It’s been a rollercoaster two and a half years, presenting unprecedented challenges across the board. However, Aussie businesses are some of the most resilient and innovative, and this strength and determination has allowed many to turn challenges into opportunity.
How can businesses beat economic downturn?
With the cost of living increasing, inflation hikes and interest rates skyrocketing in the face of a looming recession, businesses – across all industries worldwide- are looking for innovative ways to cut costs and save valuable resources to not only survive, but thrive. So how can Australian businesses plan, pivot and prepare in a time of economic uncertainty?
Re-assess your tech
Used strategically, technology can be a business’ best friend. Planning for tomorrow starts today and there’s no better time than now for businesses to re-evaluate their technology. To prepare for a potential recession, it’s time for business owners to assess where the business is now and where they want it to be in the future. This starts with having the right technology to help the business run smoothly, rather than hindering workflow and productivity.
Having the right technologies in place not only saves you valuable time and resources but can also give you greater visibility across your organisation and insights into what really matters.
This allows you to make more informed and timely business decisions which, ultimately, can streamline processes while saving you time and reducing costs. Identifying the current gaps in your organisation’s technology will help you address them effectively. For example, if your business has multiple technologies that work in silos, this will actually be less productive for you and your business and will subsequently lead to using more time and resources.
For example, in silos, data doesn’t flow, which then requires more manual effort to implement and master. To address this, you could look at investing in technology that works together rather than in silos. This will not only give you greater visibility over your business but cut down on the repetitive, administrative tasks that drain valuable resources.
Skills shortages are showing no signs of easing so it’s never been more important to retain talent. If your business doesn’t have a Talent Management Platform, this could be a great tool to consider as it helps with communication between employees and employers.
It’s also a great tool for ensuring employees are happy and identifies areas – like skills gaps, career development, and employee desires – that can be improved. In wake of a recession, it’s more affordable to keep existing employees than it is to hire and train new ones.
The right fit for your business
With the current economic uncertainty, investing in new tech may seem like the wrong thing. However, having the right technology that breaks down silos, increases visibility across the organisation and leads to better decision-making, can actually enhance return on investment.
Technologies such as enterprise resource planning (ERP) and financial planning and analysis (FP&A) are great innovative tools for businesses to leverage as they give full visibility over operations and costs. With greater visibility, the more you know, the better business decisions you can make. The benefit of technologies like ERP and FP&A is that it’s easily scalable so, if you’re planning to grow your business, this technology can be a key driver.
Investing in smart tech can have a range of benefits. Not only does it reduce the time spent on mundane tasks, ERP, FP&A and Talent Management Platforms help businesses reduce operating costs, streamline the flow of information across the firm, improve data access and quality, while also assisting business owners to make more informed and timely decisions.
Preparing for tomorrow starts today
Australia’s skills shortage is showing no signs of slowing. To make the most out of the resources available, businesses that invest in the right technologies have the best chance of success. Automation, for example, allows businesses to do more with less. It saves employees time on repetitive tasks that can be completed through automation.
This returns valuable time back to employees, allowing them to spend more time on what really matters, ultimately driving productivity and maximising profits. Additionally, Talent Management Platforms are essential for firms today. Personnel costs are the highest of any other and it’s important to know if you have the right talent with the right skills and expertise.
With the potential of a recession, the businesses that have the greatest chance of survival will be the ones that re-evaluate their business decisions today. Investing in the right tech could be the difference between good and great revenue this year. Before making a decision, it’s important to evaluate current technologies, identify the gaps and then invest in smart technology that assists with greater efficiency, productivity and, ultimately, drives revenue.