Icons in honeycombs. Icons include a lightbulb, tools, and a hard hat

How home builders can leverage the Canada Digital Adoption Program

How home builders can leverage the Canada Digital Adoption Program

Synopsis
3 Minute Read

Home builders and construction companies can increase revenue and create efficiencies through digital transformation. The Canada Digital Adoption Program catalyzes that process and makes it easier than ever for small and medium sized businesses to develop a digital strategy for success.

What’s the overlap between digital technology and running a home building, construction or renovation business? To the outside observer, there may not appear to be much overlap; but forward-thinking business owners in the residential real estate and construction industry can spot opportunities for digital tools to increase revenue and create efficiencies.

Customers, clients, and employees not only want, but expect you to leverage technology to create smoother and simpler experiences for all.

Whether you feel like you need to catch up to societal trends towards digital advancement or want to further increase efficiencies in your business, doing a simple assessment of your needs will pay off.

This is where the Canada Digital Adoption Program (CDAP) comes in. To offset the cost of digital investments for small and mid-sized businesses, the program gives funds for innovation, planning and execution of new tech programs in your business.

MNP professionals are here to help you come up with a comprehensive assessment, strategy, and roadmap complete with solutions and timelines to help you transform your business for an increasingly digital world.

Access exclusive content

Receive the latest tax, regulatory, and business information and how it relates to the real estate and construction industry.

What is the Canada Digital Adoption Program?

CDAP enables your business to step back, assess your technological needs and opportunities, and then build a digital transformation plan and roadmap, at essentially no cost. Through the Boost Your Business Technology Grant – one of CDAP’s funding programs – your cost of completing this formal digital assessment with the help of a third-party advisor is offset by 90 percent.

After the assessment phase, you can receive an interest-free loan of up to $100,000 to execute the plans you created. Those funds can be used to purchase software and/or hardware, train employees, and hire an outside advisor to help in the implementation of new technology.

Why invest in digital transformation

Whether you’re involved in the construction, building, renovation, or buying and selling of real estate, you’ve no doubt seen economic challenges like rising costs and supply constraints impact your bottom line. No single digital solution can make those pain points disappear, but a prudent digital strategy can help alleviate them.

Digital tools can support your business all along the value chain. Whether you’re investing in workplace safety or simply getting your invoices paid on time, technology can lead to more efficiency and profitable outcomes.

How CDAP can help you

Customers and clients are actively looking for ways to make their lives easier. By taking advantage of what the market has to offer, you can appeal to customers looking for innovation and efficiency.

Here are a few current technologies that can help you do that:

On the job site

Reducing waste:
By using technology that tracks movement on the job site and spots inefficient processes and practices, you can reduce costs and deliver better margins. Eliminate paper by utilizing digital plans, markups, versions, and collaboration with partners, all digitally.
Improve workplace safety:
Using Augmented Reality (AR) or Virtual Reality (AR) to improve workplace safety by training employees without exposing them to real dangers, or using sensors that track noise levels, airborne particles, and temperatures on site.
Automation:
While no digital tool will replace top-level talent in your quest to produce quality work, 3D printing, and drones can automate certain manual and time-consuming tasks.
Reduce theft:
Security systems, including but not limited to cameras, alarms, and digital surveillance, can all help you to reduce theft and is easily accessible from your smartphone.

Back office

Cloud accounting and bookkeeping:
Totally digital accounting and bookkeeping will enable you to keep your data secure, user friendly, and easily accessible.
Digital marketing and communications:
Using web-based tools at your disposal to connect with your customers and clients will help you better understand their needs.
Digital signatures:
Digital signatures can be used for invoices, changes to projects, and deliveries, saving you time, energy, and paper both in the office and on the job site.
Client retention and follow-up:
As digital customer relationship management (CRM) tools become smarter, you can use them to drive higher profitability and sales volumes through optimized client communication and follow-up.
Payroll:
You can automate payroll tasks and enable your staff to focus on more specialized tasks, with the help of digital tools and robotic process automation (RPA).
Data analytics:
Your business is likely collecting a myriad of data that can improve the decision-making process. Smart data analytics tools can help you anticipate financial impacts on your business before they happen, estimate job costs more accurately, and much more.
Bid management:
Digital software can create bid packages and standardize the process on a single platform. They can also help you search for the strongest bids and convert them into contracts with greater ease.

CDAP presents a unique opportunity for your business to expand and grow sustainably. Accessing the available technological opportunities in your builds will set you apart from the competition as a forward-thinking enterprise with the latest systems customers are looking for.

You can unlock all the potential of digital transformation to enhance your operations and boost your revenue, while drastically reducing the financial risks.

Getting started

The home building and construction industry is ripe with opportunities for digital investment and transformation. We encourage you to look at your company’s eligibility and apply for grants soon – only a fixed amount of funding will be available through CDAP nationwide.

To learn more, contact Soumya Ghosh at [email protected].

Insights

  • February 26, 2024

    Protecting yourself against fraud is a matter of good business practice

    It’s difficult to keep up with all the products and services required to defend against fraud. But security solutions all have one thing in common. When it comes to safeguarding your company, good business practices will always be your best protection.

  • February 29, 2024

    What’s next for businesses now that CDAP has ended?

    The federal government has announced that the Boost Your Business Technology grant is fully subscribed and will no longer accept new applications. MNP Digital remains committed to supporting Canadian small businesses with their digital transformation goals.

  • Performance

    2024 Nova Scotia Budget Highlights

    View a summary of MNP’s highlights from the 2024 Nova Scotia Budget.