Digital technologies such as artificial intelligence can help boost your business’s productivity. Join the 4.0 revolution and find out what financial assistance is available.
Industry 4.0 is not science fiction
When presented with examples of the results of shifting to industry 4.0, many people believe that the transition can only be accomplished with major technological infrastructure investments, a perception that, unfortunately, may lead to delaying the digital transition of processes.
Not only is the technology to achieve this transformation available, it’s also easy to access and integrate. For example, adding artificial intelligence solutions to better exploit your application data is no longer in the realm of science fiction. However, few businesses have the necessary knowledge to undertake such a project on their own.
One step at a time
As innovation financing and technological development experts, we have extensive knowledge of the manufacturing sector and we know that the initiative can build on existing technology infrastructures. Enterprise resource planning systems, production management software and automation service providers’ software packages are sources of information that can be exploited. The company can then test the new technologies by undertaking one project in order to become familiar with the process.
By initiating the transformation with minimal infrastructure investments, it’s possible to get an idea of the positive impact of the 4.0 transformation on a company’s activities. Projects could involve, for example, the client experience, energy efficiency, improved production cost calculations, reducing losses, improving security or employee engagement or efficiency.
SR&ED tax incentives to go further
Having worked with many businesses on technology projects, we know that, in the past few years, many of them have used such an approach to initiate a process digitization. Building on this experience, they are now ready to go further. They believe industry 4.0 is an opportunity to use more advanced technologies and to benefit from smart installations. However, some aspects of their projects could raise a number of issues.
Some innovative or larger-scope projects may come up against difficulties and technological challenges, such as having to work with technologies that are not at the same level of maturity, maintaining legacy systems or integrating components that were developed for another field. It is specifically for such situations that programs like the SR&ED tax credit, for example, have been developed with the objective of sharing the financial risks and helping to overcome obstacles. This requires maximizing the financial support and strategically planning each step to achieve strategic, financial, operational and employee objectives. Our team specializing in SR&ED and technological innovation tax incentives is familiar with such situations and has the requisite expertise to support your efforts and address the issues.
Did you know?
There are scientific research and experimental development investment tax credits available. The scope of these programs may have been curtailed in recent budgets, but they are still one of the most generous sources of financial assistance in the country. In some cases, combined Canada/Quebec credits can be as much as 70% of expenses.