Tough Economic Times
After grappling with an unprecedented global pandemic, the world finds itself navigating more uncertain times with rising inflation, historically high interest rates, and the U.S. wavering on the brink of another recession.
With these uncertain times, CEOs are confronted with difficult singapore whatsapp number data decisions – such as where can we cut costs, and how can we reallocate resources to weather the storm? Amidst cost-cutting efforts, there is often a temptation to put a hold on digital transformation projects. While remote work initiatives have accelerated the adoption of digital technology, investments in technology during economic downturns are usually approached with caution. However, defunding digital transformation during a downturn might not be a wise decision.
Despite the ongoing macroeconomic pressures, global business leaders are recognizing the need for digital transformation to meet innovation demands. According to the 2023 Insight Intelligent Technology Report, 82% of leaders agree that companies must invest in digital transformation to stay competitive. Furthermore, 49% see keeping up with technological innovation compared to competitors as a top threat over the next 12 months, surpassing concerns about inflation and an economic downturn.
Here’s why driving forward investments in digital initiatives, such as knowledge work automation, helps prepare organizations for uncertainty while remaining competitive and maintaining the agility and flexibility needed to adapt to major changes.