How to be recession ready with smart automation

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Businesses of all sizes are preparing for a recession. Yet, while it may seem counterintuitive, now is actually the right time to accelerate digital transformation.

Historically, an economic downturn is a boon to innovation. According to Morgan Stanley, about half of Fortune 500 companies were founded during a recession or economic crisis.

Investing in digital transformation will help businesses weather a downturn and address talent shortages. Organizations can also get ahead of competitors by making cuts and slowing down digital transformation plans. A Harvard business review analyzing the results of three recessions found that those most likely to prosper post-recession were those who managed to improve efficiency and invest in the future.

Short-term savings will cost you in the long run

Businesses face an impending recession, a tight labor market and continued supply chain disruptions. It may seem counter-intuitive, but cost-cutting measures in the face of such headwinds are not the solution.

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The pandemic has inadvertently shown us unprecedented innovation born of necessity and spurred the adoption of digital technologies to meet consumer demands. This innovation also allowed R&D times to exceed vaccine development in less than a year – a process that would normally have taken around 10 years from concept to approval.

The impending economic downturn and growing skills shortages provide another opportunity to drive innovation. Accelerating digital transformation will help businesses weather the downturn and address talent shortages.

Companies are expected to invest a total of $3.4 trillion to fund their digital transformation strategies by 2026. And those best positioned to meet rapidly changing consumer needs and embrace innovation take advantage of intelligent automation.

All about automation

Digital transformation enables businesses to mitigate fallout and foster agility and resilience, making future volatility easier to bear. The benefits of accelerating digital transformation are manifold: from productivity and efficiency gains to better supply chain management, customer experience and asset visibility.

No-code automation platforms make it easy to retrain employees to use advanced automation technologies. Robotic Process Automation...