Being able to identify and proactively participate in emerging trends in any business is a vital component for continued success and this is certainly the situation in reference to the field of Engineering. While each subset of Engineering will contain different emerging trends related to that specific field, the overarching trends that occur in all aspects of the field of Engineering are often overlooked. Thus, consider these three emerging engineering trends.
Reliance On Sophisticated Intelligent Automation
Since Berkshire Hathaway first identified the emerging trend of increased automation in all aspects of global production, this trend has started to emerge in the field of engineering. From both utilization of appropriate project required equipment to process analysis and development, the growth of virtual assistance/artificial intelligence is developing rapidly. Enterprise level solutions are being developed and deployed by Microsoft and other concerns that can contribute greatly to enhanced returns in the fields of engineering and thus, companies who considered engaging these types of services can expect to see future returns.
Increased Reliance On Industrial IoT Concerns
In addition to the proliferation of virtual assistance, virtual reality, and utilization of AI systems, the interconnectivity of the Internet of Things will continue to grow and have an impact on Engineering as a whole. Industrial IoT is expected to expand into both products and services across the spectrum with the main appearance being in the results of engineered products. However, Industrial IoT will continue to develop in both process systems as well as influence various aspects of risk management as an ancillary effect from this increased utilization. Therefore, it is important now to consider the specific impacts and how to manage both the positive and negative in order to take advantage of this emerging trend.
Nearshoring and Utilization of Captive Operations
Outside of the technology trends that are emerging among the different fields of Engineering is the emerging trend of nearshoring services and improving the utility and efficiency of captive operations both onshore and off. This trend has been developing for some time due to different global concerns, however, cost factors and developing internal resources has been the largest motivator for many companies and it is expected that this trend will continue for the foreseeable future. When considered with the other, above-mentioned, trends, it is apparent that this, when coupled with these same trends, can produce generous results for all partners involved.
Engineering trends that are global in aspect and reach can be capitalized upon to produce rising opportunities for those that can get ahead and manage the trends successfully. Often, this requires successful partnerships and collaboration both internally and externally but the rewards for taking these types of steps far outweigh the potential pitfalls that could be encountered.