Tips & Tricks

3 Ways Tech Executives Can Succeed During an Economic Downturn

Recession Proof

By Jeremy Parker, Chief Operations Officer

How CIO’s can recession-proof their business with a hyperautomation mindset.

With predictions from the International Monetary Fund showing one-third of the world economy entering a recession in 2023, it’s hard not to feel a sense of panic. However, not all technology leaders view it as doom and gloom. Sixty-one percent of tech leaders actually believe a recession will have a positive impact on their business. Economic challenges can present an opportunity to build operational resiliency and drive digital transformation.

To succeed in the face of an economic downturn, executives must leverage the right tools and creative talent management strategies to protect (and even grow) their business.

Here are 3 tips to help your business thrive during a potential recession:

  1. Engage and support existing IT talent to improve retention

    When it comes to digital talent, tech executives have a supply and demand problem.

    A recent KPMG survey revealed global leaders have a vast interest in digital transformations but struggle to find, hire, and retain skilled IT resources to design and develop these solutions. The 2,200 executives who participated in the survey listed an IT talent shortage as the number one challenge complicating the adoption of digital technologies this year.

    In an ideal world, tech leaders want to keep highly skilled IT staff challenged with innovative projects. The reality is they are often consumed with mundane maintenance and tasks supporting department or individual IT needs. As such, it is crucial to identify the manual tasks and workflows that bog these teams down and implement solutions to relieve them. By simply automating repetitive processes, critical stakeholders are free to focus on more strategic endeavors that drive growth.

    Eliminating the burden of manual work also boosts team morale, leading to higher retention rates –which becomes even more pivotal for success during economic uncertainty.

  2. Empower business technologists to boost productivity

    According to a study conducted by Gartner, 41% of employees can be categorized as business technologists. These are technologists who work outside of IT departments to create technology capabilities and applications that improve workflows and boost productivity.

    Digital tools, like low- and no-code application development tools, enable business technologists to solve real-world problems quickly by empowering them to rapidly build, deploy, and maintain web and mobile applications with little to no coding.

    More so, low-code app tools that sit within unified iPaaS solutions, like Vinyl, take it a step further by seamlessly connecting new apps into your existing integration ecosystem. Plus, IT teams can build guardrails within the interface to mitigate risk and ensure security across the organization.

    Deputizing these internal business technologists allows organizations to expand their IT footprint quickly and efficiently.

  3. Automate workflows and integrate data to maximize efficiencies

    During a recession, conserving resources is a must. Workflow automation and data integration streamline processes, reduce spend, and improve productivity across teams. Businesses can also leverage automation to offset staffing shortages and skill gaps that may impede growth.

    By investing in an automation solution, tech leaders can create and streamline common business workflows, connect disparate systems, and build new applications to create a single source of truth across the enterprise. End users don’t waste time validating data, increasing efficiency and productivity for all. But that’s not even the best part.

    Not only is iPaaS a surefire way to create harmony during times of uncertainty, it can also facilitate your hyperautomation initiatives to help future proof your business – even when the road ahead is unclear.

Want to know more? Contact us to learn more about how data integration can benefit your business during a recession and beyond.

Have questions? We are here to help.

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