Adopting Digital Technology is the Key to Staying Competitive:
How the Canada Digital Adoption Program (CDAP) can help get you there

By: Mike Ball, Business Center Manager, Small Business, Newfoundland and Labrador, BDC

This post is Sponsored Content from Gold Partner BDC
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Over the last couple of years, we’ve witnessed the resilience of Canadian Small and Medium Enterprises (SME) in the face of extraordinary shocks, but some new challenges have surfaced. 

Across this country, and many here in Atlantic Canada, are facing a labour shortfall and supply chain issues, coupled with an aging labour force. One way to address these issues is to adopt digital technology to help push through this current period of recovery, and for future growth. There are programs available, particularly the Canada Digital Adoption Program (CDAP), which provide funding and support to help entrepreneurs through this process.
 
What is digital adoption and why is it important?

From front-office to back-office activities, digital adoption involves implementing technologies to improve your bottom line and help your business remain competitive. The latest BDC study shows that digitally mature companies grow faster, are better able to adapt to a changing environment, get the financing they need, and are more likely to export. (1) 

According to Jonathan Pastrikos, Director, Business Innovation and Technology with BDC Advisory Services, the prospect of implementing new technologies can be daunting, however, taking a “do nothing” approach means that these companies will eventually get left behind. 
 
The process to becoming digitally advanced

1 | Define your goals and seek alignment
A critical part to getting started is to clearly define your business objectives and how technology can help you achieve them. According to Pastrikos, working together with your employees and experts in digital transformation, you can ask the right questions.

2 | Develop the roadmap – current state to future state
You need to know where you are to clearly define where you’re going. This involves a process by which you assess the current state of your digital applications and overall digital maturity, and you document your current processes and tools. With the right experts, you can identify the opportunities for improvement and the projects your organization can – and should – undertake.

3 | The path forward
Finally, your digital advisor can (1) develop a personalized and practical digital strategy, (2) Identify technologies and vendors that are suited to your business needs, (3) Define your prioritized implementation roadmap, and (4) provide guidance along the way.
 

• Access to a network of approved digital advisors, including BDC Advisory Services;
• Grants of up to $15,000 to help offset the cost to build a digital adoption plan;
• Zero-interest loans from BDC to support implementation of approved plans (2); and
• Wage subsidies for youth work placements to help with the digital transformation.

1. BDC, Study May 2022. Seize the Technological Advantage, why digitally mature companies perform better. https://www.bdc.ca/en/about/analysis-research/digitize-now
2. Loan amount is based on size of business: Business with revenues between $500,000 and less than $5M can request a loan between $25,000 and $50,000, Businesses with revenues $5M and more can request a loan between $25,000 and $100,000. Loan only available upon completion of an approved digital adoption plan. In addition to ISED’s approval process, applicants must meet BDC’s credit worthiness and eligibility criteria to get a 0% interest loan. Five-year term loan with the possibility to postpone principal payments for 12 months at the start of the loan.