No company is an island, and there is no complete technology perspective without a list of partners that will help your business reach its full potential. Partner Insights spoke with Amrit Gill, Global Technologies ’partnership manager at Built Technologies, about your partnership strategy to optimize your workflow and results.
Trade Observer: Why are technology partnerships important?
Amrit Gill: As Head of Collaboration, I look for opportunities to collaborate with other organizations that can help them move from a one-off perspective for their clients. In a product-driven organization, partnerships can lead to better solutions that directly meet customer needs. And when a sales or revenue organization has an individual sales motion to try to address a customer’s needs, it’s essential to take a broader view, understanding the market landscape, and how we can leverage key strategic partnerships for the best end-user experience.
There need to be a lot of things to consider when determining potential partners.
Yes, absolutely. There are a few key factors. How much commitment is there in a partner? What are the goals for the end user to try to fix, and how can we work together? Instead of trying to be the one-stop shop for everything, how can we partner with the best in the industry to provide the best experience for our customers?
Why should commercial real estate lending seek technological solutions with partner programs?
The construction industry does not have to take full advantage of technology to improve productivity. As lenders think about how this technology-driven dynamic market is evolving, we want to be able to offer lenders a full-cycle solution, and perhaps be with partners. We want to foster strong collaboration to provide solutions to our customers’ problems by recognizing where our customers are with the systems they are already using. If you have a platform that will help you understand the potential risk of your promotion, we may be collaborating with you. Or perhaps we can take advantage of references to make sure they are equipped with all the tools they need to get the job done. As a specific example, by developing integrations with basic systems, Built is able to ensure the flow of accurate information and eliminate duplicate data entries, streamlining the processes of everyday users, which adds value. We want to help you take advantage of your data so that you can make data-driven decisions on your loan platform.
According to a 2017 McKinsey report, construction has been slower than other industries in adopting technology. How does this affect the importance of industry technology partnerships?
Within finance, this construction has been your book book, your accounting platform and your loan creation system, among others. All of these workflows have been modernized with technology. But the challenge is that they are all very different at times. There is a solution for everything, but partners can help you come up with a package that will come in handy. I will use Built as an example. If we think about how some of our customers are taking advantage of our platform today, there are areas we have expanded with our partners to facilitate that workflow. So the partnership with Sage will help you from an ERP accounting platform. It will enter data and manage invoices. That’s just one piece of the puzzle. You still have to think about the inspections, the lottery management process, the data and the analytics. This is one of the least used areas in this industry: to provide accurate and up-to-date data, data and analytical information. With collaborations, you can contribute some of this data and help paint the whole picture so that you can better understand your organization.
How can technology partnerships improve the workflows of commercial construction lenders?
If we think of pre-construction, construction, and sustainable construction in three categories, there are separate workflows for each phase of the process. Together, they build a layered ecosystem. There is a layer of payment. There is a report layer. All of these layers are interconnected and play a key role in facilitating construction projects of all sizes. When we think about workflows, it’s important to make sure we understand how all of these pieces fit together. If you are looking for potential partners and vendors in general, these are areas where you need to understand about your business or whether there is room for improvement. Then you need to find a partner who will allow you to work in a collaborative and advisory way to get the end result you need.
When companies are looking for partnerships with potential suppliers in the technology field, how can they evaluate a potential technology partner to ensure that they best meet the needs of that company?
There are a couple of keys and triggers to help. One is, does this partner understand technology from the point of view and does he / she have the ability to help? Do they have modern technology infrastructure? Will your partner help you answer and answer customer questions or inquiries in the right way to get legal or marketing documents to solve problems quickly? Two other areas to keep in mind are: Does your partner understand your market landscape, and can they collaborate with you on industry trends and a way to see where your business is going?
Construction as a industry is full of challenges, just like any other industry that was built on the importance of people-to-people interaction. How do you see technology, partners, and construction meeting the needs of users?
The construction industry is now undergoing a digital transformation because it is an industry driven by relationships, hands, emails, phone calls, the opposite of technology. It’s a relationship-based business and has been around for a very long time. Of course, there may be doubts about moving to a more automated process. It’s essential to automate where you can, to focus on the most important thing in freeing your team: building relationships. Technology or transformation will not slow down your business. In fact, it allows you to grow your business and have more in-depth personal interactions with your customers. Collaborations are the secret components to getting the best out of everything and being the most effective, efficient and productive you can be. They can help you understand the industry, reduce risk and cost, improve profitability and generate new ideas. The challenge we have historically had is to bring in people who have been in the construction industry for decades, and now they have this new wave of technology. As new waves of technology enter the industry, we want to maintain old standards and ways of doing business, and combine them with better technology and infrastructure so that we can have a better outcome. Technology should enable stronger interpersonal relationships by eliminating external workflows, and technological partnerships aim to facilitate this.