Economists are currently predicting that the U.S. and global economy are headed for a recession. We know based on history that companies that take preparative steps before the recession hits can not only survive the economic slowdown, but actually thrive and grow during this otherwise challenging time. We also know that companies that don’t take these steps struggle, lose momentum and market share, and sometimes don’t survive.
So, as a technology or technology – powered business (and who isn’t these days), what are some steps you can take now to ensure that you will be one of the companies that can leverage the state of recession as opportunity rather than reacting to it for survival?
Here’s a quick list to ensure that your technology and technology operations are poised to create competitive advantage for you in hard times and good. Doing any of these will not only provide you with short-term advantage when resources are scarce, they will yield long-term upside for the business. But don’t wait too long, you want to get your chosen levers in place, or at least well in progress before the full effects of the recession are impacting your top and bottom lines. This is one of those times where waiting too long can absolutely cause irreparable harm to your business.
Assess your current technology situation. In order to take advantage and accelerate in a down market, you need to know clearly what the ground truth is and where the opportunities are.
Chances are that you’ll uncover (or maybe rediscover) at least one the 7 technology pathologies that hold businesses back. Prioritizing and systemically curing the ones that will allow you to operate efficiently in tight market will position the whole company to navigate the challenges and come out stronger.
Innovate and invest within your business to transform a latent opportunity into a market advantage. Perhaps there’s a killer feature that you’ve been putting off, finally getting that industry certification/accreditation for your product that sets you apart from the competition, or you’ve been contemplating how digital transformation can enhance your business – now is the time.
Automate your technology pipeline using modern processes and tools such as continuous delivery and devops.
Get a handle on your total cost of ownership.