Digital Transformation – The Ultimate Guide
Digital Transformation – The Ultimate Guide
Digital Transformation is essential to success in the new world of business. We’ll start this guide by explaining exactly what Digital Transformation is and why you need to prioritize a digital strategy. We have then included our Top 2 Government Financial Support programs dedicated to supporting businesses of all sizes during their journey to elevate and modernize through technological integration. Please note several other provincial and programs exist to support businesses in specific regions and industries. Our team is available to provide more information and guide you to the program most suitable for you.
What is Digital Transformation?
Digital Transformation is the process of integrating digital applications and new technology into your business practice in every step of the way from employee onboarding to high value sales. Extended reality technology including Augmented, Mixed, and Virtual Reality are the most commonly selected applications, and are proven to deliver the strongest results. Integrating hands-on applications increases knowledge retention during training, reduces waste and accidents in all departments from product development to in-field employee support, and heightens customer interest by providing a sales experience like no other.
Your Digital Transformation journey can start as small as integrating an interactive application for the standard handheld device to support employees and customers, or as advanced as offering an entirely immersive product demonstration through Virtual Reality at your next trade show. We specialize in supporting growth centered businesses throughout the process of Digital Transformation. We support you all the way from finding the solution that’s perfect for you and your goals to smoothly integrating your new technology. Contact us when you’re ready to take your business to the next level.
Why do I need to prioritize Digital Transformation?
Modern business are quickly evolving and rapidly moving forward through the digital age. The modern consumer expects a convenient and thoroughly informed buying process, and the modern employee expects a modernized and digitally supported working environment.
As we move out of the years of Covid isolation and the rapid increase in online shopping, we see society adjusted to more digital procedures than ever before. QR Code menus and social information, interactive product displays, and immersive product demonstrations were a necessity in a world where products could rarely be physically touched or viewed before purchase. Digital resources are no longer a luxury, but a necessity for any business wishing to succeed in today’s market.
Government Financial Support programs
Canada Digital Adoption Program (CDAP)
Who can apply?
- Any small to medium sized enterprise throughout Canada looking to develop a digital strategy and adopt new technology to remain competitive in this digital age.
What does CDAP cover?
- Commissioning external professionals to build a digital plan of action
- Acquiring and installing new equipment and technology
- Updating existing equipment and technology
- Training staff on newly integrated equipment
- All materials and support services throughout the integration process.
How much funding is available?
- A maximum of $15,000 in non-repayable grants is first issued to support building a digital plan followed by a 0% loan of up to $100,000 to implement the plan.
FedDev/FedNor Ontario Business Scale-up and Productivity (FEDDEV/FEDNOR)
Who can apply?
- Any business operating in Southern Ontario (FedDev) or Northern Ontario (FedNor) seeking assistance to adopt new, innovative technologies that support scale-up, productivity, and the development of and entry into prospective markets to become globally competitive.
What does FEDDEV/FEDNOR cover?
- New technology integration to support scale-up and expansion
- Research and adoption of cutting-edge technology and digital strategies to improve productivity and processes
- Increasing capacity to diversify throughout the market and enter into global markets
- Adopting new technology to remain competitive and expand business reach
How much funding is available?
- No-interest, repayable loans from $500,000 up to $10 million per project is available. Up to 35% of project costs.
Please note several other provincial and programs exist to support businesses in specific regions and industries. Our team is available to provide more information and guide you to the program most suitable for you.