Despite a wide variety of different jobs electrical contractors perform; their businesses face remarkably similar challenges in the face of accelerating technological change. To help grow their operations, they need to move past the old “install and go” model and monetize projects throughout their lifecycle. They also need to build stronger relationships by delivering value-added expertise that clients will prize in an uncertain future. Recent events have taught that relentless, even turbulent change is now the new normal. Embracing emerging trends, and building a relationship of mutual trust, and benefit with clients is one of the best ways to boost competitiveness, gain recurring revenue and grow your company. We can all see that technological advancement is changing the industry at a breakneck pace, and it will probably experience as much, or even more transformation over the coming decade than at any period in the past.
A challenging business environment can be an incubator for new opportunities
As a result of evolving technology and shifting market conditions, the construction industry is experiencing significant pressures to its traditional business model. This presents new opportunities, in addition to formidable challenges for many in the business. In order to guard against being seen simply as an “installer,” many electrical contractors are examining how to develop a more compelling and profitable offer profile. In addition to facing decisions regarding how to create a stronger value proposition for customers, either through broadening their offerings or by concentrating on specialized services, many are also seeking to become experts in upstream and downstream stages of the project lifecycle.
Whether an electrical contractor’s efforts to secure recurring revenue streams are focused toward; design/engineering, prefabrication, maintenance, service contracts, or a combination of any of these services, many are looking for tools that will help them adapt to the industry’s increasing complexity. New products, technologies, and services require time consuming familiarization, making it increasingly difficult to keep knowledge up-to-date and experience relevant. The good news is that the same disruptive digital technologies challenging the industry can also unlock game changing new opportunities to reimagine how contractors make their projects more efficient, safe and profitable.
Leveraging digital connectivity to improve your competitiveness and versatility
IoT represents the new frontier in equipment management and control, and as its size and scope expand in construction, as well as other industries, electrical contractors with the applicable technology skills are well positioned take advantage of the growth. Those who embrace digitization in general and new IoT enabled applications in particular, to help them stay competitive, will stand out of the crowd. Also, contractors that are willing to fully embrace the wealth of online resources to enhance their knowledge, elevate offerings, and enrich the value of their services are more likely to foster an end-to-end relationship that generates long-term customer loyalty. Not only can access to smart digital tools help contractors execute their projects more effectively, they can also boost the productivity and profitability of their entire business. Increased customer engagement is also an excellent way to secure recurring revenue, either through maintenance, repair, retrofit or upgrade, helping to assure the long-term success of your business. From methods to help streamline your administrative tasks and aids to simplify and speed up system design, through assistance to make the entire installation process more efficient, the tools you need are out there, if you know where to look.
The personalized, centralized and simplified knowledge hub – a conduit to working smarter
The problem many contractors face is not about access to information, but how to find targeted, expert, beneficial business intelligence created to support their needs. With only so many hours in the day, one of the best ways to accelerate your business growth strategy is to leverage applicable tools and educational assets that help streamline your workflow and enhance your knowledge. An excellent example of this is available in the mySchneider Contractor Program. By enrolling in the program, partners gain access to several exclusive benefits, including personalized digital resources that are built around 4 key areas to enhance your success:
- End-to-end 24/7 self-service – so you can select, quote, design, commission and maintain installations more efficiently.
- Easy and fast access to technical and new information – to help you find the right information you need, quickly and accurately.
- A personalized digital experience – so you can always get quick access to your favorite information, while growing your product and business knowledge.
- Dedicated expert support – so you can resolve issues anytime, anywhere courtesy of experienced Schneider Electric specialists.
Converting resources and knowledge into a competitive advantage
Thanks to digital technology, the electrical contracting industry has changed greatly in recent years. Fortunately, it also presents new opportunities to offer higher value-added services with better margins and closer customer relationships. To learn more, visit our dedicated mySchneider Contractor Program website. Ready to partner with us? Register now! Keep an eye out on our next posts for additional information on exclusive program benefits to strengthen your competitive advantage.