Two construction workers discussing project plans with open folder

How home builders can leverage the Canada Digital Adoption Program

November 21, 2022

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.

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 industry can spot opportunities for digital tools to increase revenue and create efficiencies.

No industry in Canada is exempt from the societal trend towards more digital enhancements and systems in business. Customers, clients, and employees not only want, but expect you to leverage technology to create smoother and simpler experiences for all.

To stimulate digital transformation across the Canadian economy, the federal government has created the Canadian Digital Adoption Program (or CDAP) to offset the costs of digital investment for small and mid-sized businesses.

How CDAP can help real estate businesses

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 plan you created. Those funds can be used to purchase software and hardware, train employees, and hire an outside advisor to help your implementation of new technology go smoothly.

CDAP presents a unique opportunity for your business to expand and grow sustainably. You can unlock all the potential of digital transformation to enhance your operations and boost your revenue, while drastically reducing the financial risks.

Why invest in digital transformation

If you’re a home builder, you’ve no doubt seen economic challenges like rising costs and supply constraints impact to 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 better outcomes.

Consider these examples.

Back office

  • 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 routine 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, perhaps even without you realizing it. 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: Certain 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.

On the job site

  • Reducing waste: Waste is a common challenge in your industry that can take many forms: wasted time and energy as employees move around the job site, as well as materials that get thrown away. Technologies for tracking movement on the job site, and spotting inefficient processes and practices, will lead to reduced costs and better margins.
  • Workplace safety: Safety is always a priority in your industry, but there are multiple ways to approach it. Consider the impact of technologies like Augmented Reality (AR) or Virtual Reality (VR) to help train employees without exposing them to real dangers, or sensors that track noise levels, airborne particles, or temperature on the job site.
  • Automation: No digital tool will replace top-level talent in your quest to produce quality work. But technologies such as 3D printing and drones can automate certain manual and time-consuming tasks on the job site.

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

  • Confidence

    November 28, 2022

    What you need to know about the CRA’s self-assessment tax audit process

    How do you prepare when the CRA requests an audit of specific expenses or deductions you’ve made?

  • Performance

    November 28, 2022

    Managing your farm’s living and dynamic budget

    Consider your farm’s budget as more than just a limit on your spending. When done properly, budgeting on your farm can be liberating, not limiting.

  • Performance

    November 25, 2022

    Managing your farm in an era of rising interest rates

    Rising interest rates present new challenges to farmers, but using the right strategies allows you to stay in control and navigate this period of change.