Companies' focus on digital engineering is a shift towards better business

The focus has shifted towards utilising the full potential of digital engineering to achieve “great power ambition and greater profits”. In other words, businesses are now aiming to use digital engineering as a tool to achieve their long-term goals and stay ahead of their competition.
Why is digital engineering required?

Industries heavily rely on modern-day digital engineering as it allows organisations to revamp their processes, systems, and operations. With businesses adopting digital practices at an increasing pace, the need for competent digital engineers has skyrocketed.

In this article, we will delve into the significance of digital engineering, the widespread adoption of digital engineering, the advantages and disadvantages of digital engineering, and the role of industry leaders in creating employment opportunities for digital engineers.

Industry leaders have recognised the importance of digital engineering and are investing heavily in it. According to a report by GrandViewResearch, in 2022, the worldwide digital transformation market was assessed to be $731.13 billion, and it is projected to experience a compound annual growth rate (CAGR) of 26.7% from 2023 to 2030.

The report also states that the demand for digital engineering is driven by the need for advanced manufacturing, the rising adoption of the internet of things (IoT), and the increasing use of artificial intelligence (AI) and machine learning (ML) in engineering.

The unanimous shift towards digital engineering
In recent years, more companies have invested in digital technologies to improve their processes and products, leading to a unanimous shift towards digital engineering across various industries. According to a survey conducted by Foundry (Previously known as IDG Communications), 91 per cent of companies are planning to implement a digital-first approach in their business strategy.

However, in reality, the majority of digital initiatives fail to meet expectations. A study by Boston Consulting Group revealed that only 30% of these projects achieve their desired outcomes. This shift towards digital engineering has not only transformed the way products are designed and manufactured, but it has also created new job opportunities for individuals with result oriented technical skills in the field.

Pros and cons of digital engineering
Digital engineering comes with both advantages and disadvantages. The benefits include increased productivity, reduced costs, improved accuracy & efficiency, and enhanced product quality. It also enables organizations to automate processes, reduce manual errors, and improve collaboration between teams, while also providing opportunities for innovation and growth.

However, digital engineering also comes with its challenges. Some of the challenges include the inflated cost of implementation, the need for skilled professionals, data security and privacy concerns, and the risk of cyber-attacks. The organisations must also ensure that their digital engineering initiatives align with their overall business strategy and objectives.

In conclusion, the cardinal direction of digital engineering has shifted towards a focus on better business outcomes, and this switch has led to widespread adoption of proficient digital engineering services across various industries. As a matter of fact, with companies going after the Metaverse, and governments like the EU, Japan, and South Korea creating legislation for metaverse management, it’s clear that digital transformation for companies in the future will
be unofficially mandatory to conduct business and prosper.

However, while digital engineering offers many benefits, it also comes with its own set of challenges. Organisations must carefully consider the risks and benefits of digital engineering before investing in it and ensure that the digital engineering partner they are choosing is credible and knows the importance of quality engineering.

The author is a tech trend analyst at eInfochips.