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Trs in Architecture, Engineering Consulting Industry: A Comprehensive Insight from the Deltek Clarity Study
Deltek has released its annual 2023 Clarity report that offers an in-depth view into some of the most prominent trs and performance metrics within three major segments of the professional services industry - architecture, engineering, and consulting. summarizes key findings presented in 10 charts to give a comprehensive understanding of how these sectors are transforming.
The Deltek Clarity study reveals that firms across the board plan on undertaking more projects in the coming year, with equal focus on expanding existing client portfolios as well as exploring new markets. The majority 67 ints to increase their workforce by 2023, particularly consulting companies are less optimistic while architecture firms show a higher level of enthusiasm.
The report notes that seven out of ten professional services firms anticipate an upsurge in profits for the year ahead. Large-scale enterprises are more likely to forecast a rise in profitability as opposed to smaller or medium-sized entities.
When asked about strategies for profit growth, all sectors acknowledged a diverse range of tactics they plan on implementing this year. Reducing expenses and ensuring balance between workforce and cost is the primary concern across the board.
Neil Davidson, Group Vice President at Deltek, states that Automation could play a significant role in enhancing profitability if focused on controlling costs instead of merely time tracking.
Investment priorities are also highlighted within the report. The study reveals nearly half 49 of firms believe investing in new technologies is pivotal to their future success. Breaking into new markets or segments and talent acquisition were identified as key growth opportunities by 42 and regarded as essential priority areas.
Davidson adds that there is a significant concern among architecture, engineering consulting firms regarding potential loss of market share within the next two years due to flure in digital transformation 74. The report emphasizes that these firms need to stay competitive by prioritizing technological advancements.
The technology landscape is seen as a complex environment for firms with limited resources and budgets. Many respondents highlighted their struggle in deciding which emerging technologies are most applicable to their business, thus making the decision of where to focus challenging.
In terms of digital maturity forecasts for the next five years, these firms anticipate significant improvements, ming to leverage technology to optimize efficiency, streamline operations, and enhance customer experience.
Furthermore, talent management is recognized as a pivotal area needing immediate attention. The report highlights the importance of nurturing a skilled workforce capable of driving innovation in an era marked by accelerated changes in business practices.
Deltek's Clarity Report is conducted annually across regions such as North America, Europe, and Asia Pacific since 2019. The findings are based on responses from over 1,000 industry leaders worldwide who work with Deltek - a global provider of software solutions tlored for project-driven businesses.
As the consulting sector continues to evolve at an unprecedented pace, firms are being urged to make smart investments in automation tools and prioritize talent management strategies that ensure optimal performance. The Deltek Clarity Report highlights these areas as critical turning points for successful growth.
About the Report
Deltek's Clarity report has been commissioned annually since 2019 across various regions including North America, Europe, and Asia Pacific. The current iteration of this study involved interviewing over 1,000 leaders from architecture, engineering, consulting firms globally who utilize Deltek services for their business needs.
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Architecture Engineering Consulting Industry Trends 2023 Deltek Clarity Study Profits Forecast Growth Strategies Automation Role in Professional Services Profitability Digital Transformation Concerns for Firms Future Success Investment Priorities Technologies for Competitive Advantage Talent Management Critical for Business Innovation