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 BDC study draws its conclusions from a recent Canada-wide survey of 960 Canadian SME entrepreneurs.
“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,” Pierre Cléroux, Chief Economist and Vice President of Research at BDC told Techvibes.
“However, 42% of Canadian manufacturing businesses have not yet initiated their digital shift. These businesses will be at a disadvantage against their competitors.”
The full study, Industry 4.0: The New Industrial Revolution – Are Canadian manufacturers ready? can be downloaded here.