Home Lifestyle The current economic context presents opportunities for companies.

The current economic context presents opportunities for companies.

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Not a day goes by that we don’t hear about inflation when opening a newspaper, turning on the television, or listening to the radio. In a way, it is a logical continuation of many of the events that have marked the past few years. However, the consequences are unprecedented, both for households dealing with increased spending and for large corporations dealing with anticipated power shortages and supply issues. Earlier this year, for example, French dairy giant Lactalis said it expected additional costs of about 3 billion euros due to the current economic climate.

This may sound surprising but don’t panic. In many ways, this crisis is a new opportunity for companies to differentiate themselves, build resilience and continue to exceed their customers’ expectations. You just have to approach it the right way.

There is no reason to panic?

The panic many of us feel is, of course, understandable. The decline in household purchasing power is a real problem, and companies that suffer from it have to make tough decisions. It is true that we have not seen this type of economic phenomenon since the last financial crisis in 2008, or even since the 1990s.

Many of today’s political and corporate leaders haven’t experienced the recent crisis, or haven’t tested their politics and knowledge for some time. The result is a general lack of confidence in the management of one or more events of this magnitude.

Recent lessons show the way forward

The truth is, we have a wealth of knowledge we can draw upon. If we’ve seen anything over the past decade, it’s the transformative power of technology and its ability to help us move forward. In fact, theWorld Trade Organization I recognize, as early as 2017, that technological progress has been a major driver of global growth and social well-being.

Technology has also helped us tackle challenges of unprecedented scale. If we think about the pandemic: We haven’t seen a global health emergency of this scale in nearly a century, but the global response has been swift and collaborative. Investing in technology has allowed us to not only create a series of effective vaccines to return the world to some normality, but also to create a new normal in the meantime, by shifting to remote work. According to the Organization for Economic Co-operation and Development, digital tools are likely to play a long-term role in facilitating not only healthcare delivery, but a range of other areas as well.

Surprisingly, however, companies and individuals have been more willing to move into the virtual world than we thought. Decades of digitization and automation have prepared us well for rapid transformation.

In this new crisis, it is more important than ever that we harness the same resilience and willingness to change, and double down on our investment in technology. After all, if costs are going up, we need technology to gain efficiencies and enable companies to do more with less; If supply chains are fragile, we need the right tools to visualize them in real time and respond quickly to restore the situation; And if companies are worried about the future, they need the right technology to help them analyze their data and find new sources of growth.

The platform-based approach yields the best return on investment

A few years ago, companies invested in technology for fun, with minimal return on investment. However, even before the pandemic, business leaders understood the importance of linking investments to strategic initiatives in order to achieve the best results: it is about seeing where you want to go as a business, organizing your investments accordingly and getting a measurable return on investment. .

We still need the same focused approach. But what if your investment could be linked to each strategic initiative?

Single platform solutions are key to achieving the kind of return on investment across the board that is needed in an increasingly challenging economic environment. Whether it is agility, flexibility, flexibility, employee satisfaction, customer retention, achieving ESGs or increasing engagement, these platforms give the ability to understand a situation, react to it, create and deliver clear value.

This is the choice Amadeus during the health crisis. To accelerate and secure the migration of its operations to the public cloud, the company relied on a platform that enables it to master new processes and develop a comprehensive, real-time view of information system performance. This strategic shift now enables the company to anticipate the trends and behaviors of its customers, and adapt its offering accordingly and at scale.

It’s time to act, not wait

In times of crisis, there are two ways to respond: resign or accept and show flexibility.

Ultimately, and most importantly, crisis cannot be avoided forever. Decisions must be made, and it is up to us as business leaders to make them. Those who escape from these decisions will end up having them forced upon them – and no company can benefit from losing control.

So take matters into your own hands: Investing in technology is key to efficiency, customer satisfaction, and exponential growth, all of which are essential for companies to navigate this difficult period. The earlier you start, the sooner you’ll see results that extend well beyond this crisis…and the next.

Tribune by Yannis Dupin, General Manager, ServiceNow, France

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