The Baggies saw a host of high profile players leave the club in the close season with Craig Dawson, Jay Rodriguez and Salomon Rondon all moving on.
The influential Dwight Gayle also returned to Newcastle following his loan spell.
But following the appointment of Slaven Bilic as head coach, Albion went on a recruitment drive.
And a host of those additions have already made a big impression with Darnell Furlong, Semi Ajayi, Romaine Sawyeres, Grady Diangana and Matheus Periera having all impressed.
But while Dowling is pleased with the work they did in the transfer market – he believes there is still more to do.
“The departure of so many players – many of whom were locked in starters for the first team – saw us embark on an extensive rebuild as soon as we appointed Slaven,” he told the club’s match-day programme.
“Nine new signings have enabled us to re-engineer the squad’s average age and add some much needed youth and energy to our ranks.
“It is by no means a process which is complete but I would argue that we have made some astute signings which have already established significant promise.
“Obviously, I accept that the success of a transfer window can only be measured at the end of the season, but the signs are positive.”
Albion took their time appointing Bilic with the Croatian’s arrival coming four weeks after they lost in the play-offs.
But Dowling hopes fans now understand why they took their time.
“I know that we tested the patience of some of our supporters in deliberating long and hard over the head coach appointment,” he continued.
“But we were conscious that we had the opportunity to conduct a thorough interview process during the close season and we were determined to take it.
“I would argue the fact we were able to ultimately welcome Slaven into the club justified the strategy.”
Albion have made an unbeaten start to the new Championship season.
But Dowling is confident, with fans support, the best is still to come from Bilic’s side.
He added: “When I think of the devastation we all felt at the end of last season, I think we can be pleased to have reached the early stages of this new campaign in a good place and with a promising, younger team taking shape under an inspirational head coach.
“Get behind Slaven and the boys as you have been doing and I am optimistic we can have much to look forward to.”