Top 5 Ways to Recession-Proof Your Business with Technology
With the slowing down of the world’s three largest economies – the United States, the European Union, and China, many experts believe that a recession is on the horizon. Katy Bostjancic, a chief US economist at Oxford Economics, thinks we will come “precariously close to tipping into a recession by mid-2023”.
You’re most likely concerned if you’re a business owner or an executive. You may be checking your operating budget and wondering how to protect your company during the economic downturn. Well, investing in technology and going digital is the best bet for you.
Digital transformation helps you grow your consumer base and business during the recession. However, if you still need to embrace digitization, you are already way behind the curve. With outdated processes in place, you may be able to survive a recession, but you will face difficulties when the economy recovers. So, it’s better to digitize your business processes to bring everything under control. Do you want to be familiar with the larger picture to recession-proof your business? Let’s dive in.
What is a Recession-Proof Business?
A business with a better chance of riding out a recession, surviving undamaged, or staying afloat during the economic downturn is known as a recession-proof business.
Key Ways to Recession-Proof Your Business
The Harvard Business Review noted, “IT investments make companies more agile and therefore better able to handle the uncertainty and rapid change that come with a recession.” Here’re the ways to recession-proof your business with technology.
Give Way to Automation
The futuristic businesses focus on incorporating automation of essential business operations. It saves countless hours of labor and aggravation while allowing companies to do more with fewer resources.
Invest in a flexible integration and automation infrastructure. With process automation, you can free your employees from monotonous activities, and they can concentrate on creative and strategic projects. It will improve the employee experience and lower hiring and training expenses. In other words, automation will enable your employees to streamline operations while looking into new automation opportunities.
Improve Customer Experience
According to a recent study, 86% of customers are ready to spend more for a better experience, while 93% of consumers are more likely to make a repeat purchase following a pleasing experience. From these numbers, you can understand why a positive customer experience is essential to scaling revenue development. Satisfied customers are more loyal, spend more money, and may also promote your brand effectively.
So, improving your customer experience is essential in uncertain economic times, as it costs six times more to gain a new client. Companies that apply a customer experience strategy see an increase in revenue, a decrease in customer turnover, and more outstanding customer satisfaction ratings. Process automation helps you generate and improve a 360-degree perspective of your consumers to provide excellent customer service and put yourself in a position to anticipate their present and future demands.
Encourage AI Skills
Error management is vital for many apps using various APIs that change regularly. We offer machine learning use cases to your teams, including integration error management. You can save expensive hands-on employee time using the platform’s self-corrections. It will free up time to implement integrations and reach more consumers.
Moreover, most mid to large-size companies have business issues with data silos. Data often gets segregated and soon out-of-date as many operational apps are disconnected. Business users with an authenticated automated platform can extract data from sales, marketing, operations, and finance departments. It can be used for analytics after ingesting data from ERPs and CRMs into a cloud data warehouse.
Seek Better ROI with ERP
Create an app hub to integrate other systems that enable growth-promoting operations. An automated platform like marketing, accounting, e-commerce, and product management can maximize your ERP investment. Moreover, processes can be automated and streamlined quickly throughout the organization, improving data quality and timelines for operations and analytics.
The advantages of increased data transparency between finances and marketing can cascade. It can result in shorter audit periods, quicker payment collection, and reduced costs due to human mistakes. An automated platform, such as marketing, accounting, e-commerce, and product management, can increase your ERP investments.
Embrace the Power of Cloud
Implement cloud services like cloud data backup, storage, and restoration to increase your resilience to ransomware attacks, equipment failure, natural disasters, etc. Storing data on the cloud protects you from the crisis by ensuring secure and easy access to your information anytime, anywhere.
Decreasing your resilience on local networks while facilitating better data sharing and collaboration, cloud computing can improve the overall business resilience of your business.
Making money seems challenging during recession times, but viable business ideas collaborated with adaptable technology can help you thrive. If you’re willing to recession-proof your business, the best solution is to implement digital transformation solutions.
As a leading digital transformation agency, we help businesses expand by leveraging technology and innovation. Our expert developers and designers go the extra mile to drive impactful business benefits. Want to get our services? Book a call today!