In this highly volatile market, companies that can combine outsourced engineering services with their own in-house capabilities earn the most.
Engineering companies around the world are now faced with the need to accelerate their respective technical skills to meet the growing consumer demand for a wide variety of products such as computers, smartphones, hybrid cars, and others. It is estimated that companies spend about 4 to 10 percent of their sales on engineering.
The technical departments of companies in most industries such as aerospace, mobile automotive communications, and industrial equipment are under increasing pressure to develop, launch, and manufacture new products in record time.
In addition to this limited product life cycle, the lack of experienced personnel and the need to market the product quickly also weighed on existing processes and engineering resources.
As a result, there have been various technical support services outsourced over the decades. The majority of these outsourced transactions involve local or ground suppliers/partners. Offshore outsourcing is a new development that has recently occurred. In addition, only a small proportion of the services are outsourced.
Today this segment has grown and many companies have realized the various services and engineering practices that can be outsourced. Some of them are as follows:
- Outsourcing engineering services
- Electrical and electronics
- Product life cycle and data management