Builders FirstSource, a large supplier of structural building products for new residential construction and repair and remodeling, is going all in on digital.
The distributor operates 569 locations in 42 states and generated sales of $27.62 billion in 2022. It’s staging a full rollout of a new digital platform in early 2024 that will generate “hundreds of millions of sales,” said chief financial officer Peter Jackson on the company’s recent third quarter earnings call.
“The other big important piece for us is digital, and we think that we already have a lead. We think we’re already the easiest to do business with, we’re the most efficient, we’ve got the best technology and we’re about to take a big leap in that space that we think is going to be both hugely beneficial to our customers, but also make us even more the supplier of choice and the partner of choice in this industry,” Jackson told analysts.
MyBLDR: Builders FirstSource’s digital platform
Builders FirstSource’s digital platform, called myBLDR, is built on digital infrastructure and modeling applications from Paradigm technology. It gives builders and contractors access to:
- Project document storage tools
- 3D homes previews
- Online material estimates and ordering
- Features to check delivery status, job scheduling and other tasks
“As we look forward to our full product launch in Q1, we have made it a priority to drive digital adoption across our operations. MyBLDR.com is designed to create efficiencies for both our team members and customers by offering improved transparency and engagement in the homebuilding process,” CEO Dave Rush told analysts, according to a transcript from SeekingAlpha.com. “Taken with our proprietary estimating and configuration tools, this gives our customers more control over the entire building process, saving both time and money for our customers and their clients, while making the homebuilding process more personalized.”
For the third quarter ended Sept. 30, Builders FirstSource posted net sales of $4.5 billion. That’s a 21.3% decrease from sales of $5.76 billion in the prior year. Net income was $451.45 million. That compares with net income of $738 million in third quarter of 2022.
“The feedback’s (about myBLDR) been great. We’re really pleased with the tools and the development successes,” Jackson says. “We’re meeting milestones and feeling really good about the product that we’re going to have to show the market. And we’re excited that the market’s going to be able to benefit from the tools to improve efficiency and take costs out.”
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