By Kevin Hollis
Digital transformation is a critical part of doing business better, and we have seen that especially so in these past few months.
With the onset of the COVID-19 pandemic, many businesses and manufacturers have had to adapt operations quickly. Those who were best prepared were the ones who already had the technology to do so.
We know the benefits of technology adoption, including:
- The potential for lower operating costs through finding efficiencies
- Increased product quality through fewer data errors and more quality control
- Increased capacity through streamlining operations
- Higher capacity for innovation, like 3D printing and rapid prototyping
- Improved customer experience as questions can be answered quickly and orders tracked
- More scale and flexibility to adapt to whatever market conditions come your way
Yet not all SMEs have invested in technology – or they have may have invested into some upgrades, but not enough to truly get started on the digital transformation journey. According to Canadian Manufacturers & Exporters (CME), 40% of manufacturers identify uncertain return on investment as the main reason why they are not investing in new technology.
You know the benefits, yes, but you may not necessarily know how your business can get those benefits – especially without making a substantial investment.
The struggle is clear – digital transformation is the key to the manufacturing of the future, but how can you ensure that the technology you’re choosing will actually get you there?
Performing a Strategic Technology Assessment
A technology assessment provides SMEs with strategic insights into where to invest most effectively.
As CME notes, strategic investment in innovation and technology adoption is the starting point of a virtuous cycle. This cycle leads to more output, employment, economic growth, improvements in business productivity, increased competitive edge, higher outputs and exports, and so much more.
The key word there is “strategic.”
The most effective digital transformation investments don’t just start in any place — they start in the right place. True, actionable change doesn’t come from random choice or random investment — it comes from a targeted, specific choice.
What is that choice for your SME?
You don’t have to answer that on your own. The CME Technology Assessment Program connects SME’s manufacturers in southern Ontario with qualified experts to get customized technology assessments. It’s offering up to $25,000 in reimbursable funds.
Through this Program, qualified assessors will work on-site with companies to create a customized plan. They will review how manufacturers can best improve productivity, capitalize on existing assets, and implement the latest advanced manufacturing technologies, including hardware, software, and cloud computing.
This Program takes the headache out of digital transformation and technology adoption. You’ll gain confidence in the direction you are going and have a clear blueprint to follow to make your business better while getting a return on investment.
Taking a Whole-Business View of Technology Bottlenecks
SHEA is one of the qualified assessors. Our approach is to start with the problem. We will take a whole-picture view of your business and assess what current processes, operations, and technologies are getting in the way of operational excellence.
We will then recommend the solution (or solutions) that meet your needs and challenges.
In some cases, we may not even recommend a new technology investment — it could simply be a matter of process improvement or leveraging your current systems.
The point is that we will help you make this decision and figure out the best way forward for your business.
If you’ve been affected by COVID-19 in any way — whether business is up or has stagnated — this is a great opportunity to undertake this assessment.
- If your business is up, this can help you find efficiencies to maintain the higher level of business and scale efficiently in the future.
- If your business is down, this is a chance to take a step back and assess what has been working and what could be improved. Some digital transformations require disruptions, so this may be a good time to undertake the disruption and set yourself up for future success.
The best part is that this technology assessment is covered up to $25,000 in reimbursable funds for eligible southern Ontario manufacturers through the CME Technology Assessment Program grant.
We’re hosting a live webinar on June 24 at 2 p.m. EST with Mentor Works all about the CME Technology Assessment Program grant.
- Who is eligible
- What projects are eligible
- Eligible expenses
- Additional funding that is available
- And more…
See further details and register for free here.
Not a southern Ontario manufacturer, but interested in a technology assessment from SHEA? Reach out to us today.