How the Technology Industry is (or is not) Affected by Inflation

inflation

Many economic analysts report that inflation is currently on the rise in the United States. Inflation is the rate of increases in prices over a certain period of time. Inflation is normally a broadened term, like the overall increase in the cost of living in a country, but it can also be calculated more specifically, such as the increase in goods and services. With inflation, the value of the dollar also decreases. 

Unfortunately, inflation continues to negatively impact businesses across all industries. Consumers are spending less money in order to save more, resulting in companies adapting to diminished sales and resources. Many companies have turned to incorporate various strategies that allow them to receive the most out of their investments. There are several ways to maintain a decent IT budget without spending too much. Continue reading to learn more.

Investments in Technology Can Overturn Inflation

Investment management and financial services company, Morgan Stanley, recently issued a list of deflation enablers. Deflation enablers are companies that assist organizations in reducing costs, improving productivity, and optimizing overall performance. Automation platforms, such as Appian, Salesforce, ServiceNow, and UiPath, allow companies to be more efficient by saving time and labor costs. Creating manual processes ultimately eliminates the need for people to perform them. Supply chain efficiency software, such as C3.ai, Palantir, and Snowflake, utilizes cloud-based data warehousing allowing its clients to consolidate all of their data which employees can access.

Working Together to Combat this Economic Issue

Incorporating the necessary resources effectively can help withstand inflation. Due to the Covid-19 pandemic, many businesses have adopted the strategies of remote operations and downsizing of the company. Due to a large amount of money being spent on real estate, organizations consider reinvesting that money elsewhere within the company, such as in IT solutions and sales. 

As mentioned previously, many IT providers are mentioned in Morgan Stanley’s list of deflation enablers. This is because automation and cloud-based platforms reduce costs and relieve employees of menial tasks, allowing them to focus on other opportunities that improve the productivity of the company.

4 Corner IT can assist you and your company with all things automation-related. We also can assist you in getting the most out of your technology solutions in other ways. Our managed IT services will give you and your business the support needed to succeed in a competitive and fast-paced business environment. To learn more, please contact us today at 954.474.2204.

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VoIP: A Game Changer for Business Communications

Voip Phone with icon - concept for phone connected to multi device

Businesses have long used telephony solutions of some sort, but the traditional landline is an archaic piece of technology in the modern office. You can take your organization to the next level with a more dynamic and flexible solution, one that has the same features without all of the headaches associated with traditional telephone systems. A Voice over Internet Protocol (VoIP) solution can completely change your communications for the better.

VoIP vs Traditional Landlines

The major differences between VoIP and landlines are substantial. With landlines, the technology has not changed much over the years, and you probably have the same telephone lines that existed back when you started your business. Your handsets hook up to your local telephone company’s infrastructure, the center responsible for relaying the calls. With VoIP, on the other hand, the Internet is used to transfer calls. This is a major difference that cannot be ignored. While it relies on Internet connectivity, it also reduces unnecessary expenses, which is invaluable for small businesses and enterprises alike.

All the Great Features

VoIP can do just about everything that the traditional landline telephone solution can do, even more so. All features like conference calling, call forwarding, voicemails, extensions, putting users on hold, and more are present here and can be utilized by your staff as needed. VoIP even has features that are impossible through your traditional landline system, like voice and video chat integration, instant messaging, and more. In other words, it is a dynamic solution that fits right into today’s workplace.

None of the Frustrations

Adding new users to your landline infrastructure can be considered difficult, as it entails new wires for the handsets, the purchasing of new hardware to take calls, and the allocation of space for new offices and workstations. Some of these frustrations do still exist for VoIP, but the important thing is that you typically don’t have to run new wires or revamp tons of space just to do so. As long as you have the hardware, VoIP makes adding new users easy, as VoIP applications can be installed on mobile devices, laptops, or desktops with ease. You don’t need to hook them up to your phone infrastructure or run new wires. All you need to do is create an account, assign an extension, hook them up to hardware, and install the software on that device.

Lower Costs

The concept of “cord-cutting” is nothing new, especially with media streaming applications replacing television, and VoIP takes this one step further. Companies often bundle services together, creating more expenses for services that are either underutilized or completely unnecessary. Sometimes telephone companies might bundle together television services or Internet services, but it’s simply a waste if you don’t need all of these services. VoIP eliminates this by letting you use a pre-existing service—the Internet—for voice communication, and since you are practically guaranteed to use the Internet, you’re not wasting any revenue on it. VoIP also makes costs more flexible and scalable to your needs, making it budget-friendly and customizable.

Get Started with a VoIP Solution Today

A VoIP solution can be a wonderful asset for businesses that want to reimagine their communication infrastructure. If you need a hand getting started, we would be happy to help. To learn more about what we can do for your business, reach out to us at (954) 474-2204.