Are you considering investing in digital in the near future? The government encourages innovation projects and invests in the digital transformation of manufacturing companies. A lot of questions arise when considering a digital project in a Quebec manufacturing company. This technological change can quickly become costly. Be confident: here are a few guidelines to help you find your way around before launching your digital transformation project.
ALSO TO BE READ: How To Sell A Digital Project Internally
1- How to finance a digital transformation project?
A relevant and profitable digital project for your manufacturing company must first be evaluated in terms of the return on investment (ROI) targeted as well as the skills needed by your team to manage this new technology. Once the decision is made, you have two steps to take:
- Preparation for funding applications
- Research for grants and funding
To help you develop the financing of your digital project, various program sources are available to you:
- Investissement Québec’s mission is to contribute to Quebec’s economic development and to serve local businesses. Their advisors support businesses, particularly in their digital and technological transformation projects, by offering a number of financial solutions adapted to their needs.
- Municipalities and RCMs can intervene directly through various programs created for local or regional economic development purposes. Do not hesitate to contact your Investissement Québec advisor or your local economic advisor.
- Sectoral Associations can also be excellent partners in financing. Their mission is to develop business relationships and improve the competitiveness of manufacturing companies in their respective networks.
- Some ministries also offer specific programs and support SMEs that wish to make the digital shift or consolidate their digital transformation process. Depending on your field of activity, we recommend that you get your information from the Ministère de l’Économie, de l’Innovation et de l’Énergie (MEIE), the Ministère de l’Agriculture, des Pêcheries et de l’Alimentation du Québec (MAPAQ) or others.
Access to grant programs has become much simpler over the years, with more accessible processes and more precise criteria.
Depending on your project, you can anticipate funding ranging from 40% to 100% of the total expenses. It is also possible to combine several grants on your projects.
Whatever the nature of your project, Merkur’s experts will guide you to ensure that the project is in line with your strategic plan and your objectives for optimal return on investment. They can also assist you in preparing your grant application.
2- How to meet the prerequisites for funding?
It is essential that your project is in line with your strategic planning and growth objectives. Your business process must therefore be guided by the major strategic and operational orientations set.
With the fast pace of manufacturing, the turbulence of labor shortages, and fluctuating order books, managing operations has become more complex than ever before. Companies are therefore wondering what solutions will allow them to obtain the best gains.
Digital solutions can help increase your productivity, which is a criterion targeted by funding programs. Real-time data analysis, improved production planning, better operational efficiency: your digitization project will generate productivity gains thanks to the value of your data.
Think about improvement opportunities in automation, robotics, connectivity, and business intelligence: our experts will help you define your digital transformation strategy to qualify for grant programs.
The following topics can be addressed to set up structuring projects:
- Assessment of the overall digital maturity index.
- Digital plan: activities leading to the selection of the technological strategy of a digital project.
- Development of technical and high-level specifications.
- Estimated project earnings.
- Estimated project hours.
- Estimated costs of the solutions.
Subsequent phases of project implementation, software solution commissioning and consulting hours can generally be covered by the grants.
With Merkur, you will benefit from an accompaniment throughout your process, a profitability analysis and in the end, you will obtain satisfaction with a good return on investment.
Conclusion
Don’t miss out on opportunities! Our team of experts can guide you through the entire process. Our goal is to help you accelerate your digital shift so that you can gain time, efficiency, and productivity. We accompany you throughout the implementation of our digital solutions and we train your resources to ensure the succession and monitoring of the proper functioning of the solution within your organization, and then make it evolve at the same pace as your needs.
ABOUT US
MERKUR is a firm of experts in manufacturing performance and innovation and has been doing so for over 25 years. From strategy to execution, its sole objective is to make Quebec’s manufacturing companies more efficient by offering innovative solutions in product development, operational excellence, manufacturing engineering, automation and smart factory. Merkur is proud to contribute to innovation and productivity in Quebec!
KHROME PRODUCT TRANSPORT is a manufacturing integrator located in Drummondville specialized in the design and manufacturing of train car interiors and exteriors. Its strength comes from its great engineering capacity and its manufacturing agility. Among its customer portfolio, there are major manufacturers such as Alstom, Bombardier Transportation and Kawasaki Rail Car.
SYNKRO is a software developed by Merkur and designed specifically for high-performance manufacturers. It collects, classifies, and distributes the right data to the right people at the right time. SYNKRO gives you a real vision of your operations. SYNKRO is the software solution that finally connects your floor and your offices
