Why investing in Research & Development, i.e., R&D is essential for Structural Engineering firms?
Investing in R&D is so important that industry leaders spend 50% more than laggards. It has the benefits:
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Gain a competitive advantage
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Improve your ROI
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Higher employee satisfaction
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Better and faster service to clients
The question is, how much exactly should we invest in R&D? By benchmarking with some of the biggest engineering firms, we suggest, dedicating at least 2% of your workforce to innovative and digital engineering.
In countries like Australia, the US, UK, Canada, Government R&D Tax Incentives are also in place, which you can utilize for your innovation endeavor.
To stay competitive, we should embrace the mindset that “things can always be improved”.
When repetitive tasks are streamlined or even eliminated, engineers’ valuable time is freed up for more creative and value-added work, which improves your bottom line.
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