Engineering companies: technology development and integration-key factors for survival (...or how to avoid the commodity trap)

In today's world with growing globalization of engineering services and the appearance of worldwide "low-cost engineering centers", engineering companies have to develop and manage technologies and resources, integrating them with those of partners and technology providers, in order to remain competitive in the long-term and to avoid falling in the ever-increasing trend of engineering services becoming "commodities". To avoid becoming a commodity provider engineering companies should: (a) develop expertise and proprietary technologies in specific and specialized areas where corporate know-how adds significant value to their clients; (b) develop, manage and continuously improve work processes, designated as execution technologies, (c) develop "soft technologies" and establish networks of knowledge and procurement with international and domestic partners and clients, all these to improve the efficiency, productivity and shorten the time response of their work.