Investing in the Right Tech Can Reduce the Impact of an Economic Downturn

Investing in the Right Tech Can Reduce the Impact of an Economic Downturn

Every day, there are more news headlines: economists are predicting a wave of economic uncertainty.
Across the globe, businesses are already facing new levels of unpredictability.

 

Concerned by potential negative impacts on their businesses, managers are preemptively planning ways to cut costs. Too often, these cuts are arbitrary, impacting multiple departments or projects. Broad-based cuts could include scaling back discretionary expenditures, freezing headcounts, or reducing digital transformation efforts.

However, this is an outdated way of doing business – especially for service organizations that are already doing more with less due to an ongoing labor shortage and workforce skills gap. All of this is happening while customer demands keep rising. Instead, a more calculated strategy should include ways to manage costs in a more precision-focused way — investing in high-ROI activities and shifting away from expenses that provide lower value.

That’s precisely why many savvy executives are opting to invest financial resources into tech. Sound counterintuitive? Not quite.

Artificial intelligence (AI) is one type of technology that can enhance CX, improve profit margins, and drive revenue – while addressing various challenges for service-related businesses. That’s because it will help you focus on specific areas of your business that need improvement and can provide accurate and proactive answers to a company’s toughest service challenges.

Why is now the right time to invest in technology?

If history lessons are any indicator, industry leaders that boldly invest in the initiatives that cost-effectively drive business goals are best prepared for any kind of economic or business challenge.

“Tech leaders say they understand now that technology is not a cost center, but rather a business driver,” noted CNBC. “More than 75% of tech leaders expect their organization to spend more on technology this year.”

Download the e-book to see how service leaders turn to strategic technology like AI to help drive organization-wide goals. We identified the top areas where tech investments provide opportunity – and explained why each focus area matters.

Want to know more? This feature is an excerpt from a white paper published by Aquant now available at Field Service News. Please either log-in or subscribe for access. 

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