applied to benefit our customers' processes and practices.
We are focused on the levels of integration that we can bring to our customers' manufacturing environments, especially those looking to bring connectivity and the intelligent use of data within their manufacturing processes.
- Memorandum of Understanding with BAE Systems (UK) to work together on the development of additive manufacturing capability for the aerospace and defence sector
- Retrofitting a REVO 5-axis measurement system to a flood-damaged CMM reduced cycle time by up to 55% for Precision Machine & Auto Components (India)
- Automating workpiece set-up using machine tool proving systems and software, Tigercat Industries Inc (Canada) achieved a 75% reduction in set-up times in the manufacture of forestry equipment components.