2022 Engineering Strategies for Small to Medium Enterprises Study
After two years of unprecedented disruption, small and mid-sized manufacturing organizations are looking ahead, seeking opportunities for improvement that will help them achieve profitability and growth. According to the findings of Lifecycle Insights' 2022 Engineering Strategies for Small and Mid-Sized Companies Study, smaller organizations face unique challenges when considering future growth, and they hope to address these challenges through digital improvements across their design and engineering departments.
This ebook presents study findings from a global research project that reveal organizations' biggest challenges and future plans. It highlights the key drivers motivating executives from manufacturing organizations with less than $500 million in revenue to pursue design and engineering changes and offers recommendations for improving engineering and transitioning to a profitable future.
Unlocking growth of small to medium enterprises
Business disruptions have forced many small and medium-sized businesses to forego profitability over the last two years. Some organizations were able to mitigate the problem to some extent due to the temporary reprieve of government assistance. Executives today, on the other hand, want to return to basic, tried-and-true methods of increasing margins. Today's product innovation has the potential to influence top-line growth and market share, owing to current consumer demands and the need for competitive differentiation.
To mitigate threats and capitalize on growth opportunities, executives are planning engineering improvement initiatives.
Manufacturing challenges for small to medium enterprises
Finding competent engineers to do the work is one of the most pressing concerns when it comes to product design. Finding and retaining strong talent is difficult due to the retirement of boomer engineers and the Great Resignation—the new trend of individuals leaving the workforce to reassess career choices.
The survey results show that executives have taken notice. Respondents reported that finding and retaining the right talent has an impact on their ability to improve engineering. It was ranked as a top issue, specifically for mechanical design. Learn how to overcome these difficulties.
Drivers behind digital transformation and the opportunity in additive manufacturing
According to the findings of the Lifecycle Insights 2022 Study, many issues, such as demand for smart, connected products, rising complexity, finding and retaining talent, and additive manufacturing, are driving companies to pursue digital transformation initiatives.
Additive manufacturing, a method of layering material, has fascinating design implications. Engineers who work in companies that use this technology face fewer geometric constraints than those who work in traditional machining processes.
Having the right technology solutions on hand can assist organizations in addressing the numerous challenges they face in today's market.