By 2020, investment in digital technologies is expected to reach CAD 3.1 trillion. Using a sample of over 16,000 companies from 14 different industries, this report measures the effect of new technologies on productivity. Through interviews with manufacturers, it reviews the technologies that can maximize the return on investment of digital technologies.
Those are the main points to remember from this report:
- The investments in the Industrial Internet of Things (IIoT) will be the largests : The growth will be led by investments in IIoT, which is estimated to contribute 42% of total new technology spend in 2020
- Investments are very different according to the industries : Heavy industries (petrochemical, mining, etc.) invest more in equipment and robotics, while other industries invest more in software or IIoT solutions.
- Industry 4.0 solutions improve business productivity but not equally : Firms at the top of their sector in terms of productivity make twice as much profit as other firms in the sector. Nevertheless, new technologies are improving the productivity of all companies.
- Gains are higher in combined investments rather in stand-alone : Robotics is proving to be the best technology to increase productivity gains, but mobile and cognitive technologies are those that stimulate incomes the most. Implementing these two types of technology is the best way to get a strong ROI.
This report also highlights the importance of corporate culture and employee involvement in the successful implementation of these projects.