The engineering industry is constantly evolving, with new technologies, changing economic conditions, and emerging markets creating new challenges and opportunities. The year 2023 has presented new trends within the industry, and firms are enhancing their processes. With a deep and diverse client base of engineering firms, including many nationally-prominent firms, we’ve built a practice dedicated to the industry.
1. Supply Chain Process Enhancement
A steady supply of raw materials and components to manufacture products is essential for an engineering firm. A reliable and efficient supply chain ensures that these materials are available when needed, which is crucial for maintaining production schedules and meeting client demand. Engineering firms, especially in recent times, are becoming more calculated in managing their supply chain by improving technology utilization. A well-managed supply chain is crucial for the success of engineering firms, enabling them to produce high-quality products efficiently, reduce costs, and stay competitive in the marketplace.
2. Emerging Technologies
By taking advantage of emerging technologies, engineering firms can stay ahead of the curve and are most likely to be better positioned to meet the evolving needs of their clients. Processes such as project planning, research and development, design, quality assurance, client communication, and more all have the potential to become more dynamic with the assistance of technological advancements. Overall, staying up to date with emerging technologies will help engineering firms reduce risk, increase productivity, and provide clients with innovative and effective solutions.
3. Sustainability Refocus
As years go by, the topic of sustainability becomes increasingly more prevalent. Engineering firms are looking for ways to incorporate sustainable practices into their processes and projects. There are various ways for these firms to incorporate sustainability into their work, categorizing it into three areas: environmental, social, and economic.
- Environmental sustainability involves designing projects that minimize their impact on the environment. This might include reducing greenhouse gas emissions, minimizing waste, conserving natural resources, and protecting ecosystems.
- Social sustainability involves designing projects that promote social equity, diversity, and inclusion. This might include ensuring that all stakeholders are engaged in the planning and implementation process and that the project benefits the local community.
- Economic sustainability involves designing projects that are financially viable over the long term. This might include considering the total cost of ownership of a project, including the cost of maintenance and operation, and the potential for generating revenue or reducing costs over time.
How Calvetti Ferguson Can Help
Calvetti Ferguson’s recently expanded technology advisory services can help assess an engineering firm’s new and existing technology and identify areas of improvement. Through the four domains in our practice, govern, run, secure, and manage, our services can help play a critical role in regulating your firm’s technological investments and the supply chain by providing guidance and recommendations on how technology can improve efficiency, mitigate risks, and ensure compliance with regulations. Our personnel has experience as IT leaders, consultants, and advisors, serving firms of all sizes. By engaging with our technology advisory services, such as our IT assessment, vCIO/CISO, and technology maturity assessment, engineering firms can ensure a successful and sustainable implementation of new technology.
More specifically, Calvetti Ferguson provides tax credit consulting to help engineering firms capitalize on certain tax credits that can help promote sustainable practices. Our specialty tax consultants use their deep understanding of credit and incentive programs to help clients uncover opportunities to save significant money on their taxes.
Section 179D is a tax deduction available to building owners and designers who have implemented energy-efficient systems in commercial buildings. This deduction is intended to encourage the development of sustainable buildings by providing a financial incentive for energy-efficient design.
R&D tax credits can apply to sustainable practices such as developing new technologies or processes that improve energy efficiency, reduce greenhouse gas emissions, or promote sustainable infrastructure. Examples of qualifying activities may include designing new energy-efficient buildings or infrastructure, developing renewable energy systems, or creating new materials or processes that reduce waste and emissions.
Calvetti Ferguson works with middle-market companies, private equity firms, and high-net-worth individuals across the country. Regardless of the complexity of the compliance, assurance, advisory, or accounting need, our team stands ready to assist you.