There is no alternative to digital transformation for companies in the fields of building automation, construction and real estate. This does not refer to minor steps of digitizing and automating individual business activities. Instead, it refers to major shifts and transformations about generating and capturing value along the entire value chain. Hence, firms need to think beyond their current product portfolios. Many firms in these industries will increasingly be in the IT business – whether their executives want to or not. Thus, it is time to act by setting up digital transformation initiatives. Merely waiting and hoping that the digitization trend fades away is not a viable option.
Rather, the customers of firms from these industries view digitization as not just a vehicle that helps companies do the same things a bit better. They also expect that digital developments will result in completely new business opportunities and models based on smart evaluation and analysis of data that supports transparency and decision-making processes across the building lifecycle. With a digital building lifecycle ecosystem, it will be possible to drive value in the building construction and property industry by enabling fast, easy and seamless interaction of data and knowledge. With a clear understanding of possible business models, executives need to package digital products and services, to arrive at solutions for completely new markets and to transform their traditional markets.