How Technological Investment Helps You Combat Recession

How technological investment helps your business

The world economy took a significant blow in 2020 from the global pandemic. It marked the beginning of tough times for many industries, not least of which was the supply chain industry. Amidst cut-throat competition and changing economic conditions, achieving predicted future ROI became less certain.

The supply chain and manufacturing industries faced various problems, such as labor shortages, decreased supply, varying customer expectations, and increasing market demands. The pandemic has eased, but many of the challenges remain.

The Wall Street Journal reports a 44 percent chance of an upcoming recession in 2023. But just like the effects of the past pandemics that shook the world, this recession will also be an unannounced storm in the digital landscape. Investment in technology determines whether businesses soar or sink.

How to prepare your business to survive through a recession

Companies should be ready for recovery when the market is heavily disrupted by a recession that brings uncertainty, pressure, and increased financial stress. Strategic investments in the right technology and advanced services can help you stay ahead of the curve and be future-proof even during fluctuating market conditions.

Business Recession Survival—then versus now

Before the pandemic, the remote working culture was not generally prioritized among organizations. The pandemic-related recessions worldwide led to mass layoffs, and cost-cutting measures ended service subscriptions. When the market dipped globally, it prompted a call for investment in technological advancements such as AI, better customer service, and support.

As the digital market bounced back, companies realized that their employees could work from anywhere, anytime, and across several channels. Investment in technology fostered a data-driven remote work culture, and with strengthened cloud-based cybersecurity, businesses were able to grow once again. Now, technology promises increased productivity even in hard times.

Streamline workflows

Tech features such as chatbots and eCommerce facilitate self-service options among customers and simplify customer experiences and improve online support. A tech-enabled data-driven workplace saves time for your sales and operations teams to function more efficiently, collaborate better, and sharpen their problem-solving skills. In addition, inefficiencies and loopholes in operational processes across the organization can be identified to streamline workflows.

Enhanced Productivity

Recent technological tools and CRM platforms such as Microsoft Dynamics 365 for Sales unify previously isolated teams in an organization, shorten sales cycles, reduce sales workloads, and improve customer interaction.

Deeper customer bonds

During a recession, companies lose contact with customers, reducing their interactions. Gaining insights into customer information is important for a business to retain buyers and further build profitable bonds. Customer communication tools help strengthen customer relationships and nurture leads. Advanced CRM platforms ensure the customer base remains unchanged through changing economic tides.

Combat recessions with Technology

During the pandemic, many companies migrated to the cloud-based Dynamics 365 platform, and those stuck to their legacy on-premise systems tended to lag behind due to the lack of flexibility. The cloud offers automatic updates and annual upgrades, making it easy to stay current. In addition, you have a 360-degree view of internal operations.

Understandably, some companies are hesitant to transition to the Dynamics 365 platform. However, the evidence is clear that migration to the cloud allows you to leverage modern applications, improve agility, and give you an edge over your competitors. Choosing the right ERP software that fits your business is essential. But equally important is the right implementation partner for a competent, successful, and steady implementation process.

Choose DemandDynamics as Your Partner for Dynamics 365

DemandDynamics is a trusted Microsoft Dynamics expert that offers Dynamics 365 implementation services across many industries. Depending on your business needs, you can add or remove functionalities to the Dynamics 365 software—and we would be happy to assist. We are known for our on-demand services through a simple approach: employ our services as required and only pay for the hours used. On-demand services eliminate the traditional contractual subscription method and work on a zero-commitment basis.

Now would be an excellent time to reach out to one of our experts to leverage Microsoft Dynamics 365.

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