Digital transformation is so much more than a buzzword. As technologies continue to dramatically reshape countless industries, many companies are pursuing large-scale change to remain current in our rapidly evolving world. Digital transformation is the opportunity to create a growth strategy that can help businesses in any industry keep up– and the homebuilding industry is ripe for such a disruption.
At OpenHouse.ai, we are passionate about the technological future of the homebuilding and real estate market. Our platform empowers builders to utilize AI technology and data analytics to drive business decisions. Rather than leveraging digital transformation as a means for survival, we believe technology can be the differentiating factor, enabling homebuilders to compete in this data-driven world. First things first, let’s unpack the details of digital transformation and add some helpful context to this exciting buzzword.
WHAT IS DIGITAL TRANSFORMATION
In general terms, digital transformation can be defined as the integration of digital technology into all areas of a business resulting in fundamental changes to how businesses operate and deliver value to customers. As customer expectations continue to rise, the customer experience is at the forefront of digital transformation. This change is so much more than digitizing processes, but rather a revolutionary change to existing corporate culture. This kind of transformation calls for the radical rethinking of how an organization uses people and technology!
Such a disruptive change is bound to come with its hiccups. Digital transformation will require businesses to change their mindset to challenge the status quo, experiment often and ultimately get comfortable with discomfort. This entails an agile execution and encouraging all members of your team to fail fast and learn faster. This exciting transition into the digital space calls for a bold scope. Successful digital transformations are 1.5 times more likely than others to be enterprise-wide in scale, so now is not the time to be timid.
DIGITAL TRANSFORMATION DRIVERS
While there is no doubt that the pandemic is amplifying the adoption of technology, advances in tech were already changing our world for several decades. With organizations like Amazon revolutionizing retail and Netflix redefining the entertainment industry; technology has truly changed the way we live. A significant driving force towards digital transformation in all industries, has been rising customer expectations. Now more than ever, customers demand an accessible and personalized online experience that empowers them to make the best purchase decision. Online shopping is growing so rapidly that the global online shopping market size is predicted to 4 trillion in 2020. Businesses have learned that the online space is the ideal platform to learn more about the customer experience, and ultimately improve it.
The COVID-19 pandemic has accelerated this shift towards digital transformation, as virtually all organizations, even in the most traditional industries, were forced into digital discomfort. Beyond e-commerce, the socially distanced world we now find ourselves in has forced IT leaders to reprioritize their strategic roadmaps for businesses to continue operation. Many businesses had to integrate video technologies and other digital communication channels to adapt to working remotely. The changes made during COVID-19 is the prime example that the digital transformation of countless industries is a trend that’s here to stay.
BENEFITS OF DIGITAL TRANSFORMATION
COVID-19 has revolutionized the way nearly every organization operates. Systems, processes, workflow and corporate culture are all evaluated. By leveraging workflow automation and advanced processing, like machine learning and artificial intelligence, companies can learn more about the customer journey. This digital transformation comes with a great deal of data! The collection and organization of this information leads to data-driven insights that empower businesses to unlock the needs of each customer and re-align your organization to be more customer-centric. This results in a superior customer experience- but the benefits of digital transformation don’t stop there.
This technological shift entails gathering the relevant data to support business intelligence at a higher level. By collecting and consolidating information and data, all resources are brought to one place, ultimately increasing efficiency and alignment within your organization. Digital transformation can integrate applications, databases and software to encompass every area of a business to boost process innovation, faster. Companies that digitally transform also improve efficiency and profitability. Due to data-driven decision making, increased agility and customer-centric business models, organizations thrive in their new digital culture.
THE KEYS TO SUCCESS
The implementation of new technologies doesn’t facilitate transformation alone. A critical ingredient to success is a leader who embraces change. As digital transformation takes place at every level of an organization, effective leadership is essential. Transformation requires a rethinking of previous processes, a seamless connection of work activities and the ability to manage across many functions within your organization. So, communication is key! Another critical component of success is trust. Trust between technologists and each individual throughout your organization, to ensure your IT team is integrating tech that will bring value to your company. IT leaders who are strong communicators and possess a strategic sense will be a huge asset to ensure a smooth digital transformation.
To execute this revolution within your organization—technology, data, processes and organizational change must come together. Effective cross-collaboration between functions is the key to an agile organization and will ultimately lead you to success. As roles are shifting due to the integration of new technologies, agility within your team will be necessary to keep up with the changing requirements of different team members. Agility pairs well with adaptivity, which refers to an organization’s capacity to restructure while remaining secure. The digital transformation of an organization is so much more than the technology involved; strong leadership, agility and adaptability are necessary to create a digital mindset.
Digital transformations are no easy feat. A massive disruption in the process, technology and organizational structure are necessary to create a digital culture for your business. Technological innovations are revolutionizing nearly every industry, bringing forward the opportunity to redefine your business in today’s digital world. The homebuilding industry is more than ready for this change. At OpenHouse.ai, we are passionate about redefining the homebuilding industry with data analytics and technology. So one question remains– is your business ready for a digital transformation?
– The OpenHouse.ai Team