Industry 4.0 & Canada’s Digital Future in Manufacturing
A new CME report released today “Industry 4.0 and Canada’s Digital Future in Manufacturing” identifies three reasons why Canadian manufacturers not adopting new technology at the same rate as their international counterparts – high purchase costs and uncertain ROI, lack of information and testing opportunities and, skill and labour shortages. CME's report offers solutions to the new federal government: - Improve accessibility of information about new technologies for business owners through funding case studies, technology demonstration, hubs and site visits and, develop tools to help manufacturers plan their journey toward technology
adoption.
- Mitigate high purchase costs and uncertain return on investments through a joint federal-provincial 20% tax credit on the purchase of new machinery, equipment and technologies, including software and; offsetting the cost of technology assessment, diagnostic services, and support.
- Taking steps to encourage more Canadians to choose a career in the manufacturing sector and solve the skill and labour shortages crisis.
WHY IS TECHNOLOGY ADOPTION IMPORTANT FOR MANUFACTURERS? Businesses that invest in digital technologies have a considerably better growth outlook than their non-adopting counterparts. This results
in a wide range of potential benefits: - Lower operating costs. Digitization opens the door to the collection of data that can be mined to identify efficiencies in existing operations, decrease downtime, and monitor and guide production activity.
- Increased product quality. Advanced technologies can help to root out errors and deficiencies in production, boost quality control, and lead to overall improvements in the production process.
- Higher innovation capacity. Technologies like 3D printing and electronic
prototyping lower innovation costs and can unlock new abilities and capacity that were previously unavailable to producers.
- Increased customer satisfaction. Digitization and advanced technology use can increase customer satisfaction by decreasing response times, creating more specialization and customization opportunities, and improving product quality.
FOR MORE INFORMATION
Mathew Wilson, Senior Vice-President
647-808-8231 | mathew.wilson@cme-mec.ca
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