The Challenge For SME Manufacturers

The Challenge For SME Manufacturers 2018-08-04T20:02:24+00:00

The Digital Avalanche & SME Manufacturers.

Manufacturing leaders understand that digitization is impacting entire industries. Digital technology facilitates new strategies and business models. Success in the digital economy requires investments in technology, knowledge, and managerial capabilities.

Small and Medium-sized Enterprises (SME’s) are being left behind. Most SME’s don’t have the time or expertise for digital transformation initiatives.

The pace of digital change has accelerated and SME’s have an unprecedented range of options to drive growth and respond to customer demands.

Last year, Boston Consulting Group found that “SME technology leaders” – companies in a series of developed markets that are ahead of the curve with IT adoption – far outperform their peers. The compound annual revenue growth rate for these firms was 13 percentage points higher between 2014 and 2016 than for the “tech laggards”.

Our survey shows 82% of Canadian manufacturers acknowledge that digital manufacturing is a key element in their future competitiveness, but only 11% said they were adequately equipped today with digital technologies. 46% of SME’s have yet to try any form of digital marketing.

Long-term survival of SME’s, the following questions must be addressed:

  1. Is my business vulnerable to disruptive technology?
  2. What digital capabilities do my customers expect?
  3. Is there untapped potential to create added value for my customers?
  4. Do we have effective cybersecurity in place to protect my customer and corporate data?

MTechHub can help you answer these questions.