About the Study:
In the Winter of 2023, Lifecycle Insights conducted the Engineering Transformation Study. Lifecycle Insights surveyed 371 respondents to understand the traits and characteristics of engineering transformation initiatives that were most successful. Specifically, the study sought to identify what objectives organizations intended to improve, their rate of realizing value compared to disruption, and the characteristics of effective organization’s efforts.
The study surveyed 371 respondents spread across the following industries:
- Aerospace and Defense 49%
- High-Tech and Electronics 24%
- Transportation and Mobility 9%
- Medical Devices and Equipment 8%
- Industrial Machinery 7%
- Other 2%
Respondents’ company revenues varied, with 48% of respondent’s organizations with more than $1B in revenue, 35% between $100 and $1B in revenue, and 17% with revenues less than $100M.
Lifecycle Insights employed its proven benchmarking methodology in this quantitative research study. This methodology includes:
- the development of a neutral-language survey instrument that captures an accurate, impartial state of the industry for the given program’s scope using Lifecycle Insights’ best practices and library of questions;
- the careful recruitment and screening of qualified respondents that represent the target stakeholders for this program’s parameters using Lifecycle Insights’ third-party partnerships;
- the review, cleansing, and validation of respondent’s answers using Lifecycle Insights’ internal flagging system;
- the explorative development of indices and cohort definitions to iteratively isolate correlated sets of performance and practices using Lifecycle Insights’ benchmark approach; and
- the calculation, analysis, and group review of the study’s findings to vet and distill takeaways using Lifecycle Insights’ processes and procedures.
To learn more about this study, you can download the full report here.