The digitalization of the manufacturing industry or what is called today “Industry 4.0” is known as the new Industrial Revolution and means using different kind of technologies (Internet of Things (IoT), Robotics, Virtual Reality (VR) and 3D Printing) to complete tasks.
With expected Investments of US$ 907B by 2020, the world is definitely moving toward a new industrial phase, but are the Canadian Manufacturing Companies ready for it? Based on a study from Canada’s business development bank (BDC), we should be positive about it!
“39% of Canadian Small and mid-sized manufacturers have implemented Industry 4.0 projects”
For this study, the BDC surveyed around 1000 Manufacturing Companies across Canada and found out that while only 3% of the companies have already fully digitalized their factories, 39% of them have undergoing projects. However, 42% have still not done anything in this area.
If we see across Canada, Quebec is leading the country with 45% of manufacturers that have implemented digital technologies.
“$261 000 Average investment in Industry 4.0 over the last two years”
Also, the study shows that businesses that invest more find it easier to implement Industry 4.0. However, in Canada, the majority of manufacturers invested less than $100 000, with 41% of them investing less than $50 000.
“Lack of qualified employees is the main challenge in implementing Industry 4.0”
The BDC study asked the Canadiens companies about the biggest challenges they are facing in the implementation of digital technologies. While excessive costs and an unclear return on investment are part of the top 3 challenges, talents are the main reported challenge.
In terms of benefits for Canadian Manufacturers, the study shows that:
- 60% boosted their productivity
- 50% reduced operating costs
- 42% improved overall product quality
As you can see, the digital era has definitely arrived in Canada like everywhere else. If you are part of the ones that started the adventure already, we would love to hear from you and if you’re not, it’s far from being too late, rather, it’s actually the best time to get involved and BRIDGR is definitely here if you need any help or guidance!Reach us for some guidance Download the complete BDC Study