Two Cans and a String – that’s exactly what outdated technology can look like in front of its newer versions.
Outdated manufacturing technologies may not seem like such a bad idea when they’re getting things done. Production is happening, products are being delivered to the customers, and there is a sense of familiarity.
Also, when it comes to adopting new technologies, you may be unsure about the return on investment (ROI). If that’s the case, you’re not the only one! Over 40% of manufacturers identify uncertain ROI as the main reason for not investing in new technology.
Though, it is important to note, that by delaying change, you may lose out on productivity and consequently, competitiveness as time goes by.
So, what should you do?
The CME Technology Assessment Program
If you’re based in Southern Ontario, fortunately, there is a program you can benefit from – the CME Technology Assessment Program.
This program subsidizes the costs of third-party technology assessment specialists, enabling you to receive specialized assessments and identify opportunities to improve your systems, processes, and equipment by adopting new technologies.
Qualified assessors work with you to prepare a business case as well as a customized action plan to enhance productivity by making the most of your existing assets. They also help with the implementation of technology solutions such as ERP systems, CRM systems, and quality management systems.
If you’re worried about the costs, you shouldn’t be! Eligible manufacturers can receive subsidies covering up to 100% (to a maximum of $25,000) of eligible consulting assessment costs.
Eligibility requirements can be accessed here.
If you’re eligible, how exactly can we help you increase efficiency and improve resource allocation?
Well .. Say Hello to TIMWOODS
We start by leveraging a lean manufacturing and waste-reducing method called ‘TIMWOODS’ to help you optimize your production and manufacturing activities and enhance your supply chain management. The eight categories we focus on include:
- Skills Underutilized
You may be surprised to see how much cash and resources are tied up across these categories. For instance, you can improve your cashflows and put money back into the bank with better inventory control and avoid higher expediting costs with better stock management.
What Benefits Can You Expect?
The biggest benefit is that you’re getting a little to no cost professional assessment as well as a roadmap for budgeting for 2021.
The assessment helps in end-to-end enhancement of your processes; from planning and design to manufacturing and delivery.
To date, dozens of Canadian manufacturers have benefited from this program and invested in new production technologies. Some of the benefits they have experienced include:
I. Lower operational costs,
II. Increased product quality,
III. Higher innovation capacity,
IV. And increased customer satisfaction.
If you’re interested in the CME Technology Assessment Program, you can still apply. The applications can be submitted until December 31, 2021.
For more information on the program access our webinar here: https://www.youtube.com/watch?v=jtUSnjD382I&t=912s
To create a roadmap for success and enhance the processes you currently have in place, connect with us today for a consultation.