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From Risk to Reward: The Advantages of Boosting Your Tech Budget in an Uncertain Economy

March 3, 2023

As our economic landscape remains uncertain, many businesses are starting to scrutinize their budgets. Traditionally, the organizations determined to cut costs do so through a series of layoffs and the elimination of extraneous programs and technologies. 

While it may be in our nature to penny-pinch, exploring ways to increase tech budgets and invest in automation will actually help your business stay more efficient and thrive in the long-run.

Don’t cut your tech budgets, just yet

Technology plays a crucial role in the success of modern businesses, and the allocation of tech budgets is an important aspect of any organization’s financial planning. Companies are investing in technology more than ever before, and it’s likely that this trend will continue in the future.

Despite 59% of C-suite executives believing there will be a recession in the coming year, 78% consider technology to be critical to their business practices. This commitment to technology isn’t new. During the COVID-19 pandemic, when many companies cut costs due to economic uncertainty, a Forrester report found the companies that continued to invest in technology during the pandemic were better positioned to adapt to remote work and digital commerce. They also experienced a more rapid recovery in the months that followed. Additionally, an analysis by Harvard Business Review found that, “most enterprises implement aggressive cost-reduction plans to survive a recession. But companies that attend to improving operational efficiency fare far better than those that focus on reducing the number of employees.”

Investing in a process automation solution is a great way to promote operational efficiency while avoiding aggressive cost-cutting measures. Afterall, employees are the heart and soul of our businesses. Companies that value their employees as inherent assets instead of extraneous costs tend to reap greater rewards. By enabling our teams to accomplish more with less, we help our businesses reduce costs without sacrificing long-term company growth. 

Don’t wait to automate

Rules-based workflow automation solutions like Decisions are well-positioned to assist companies looking to recession-proof their business through technology investment, while still respecting tech budgets. Here’s how: 

Cost-effective Solutions: We offer cost-effective solutions to help companies allocate their tech budgets more effectively. Our no-code platform is designed to improve efficiency, improve system and data integrations, and reduce operational costs while increasing ROI, making it easy for companies to justify their technology investment.

Digital Transformation: We support the integration of technology into all aspects of a company’s business, encouraging users to streamline processes, automate manual tasks, and increase cross-departmental collaboration. Digital transformation synthesizes data that your team can then turn into actionable, revenue-generating decisions. 

Flexible Deployment Options: We offer flexible deployment options that allow companies to choose the solution that best fits their needs and budget. Whether it’s on-premise, cloud, or a hybrid deployment, we have the experience and expertise to help our clients find the right solution for their business.

Scalability: Our solutions are scalable, allowing companies to start with their most critical projects and grow their process automation platform as needed. This means your company can invest in the technology they need now without worrying about future costs, as our solutions can easily evolve with your business.

Expertise and Support: Our team of experts provides ongoing support and guidance to help companies make the most of their technology investments. From implementation services to ongoing maintenance, we are committed to helping our clients achieve their goals and stay ahead of the competition.

 

As we continue to face economic uncertainty, the knee-jerk reaction to cut costs can feel like a good approach. However, the greatest tools we can equip ourselves with for an upcoming recession are efficiency and agility. Effective automation solutions guarantee both. Schedule a demo to learn more about automation strategies and identify automation opportunities in your business operations.

Cecelia Troyan
Cecelia Troyan is a content strategist and writer at Decisions. She is passionate about accessible digital content and communication.

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