How Technology Is Driving Revenue Growth in 2022

While other industries realized digital transformation opportunities years ago, builders have been slow to catch up. This could quickly improve with builders adopting technology to support recovery efforts and strengthen operations. According to our survey, most home builders have yet to take advantage of easy-to-use software to manage and grow their businesses. Our survey showed that only 22% recently increased their investments in technology.

Builders who reported revenue growth were likelier to use technology to run their businesses. The most often used platforms were:

• Project management tools (68%)
• Contract management software (54%)
• Customer Relationship Management (54%)

When businesses utilize technology to automate mundane tasks, it allows them to focus on pressing fieldwork. According to our survey, 47% of residential home builders identified contractor management as an invaluable tool. Contractor management solutions can help streamline work orders to the trades, consolidate scheduling, and oversee job payments. By offering value-added solutions, builders are providing their trade partners achieve success and growth.

After two years of supply chain chaos, labor issues, and uncertainty, home builders are on the rebound and ready to take advantage of the housing demand. While optimism is slowly coming back to home construction, staying ahead of the game is never a bad idea. For those builders still catching up, technology exists to help them manage operations and rein in supplies, schedules, and costs. Mitigate the chances of unexpected threats becoming unmanageable again.

Don’t be fooled by quick fixes like adjusting prices or assuming new financial risks to offset the pandemic’s impact. These are not sustainable long-term solutions, so builders need to reinforce their efforts with building management tools. Wouldn’t it be nice to work more efficiently and, as a result, profitably?