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.