For every business, technology is critical to successful operations in both good and bad times. In challenging times, it’s important to consider whether your technology spending is helping to deliver meaningful cost savings and protecting margins.

Technology is an investment, not a cost.

Gartner has forecasted that worldwide IT spending will grow 5.1% in 2023. Business leaders increasingly understand that investing in tech has become even more necessary to propel efficient, scalable, and profitable operations.

In economic downturns, you should be more careful with spending.  But that shouldn’t mean you cease to continue to invest in technology. Delaying all capital expenditure could hurt your business in ways you can’t afford during difficult times. The effects of diminished worker productivity and satisfaction due to IT operational and security problems should be considered when deciding whether to invest in technology or freeze spending.

Business critical IT infrastructure projects that help to streamline your business, drive productivity and lower operating costs should always be a priority. According to leading experts from CNBC, Gartner, and more, the top technologies that can help in times of recession are:

• Cybersecurity
• AI and machine learning
• Cloud technology
• App development
• Digital twins
• Robotics
• Data science and data engineer teams
• Digital business analysis tools
• Remote and hybrid work technology
• Cloud applications
• Workflow and management digital solutions
• Customer and brand experience technology
• AR and VR

“Investing in the right digital initiatives at the right cost can blunt the negative effects of economic pressures in the short term and build long-term competitive advantage,” Gartner said.

There is no one-size-fits-all solution. Every business is different and requires its own strategy and roadmap when it comes to tech tools that can turn a recession into an opportunity.

But leveraging available technology to navigate business challenges with digital tools is a great place to start. Here are some examples:

1. Cloud Migration:Migrating to the cloud can reduce infrastructure spending, energy and maintenance costs, and personnel requirements. The cloud also opens endless new tools for business opportunities.
2. Reimagine and automate workflows:Changing the platforms and systems of work environments can cut costs and drive performance.
3. Predictive and insightful: Gaining greater data insights can make your organization faster and leaner, including in its decision-making.

Undoubtedly, we are experiencing challenging economic times. But challenges can provide opportunities. Working with the right IT service provider who advocates the strategic and effective deployment of business technology can not only help you stay the course but come out even stronger.

Learn more about how Utilize can help to turn your successful business into a powerhouse with ASCEND.

Speak to a member of our team today

Good Employer Silver Award

Utilize were honoured to become part of a select group of Essex businesses by winning a Silver Award as a Good Employer from Scott Logan, Chief Executive of Basildon Council.

In order to earn any award from ‘The Good Employer Charter’, a company must show previous success and/or be working towards the following four pillars:

Fair Pay

Confirm all direct staff are paid ‘The Real Living Wage’. Not to be confused with the government’s minimum wage, The Real Living Wage Foundation is a campaigning organisation in the United Kingdom, which aims to persuade employers to pay a living wage.

Employ Basildon

Offer recruitment opportunities to Basildon’s Advice Store, offer training opportunities, and seek opportunities to work with local schools and colleges.

Buy Basildon

Commit to seeking quotes and having multiple Basildon businesses in your supply chain, encourage other Basildon businesses to ‘Buy Basildon’.

Be the Best

Implement best practices in fairness, equality, and sustainability throughout our business practices. Commit to continuous improvement across the fields of equality and diversity, staff wellbeing and development.

This accreditation was created to recognises businesses across Basildon whose commitment to their employees, customers, suppliers, business partners and the local communities are strengthening our local economy by attracting new investors and open opportunities. This ensures that both employers and employees benefit as the local economy grows.

Since relocating our headquarters to Basildon in June of 2019, Utilize has grown from strength to strength. We invested in the local area with a renovation project that transformed an old warehouse with a small office into our current state-of-the-art, high-tech building. Our Space. By sourcing local talent and supporting local businesses and charities, we continue to give back to our local community.

Utilize is now among a select group of Basildon Businesses to hold a Good Employer award, which sets us apart from other organisations in Essex. Most importantly, this accolade demonstrates to potential employees, clients and suppliers our long-standing commitment to being a #PeopleFirst business.

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