TORONTO—Canadian manufacturers that invest in digitizing their businesses are poised to reap the benefits.
According to a new PwC Canada report, global industrial companies are expected to invest nearly $1 trillion per year into going digital over each of the next five years. Of those firms, 55 per cent are expected to see significant returns within two years.
“Manufacturing companies have always been an important part of the Canadian economy, and even more so now,” Matthew Wetmore, National Industrial Products Leader at PwC Canada, said. “Factors such as our economic climate, which necessitates diversification beyond resources, currency advantage and our world-class pool of engineering and technology talent positions the Canadian Industrial sector to be a global manufacturing leader.”
Beating the global average, 65 per cent of Canadian industrial companies pumping money into digitizing today are expected to benefit within two years.
“A new era of digital maturity will facilitate a shift from focusing only on products in favour of establishing platforms that will enable better integration with customers, improved ability to access and leverage data and ultimately better understand and anticipate customer needs,” Wetmore added.
Meanwhile, one-third of Canadian businesses already rate their level of digitization as high—a figure expected to rise to 57 per cent within five years. The chance to get in on the ground floor is quickly passing.
“Canadian companies are already in a good position to compete globally,” Wetmore said. “First movers are recognizing the importance of transforming the way they optimize different technologies, focusing on talent, and investing in developing a knowledge-based workforce.”
You can access the full report here.