Information Technology is critical for businesses in today’s digital age. It enables companies to automate processes, improve communication and collaboration, and access valuable data that can inform decision-making. Additionally, IT can help recession proof a business by allowing for cost savings through automation and streamlining, as well as providing a competitive advantage by using technology to improve efficiency and customer engagement.
With the right IT strategies in place, a business can not only survive an economic downturn, but come out stronger on the other side. The cloud, automation, and governance are all essential elements of any IT strategy. In this article, we discuss how to recession proof your business with these IT strategies.
1. Focus on the basics
The first step is to focus on the basics. For example, if your business is in a recession proof industry or market, it may be time for an upgrade of your current technology infrastructure. If not, then perhaps it is time for some cost saving measures and cost containment strategies.
This could include moving toward cloud services (such as Microsoft 365) or implementing automation to mitigate risk and build resilience. Automation can help reduce manual tasks and improve efficiency across the board while also freeing up employees’ time so they can focus on other things like developing new products and services—which can grow revenue during difficult times when customers are less likely than usual to purchase anything new from their suppliers.
2. Protect your data and your network
Protecting your data and your network is a crucial part of recession proofing your business. In the event of a disaster, or if you lose a critical employee to another company, it is important to have a way to restore access to business-critical systems and data quickly—and without spending thousands of dollars on software licenses and hardware upgrades.
The first step toward protecting your data is to invest in backup software for both physical and virtual environments:
- Physical backups should be performed at least once per week, ideally with offsite storage in case there are any issues with local facilities (such as fire or flood). It is also important that these backups aren’t done manually; automated solutions will ensure that they happen regularly without any errors being made during time-sensitive operations like restoring data after an outage occurs.
- Virtual environments have their own unique set of challenges when it comes to protecting against failures, such as downtime due high demand on resources used by business applications running within virtual machines hosted by cloud providers like Amazon Web Services (AWS) or Microsoft Azure Cloud Services Platforms (ACSP).
3. Plan for efficiency
Efficiency is about getting the most out of your existing resources. It can be achieved by automating repetitive tasks and by ensuring that everyone in the organization knows how to use resources effectively.
Automation is the process of using software to perform tasks on behalf of users. It frees up time for IT professionals to focus on more valuable work and helps them complete routine tasks faster.
Governance through policies and procedures ensure that an organization’s IT resources are used wisely, efficiently, and securely.
4. Invest in new technology
The cost of doing business is ever-increasing, but it does not have to be that way. With the right investment in new technology, you can improve efficiency, reduce costs, and still deliver great customer service.
As the world moves toward becoming more automated and digitized, the need for businesses to invest in new technology has never been greater. It is important to keep up with these changes by ensuring that you are using the latest tools available to your industry.
Investing in new technology will not only help your business grow but also allow improve efficiency and reduce costs—the ultimate recession proof formula.
5. Collaborate in the cloud
Migrating to cloud technologies, such as Microsoft SharePoint Online, can reduce costs by providing access to resources on an as-needed basis, eliminating the need for excess infrastructure and equipment. It also increases efficiency by allowing you to focus on your core business while leveraging the power of shared services.
Cloud services can give you greater control over your data security and compliance efforts through automated processes and tools that ensure complete visibility into where sensitive information is stored or accessed, who has access to it, and what they are doing with it.
For example, SharePoint Online offers enhanced data security and governance, while also allowing employees to seamlessly share and collaborate with both internal and external users anywhere in the world.
Navigating Challenging Economic Times
IT has a crucial role to play in the success of your business, especially when it comes to recession proofing your business. Implementing the right technology can help you reduce costs and increase efficiency through automation and governance—while at the same time, helping your organization adapt to the changing economy while staying competitive.
At Elantis, we can help your organization navigate challenging economic times by finding ways to automate workflows, enhance data security and governance, and collaborate with the right tools for your organization. Contact us to request a free consultation with one of our experts.
