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What is Industry 4.0?

  • It describes the use of digital technologies to make manufacturing more agile, flexible and responsive to customer needs.
  • Industrial applications of the Internet, wireless sensors, software and other advanced technologies are combined to create "smart factories."
  • Over time, it will transform entire industries in the same way that electrification did in the past, which is why it is called Industry 4.0 - the fourth industrial revolution.

Why should you invest in digital technologies?

  • A 2017 BDC survey of 1,000 entrepreneurs found that those who implemented Industry 4.0 projects saw the following benefits:
    • 60% boosted their productivity
    • 50% reduced their operating costs
    • 42% improved product quality
  • Entrepreneurs who invested in digital technologies had better growth forecasts than those who hadn't, according to the BDC survey.
  • There has never been a better time to invest – technologies are more affordable, user-friendly and robust than ever before.

What happens if you don't invest in digital technologies?

  • You risk being left behind by competitors who are moving full steam ahead. BDC research found that 4 out of 10 small and medium-sized businesses in Canada have already begun their digital transformation.

How can your business get started?
Here are 3 ways you can introduce digital technologies in your business:

Build a digital factory

  • Monitor and guide production, and mine data, to increase output and decrease downtime. You can also use sensors to monitor and improve quality continuously.

Create digital products

  • Add Internet-connected sensors to your products to monitor their performance and provide information to your customers, such as when parts need to be replaced.

Provide a digital customer experience

  • Use the Internet and other technologies to get closer to your customers. For instance, offer them the ability to customize their orders online and see the progress of an order in real time.

To assess your readiness for the digital revolution, complete the digital maturity assessment.

How can BDC help?
The BDC provides advisory services in business strategy, technology consulting and operational efficiency to get you ready to implement digital technologies. They offer business loans with flexible repayment terms to purchase machinery and technology, as well as working capital to train employees or finance growth projects.

For more information, please contact:
Christina Clark
Account Manager
T: 905-297-0019   
C: 289-659-4878 
E: christina.clark@bdc.ca