Canadian companies are uniquely positioned to seize the opportunities created by this revolution—yet they must move or risk being left behind for good.
participated in this year's global survey
industrial companies participated in Canada
of Canadian companies say they've achieved advanced levels of digitization today
of Canadian companies expect to achieve advanced levels of digitization by 2020
Industry 4.0, the fourth industrial revolution, has begun. Digital technology is transforming the industrial and manufacturing world in profound ways. Canadian companies are uniquely positioned to seize the opportunities created by this revolution—yet they must move quickly or risk being left behind for good.
The Industry 4.0 revolution goes well beyond concepts like the industrial internet and the digital factory. Industry 4.0 companies are completely digitizing their physical assets and integrating themselves into digital ecosystems that include partners all along the value chain, from suppliers to customers.
The PwC 2016 Global industry 4.0 survey reveals, more and more industrial companies worldwide are making Industry 4.0 digital transformation the focus of their business strategy. Globally, these companies plan to double their average level of digitization within five years, from 33% to 72%—and they’re investing over US$900 billion per year to do it. The message from our study is clear: the time for talk is over; the time for action and investment is now.
No one factor is driving Industry 4.0, but the unstoppable need for profitable growth is powerful. Customers are demanding more—yet insisting on lower and lower prices. Digital technologies offer a means to meet these demands, as well as a route to new and potentially lucrative products and services. At the same time, industry heavyweights have already begun their digital transformation, adding pressure on others to keep pace. And Industry 4.0 offers companies that can’t hope to compete on cost—like Canadian firms—the means to achieve sustained success in years to come.
Industry 4.0: An opportunity to shine for Canadian manufacturers
To move forward with Industry 4.0, digital capabilities are all-important. These take time and concentration; a step-by-step approach is important. But move with deliberate speed, so that you don’t lose the first-mover advantage to competitors.
Don’t buy the hype. Buy the reality. Industry 4.0 will be a huge boon to companies that fully understand what it means for how they do business. Change of this nature will transcend your company’s boundaries and lead to a complete transformation of your organization.
While Industry 3.0 focused on the automation of single machines and processes, Industry 4.0 focuses on the end-to-end digitization of all physical assets and integration into digital ecosystems with value chain partners. Generating, analyzing and communicating data seamlessly underpins the gains promised by Industry 4.0, which networks a wide range of new technologies to create value.
While the term Industry 4.0 is becoming increasingly familiar, we use it in a specific way in this report.
Is your industrial company leading or following? Take our self assessment and find out.
Global businesses are about to integrate their operations into a seamless digital whole, and thereby change the world.
In one way or another, operations executives are under pressure these days to make more significant contributions to their company's growth.
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