We have been discussing Digital Transformation and what it means for a business to adopt a digital strategy. We uncovered a fantastic article from TSIA’s Executive Director, Thomas Lah, titled Executive Leadership Guide to Successful Digital Transformation.
Here are some of the critical takeaways of adopting digital transformation initiatives and leveraging them to set business goals.
Digital Transformation Isn’t Coming; It’s Already Here
Technology’s advancement, the digital age, and the rapid adoption of digital technologies are key drivers of digital transformation. No longer are the days of businesses relying on pen and paper to create business processes or uncover project opportunities. Machine learning and artificial intelligence have advanced at an incredible pace in today’s world. There are digital solutions that allow for improved efficiency in almost any aspect of any business or industry.
If you don’t know already, this process of adopting technology to drive informed business decisions has coined the term Digital Transformation. “Digital transformation is required to ensure your company is at the front of the pack, not falling behind,” says Mr. Lah in his article.
Companies Need to Adopt Digital Transformation to Remain Competitive
Digital applications are fantastic examples of consumer product companies leveraging a digital transformation strategy to keep up with the curve. Companies increase productivity and efficiency from fast food to banking industries by adopting new technologies to improve customer experience.
Believe it or not, the architecture, engineering, and construction industries are no different in their business strategy. More firms are starting to adopt advanced technology solutions to create more efficient day-to-day and project pursuit processes.
The problem we identified before starting TrebleHook, was the lack of AEC-specific CRM and project pursuit solutions on the market. Sure, if your business is selling a product, you have many options from which to choose. However, it was challenging for AEC firms looking to Pursue & Land the Right Projects efficiently, so we created a solution.
Executives Are Critical in Driving a Digital Transformation Model
Let’s face it, IT does implement technology, but we’re talking about more than increasing a business’s “tech stack.” We’re talking about a complete rework of how companies operate to adopt a digital transformation strategy. Executives are the only individuals to decide to “go all the way” on a digital transformation project, and it’s not easy.
Leadership challenges are having every team member buy in from top to bottom. Further, there is usually a significant upfront investment in technology infrastructure. However, it is crucial to adopt a digital transformation strategy to remain competitive, as we’ve mentioned.
Above all, digital businesses, focusing on optimizing their technology, perform better than the competition. Why wouldn’t you want to be the best in your industry?
Digital Transformation Comes in Waves
Thanks to the article mentioned above from Thomas Lah, we’ve gained insight into Digital Transformation coming in waves. There have been some dramatic business model changes that you may have already experienced from other companies. Let’s take a look at the two main phases of digital transformation.
A Shift to Subscription-Based Models
Wave one consists of a shift to subscription-based models for companies. This model will not be new to AEC professionals, especially with most in the industry using Autodesk CAD software solutions. In 2015, Autodesk announced it would switch to a subscription-based model as part of its digital transformation strategy. Although some companies flounder through wave one, the recurring subscription model has proved more valuable than a traditional “upfront” model.
Providing an Effortless Journey to Your Customer
Wave two is what we’re all about at TrebleHook. Businesses need to allow customers to use their products effectively and efficiently to get complete buy-in and satisfaction. TrebleHook is built to enable AEC professionals to have a straightforward way of tracking and identifying worthwhile projects. It’s important to consider, even when assessing technology to bring into your sphere, not to create a maze for your customers.
Again, this drives your product’s adoption, enhancing your customer relationships and driving even more business down the road.
Companies Are Starting to Benefit From Digital Transformation
In TSIA’s article, it is explained that the waves, graphically, look like a “fish pattern.” From 2016 to 2021, companies initially had a major spending investment in new technology, while the payoff was low. However, companies didn’t make this move for an immediate payout. They made it to invest in their future.
From 2021 to 2026, companies are experiencing that curve switch. These organizations are experiencing lower labor costs because of efficient processes and faster revenue growth.
TrebleHook and Digital Transformation
So, if you’re an AEC firm looking to begin your digital transformation journey, you may not know where to begin. All businesses need to assess their digital transformation process and identify where they are in terms of digital transformation. This assessment shouldn’t be random; executives need to make data-driven decisions. Additionally, decision-makers need to think through all potential financial roadblocks.
With TrebleHook, these steps parallel what we offer AEC firms. TrebleHook provides executives and decision-makers with accurate data to be better informed when making decisions. Further, TrebleHook scores prospective AEC projects with a simple “A,” “B,” and “C” rating. This rating considers historical project data, financials, and other variables to ensure you pursue worthwhile projects.
Lastly, TrebleHook brings all of your project data into a single source of truth, streamlining project pursuits, pricing, proposal, scheduling, resource planning, and project start-up. This can save your team time and energy, allowing them to focus on their work instead of hunting for data.
Where are you at in your digital transformation journey? We’d love to hear from you!
Are you looking to uncover how TrebleHook can help you Pursue and Land the Right Projects? Reach out to us, let’s have a conversation.