Saturday, February 4, 2023

Making the Business Recession-Ready

By Prangya Pandab - October 31, 2022 4 Mins Read

During a recession, the right combination of enterprise software and of B2B apps can help the business survive and thrive.

The soaring inflation rate is now permeating every aspect of life and having an effect on both personal and business budgets. Business leaders will be compelled to do more with fewer resources as these issues worsen, and their responses are likely to fall into one of two categories: some will fortify themselves and drastically cut expenses, while others will significantly invest in the future.

These are both difficult decisions that affect both vendors and employees in the real world. Finding the most affordable route to efficiency while preparing for what comes next is necessary for survival in a recession. Therefore, businesses must protect their employee morale, team spirit, and innovation through data-driven decisions. Rethinking how resources are leveraged and prioritized is necessary to create this cost-effective momentum.

Also Read: Addressing The Impact of Quiet Quitting in IT Sector

Leveraging Automation

Making significant budget cuts may feel instinctual during a recession.

Although a prudent defensive strategy in a time of recession involves healthy cost-cutting measures, focusing on operational optimization allows for frugality without also creating challenging-to-fill job vacancies or stifling innovation.

Managing the variety of departments needed to keep the company running can drain employee resources and money. However, achieving the ideal balance between budget restraint and investment in the right supply chain systems and procurement software can be a crucial step in making operations more efficient and sustainable in the long run.

For instance, executives can free up employee work hours, optimize their cash flow, and keep track of fluctuating costs by leveraging the potential of AI and ML to enhance supply chain systems. The same technology can automate quality checks to prevent recalls while applying predictive analysis to lower risk and minimize disruptions.

The right software can redirect resources to increase profitability, free up employee attention, and provide new avenues for innovation.

The majority of corporate software solutions do not exist in an ideal environment. While businesses have a different sets of unique requirements, cloud software is often built as a one-size-fits-all mechanism.

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Although a quick fix could be alluring, it’s crucial to keep in mind that a complete enterprise application revamp or platform transition may not be the best course of action. The needs of an enterprise are only partially met by the implementation of new software, creating a critical gap. Companies can be exposed to these functional gaps, but some complementary platforms and apps can fill in the gaps and maximize the ROI of enterprise applications.

B2B apps can provide cost-effective and quick ways to enhance or even customize enterprise applications without completely overhauling the company’s current software and applications.

Creating Momentum in a Recession

Combining a B2B platform or app with enterprise software can streamline systems and minimize time-consuming, manual tasks, ultimately increasing productivity. This doesn’t entail handing over the operations to automation and AI but rather designing an interface between humans and AI. Using a B2B app that involves automation to replace unproductive or repetitive tasks while freeing up employees to focus on strategic initiatives, innovation, and interpersonal responsibilities results in a more effective operational workflow.

Automation and AI integration in the workplace enhances productivity, but more than that, it’s now an essential element for any organization that wants to maintain its competitiveness over the long run. Business leaders must consider the unique issues that their company faces to tailor a B2B app and software solution to meet those needs.

Businesses that made the decision to reduce their workforces in order to survive will have to compete with those that made the proper choice to expand by utilizing cost-effective, AI-powered software and platforms.

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AUTHOR

Prangya Pandab

Prangya Pandab is an Associate Editor with OnDot Media. She is a seasoned journalist with almost seven years of experience in the business news sector. Before joining ODM, she was a journalist with CNBC-TV18 for four years. She also had a brief stint with an infrastructure finance company working for their communications and branding vertical.

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