Q1 2020 Building Products Market Update
Building product and material manufacturers have an opportunity to be leaders in market-facing technology adoption and create stickiness and loyalty with their customers. Digital transformation isn’t easy for any industry. Even tech-savvy organizations struggle with issues like employee pushback, age-old cultural norms, the cost of integrating new technologies, and a lack of digital expertise needed to lead these initiatives. Despite the challenges, the push to transform organizations, processes and customer experiences through the use of technology continues. That means organizations can either get onboard or risk being left behind.
This presents opportunities and challenges for building product and material manufacturers, as the current state of digital transformation varies widely at all steps of the construction value chain they serve. For example, some contractors, architects and engineers are well to the right on the adoption curve (e.g., DPR, Fortis, McCarthy and Katerra), while the vast majority of the market lies somewhere in the middle. Some stragglers are lagging behind the pack and hanging far to the left on the adoption curve.
In this article, we explore the key issues that keep manufacturers from developing and adopting technology, explain keys to a successful technology strategy, and show why now is the time for manufacturers to begin heading down the path to successful digital transformation and engagement.
