Engineers with Business Skills Achieve Higher Profits
During project execution, margins often disappear into a Bermuda Triangle of unforeseen challenges and inefficiencies. Engineers who possess strong business skills leverage their technical expertise and business acumen to navigate these challenges effectively, ensuring the realization and improvement of initial forecasted project margins.
Business Acumen refers to the ability to understand and make sound decisions in a business context.
ENGINEERING KNOWLEDGE GAPS AND THEIR FINANCIAL IMPACT
Our survey consistently shows that engineers often lack the comprehensive understanding and essential knowledge required to execute projects effectively from a commercial perspective.
This gap negatively impacts both the financial outcomes of individual projects and the overall financial performance of the organization. A significant portion of the project margin loss can be attributed to factors within the engineers' circle of influence.
Incorporating 'Business Skills for Engineers' into their training could bridge this gap, enhancing their ability to manage projects with greater financial acumen and improve overall organizational success.
Scale is 0 – 5
The wave height represents the spread of answers given.
Above questions are part of our regular Business Savvy Culture Scan, measuring the progress towards a Business Savvy Culture
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UNLOCKING THE POWER OF BUSINESS AND ENGINEERING EXPERTISE!
THE SOLUTION: BUSINESS SAVVY ENGINEERS
Business Savvy Engineers bridge the gap between technical expertise and business goals, aligning solutions with organizational ambitions and recognizing the bigger picture, that ultimately improve the company profit:
BRIDGING THE GAP: They translate technical requirements into business outcomes, optimizing design and technology selection.
COST EFFICIENCY: They identify cost-saving opportunities and propose budget-friendly solutions, boosting profitability.
CASH FLOW MANAGEMENT: They improve cash flow and Days Sales/Receivables Outstanding (DS/RO), enhancing financial success.
RISK MANAGEMENT: They assess both technical and business risks, suggesting proactive measures to minimize costs and delays.
SEIZING OPPORTUNITIES: They propose innovative solutions, integrate scalability, address sustainability, and capitalize on market opportunities, increasing efficiency and profitability.
EFFECTIVE COMMUNICATION: They build strong relationships with stakeholders, aligning technical and commercial project aspects with expectations.
EXPANDED SKILL SET: Business savviness broadens engineers’ skills, fostering business awareness, engagement, become a real business partner, and leadership potential, leading to career advancement.
By leveraging these capabilities, Business Savvy Engineers help companies maintain or even expand their profit margins throughout the project lifecycle.
MANY ENGINEERING TEAMS WORLDWIDE HAVE ALREADY MADE THE STEP TO BECOME BUSINESS SAVVY!
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