According to economic experts, technology takes the forefront during a crisis. When companies have optimal conditions for growth, they focus on production, delivering goods, and meeting targets. However, a lack of capacity and a shrinking customer base open the door to improvements and innovations. Companies then reallocate budgets toward tech investments. We have learned some valuable lessons. It’s important to remember that a successful business is one that is resistant to market fluctuations and can flexibly adapt to changing conditions. Therefore, it is worth reaching for technology before the global recession pressures an organization to make tough changes.

How recession-proof business with tech?

  • Strong customer relationships: Utilize technology to personalize the customer experience with your brand, such as modern platforms tailored to users’ needs, highly functional applications with exceptional design, and efficient customer service.
  • Effective company performance: Remember the people who drive your company’s growth. Provide them with tools that simplify their work and strengthen their commitment. When they have access to properly designed CRM systems, they can quickly address customer issues and rely on structured, standardized information. Instead of reducing the team during a slowdown, consider changing the business model and redefining employee roles.
  • Data-driven business: Digital transformation is built upon data. When implemented correctly, it enables strategic decision-making with flexibility, ensuring streamlined decision-making even in critical situations.
  • Empowering the organization from within: Equip your organization with the right tools, such as ERP (Enterprise Resource Planning), to effectively manage the company’s resources.

Go for cutting-edge technologies

Strong IT architecture, efficient workflows, and high-performance tools are precisely the reasons behind the numerous technologies that aid in implementing business strategies. Thanks to the advancements in AI/ML, Big Data, the Internet of Things, and cloud solutions, organizations can tackle their business challenges at a significantly lower cost. Investing in these technologies stands out due to its high return on investment. This also applies to blockchain technology, which is increasingly making its way into the business sector. The choice of technology depends not only on the industry in which you operate but also on the strategy you wish to execute to make your company more resilient in the face of a global crisis.

  • With AI, analytics in business takes on a new level of quality, allowing effective utilization of data to identify market situations and create successful strategies.
  • Automation helps you reclaim wasted time, enabling the allocation of budget towards creative and growth-focused activities that employees can focus on.
  • Obtaining a return on investment through the use of intelligent solutions allows for budgeting for further advancements.
  • An open-minded approach to technology enables the introduction of new solutions before your competitors decide to do the same.

Automation is the key to a crisis-proof business

The automation of processes in companies usually occurs gradually, in multiple stages. A good strategy allows you to begin by automating the most crucial processes and integrating them with manual activities. Shifting daily and repetitive tasks from employees to tools is a common step towards digitalizing businesses. These efforts unlock employees’ potential, enabling them to utilize their skills at higher levels while reducing the risk of errors. Transitioning the initial customer contact with the company to a chatbot accelerates response times to inquiries and also benefits employees. It allows them to focus on tasks that truly make a difference to the company, instead of spending time answering queries according to a predefined script. That’s where bots come in! Moreover, implementing intelligent solutions such as CRM in companies centralizes processed information and enhances operational transparency. This is clearly demonstrated in the global app that was developed for one of our clients, ValueAG.which deals with real estate valuations. Here more about new technologies in the real estate valuation.

Use engaging technologies such as AR

Sometimes it’s worth going outside the box to make it easier for you and your customers to learn about your products. Did you know that we successfully “turned” a huge and heavy stove into a light as a pen solution? Read about the details in the Seco/Warwick case study. In a nutshell, we’ll say that AR enabled us to show equipment at the trade fair without having to transport it on site. You can work similarly when it becomes impossible to have a live event or your budget doesn’t allow you to meet with a customer on the other side of the world, for example. We have also used this technology in a tool that provides room and desk reservations, which facilitates hybrid work in offices: Bookado.

Implement off-the-shelf solutions based on AI

Artificial intelligence has been growing in popularity for years; in fact, we are already using it even unconsciously. It’s certainly the technology of the future, but it’s also a cost-effective quick change if you take advantage of ready-to-implement capabilities right away. OpenAI and the already famous ChatGPT allow us to make changes here and now without engaging dedicated AI teams. You can also read about how ChatGPT lets you change business.

Discover the opportunities offered by Blockchain

Blockchain is slowly moving from a position of controversy to a technology dedicated directly to the development of transparent business. It has already proven itself in the financial industry, and is now gaining more areas the technology can support many more industries. It can be used wherever it is necessary to secure data and ensure the authenticity of the service and instant user verification. Where transparency and security come into play, that’s where blockchain comes in. The important thing is that the companies that are already reaching for it are becoming innovation pioneers of sorts. Read about where blockchain is proving itself in business.

Meet ValueInnovators and recession-proof your business

You don’t need to know the solution right now. You don’t have to search for it on your own. Experts, based on the analysis of your business, its needs, risks, as well as technological gaps, can recommend the appropriate solution. At ValueLogic, we organize a Technical Brainstorm to uncover the true potential of your business and unleash it with the right technologies. Whether it’s creating a new application or designing a product that aligns with your business’s strategic goals, it can all be addressed during a business and technology meeting with the aim of developing a Minimum Viable Product (MVP).