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Digital technologies gaining traction in many Canadian factories: BDC StudyMONTREAL, May 29, 2017 /CNW Telbec/ - Breakthroughs in digital technology are revolutionizing how factories operate around the world. A new Business Development Bank of Canada (BDC) study released today finds that 39% of Canadian manufacturing businesses have started to implement digital projects. The study also found that, while only 3% of manufacturing SMEs have fully digitized their production, 17% of manufacturing SMEs are preparing to do so. The impact of this revolution promises to be remarkable and Canadian manufacturers have a lot of work to do to catch up. The BDC study draws its conclusions from a recent Canada-wide survey of 960 Canadian SME entrepreneurs. Quote from Pierre Cléroux, Chief Economist and Vice President of Research at BDC: "Our study clearly demonstrates that it pays to embrace the digital shift. The Canadian businesses that have been early adopters of digital technologies have increased their productivity, reduced their costs and improved the quality of their products." "However, 42% of Canadian manufacturing businesses have not yet initiated their digital shift. These businesses will be at a disadvantage against their competitors." "We are already witnessing the impact igital transformation is having in Europe and the U.S., where highly automated and flexible factories can now compete against low-cost factories in Asia." "In order to survive, Canadian businesses must innovate, because the international competition is on the cutting edge of the digital Revolution." Highlights of the study:
Quote from Joe Loparco, Co-President at AGS Automotive Systems: "The auto industry has strengthened considerably over the past few years. At the same time, digital technologies have become more affordable, user-friendly and robust. This convergence has allowed us to make more investment in the area of digital technologies. This has helped increase our productivity by allowing us to better mine and understand the data which drives our business success," says AGS's co-President Joe Loparco. Ontario's AGS Automotive Systems is a company using digital technology to gain a competitive edge. AGS is using high tech sensors, monitors, data mining, and plans to use 3D printers. AGS's head office is in Toronto with 6 manufacturing facilities in Canada and US. The full study, Industry 4.0: The New Industrial Revolution - Are Canadian manufacturers ready? can be downloaded here: www.bdc.ca/industrystudy About BDC
SOURCE Business Development Bank of Canada |