In today’s economy, volatility is the new normal.
Stock markets rise and fall on a daily basis, and businesses are constantly having to adapt to changes in labor markets and consumer demand. This uncertain environment can be tough on everyone from management to workers, and to investors.
But in tech, disruptive volatility is now on steroids.
Thanks to the pandemic and a newly-growing economy in 2020-21, IT managers struggled to address how best to move their modernization goals forward. Adapting to remote-work needs and a customer base that shifted online, new and bigger digital transformation goals were needed, often called for from the top of the organization.
Tech Investment Stays Strong
According to a 2021 Gartner report, 58% of the organizations they surveyed planned to increase their emerging technology investments over the year, compared to 29% who reported the same in 2020.
IT executives in the same report cited IT talent shortages as the most significant adoption barrier to just 4% of emerging technologies in 2020. That number jumped to 64% in 2021. Every tech domain category saw shortages: computer infrastructure and platform services, network, security, digital workplace, IT automation, and storage and database.
Volatile economic times like these create opportunities for tech managers who are able to adapt quickly and take advantage of market conditions no matter which direction they go.
Which bring us to today. While a recession now looms and big tech companies like Meta and Google pull back on their hiring expectations, corporations by and large continue to prioritize their digital infrastructures, keeping the demand for IT talent high and many companies facing chronic IT staffing shortages as we close 2022.
You Need an Action Plan
Volatile economic times like these create opportunities for tech managers who are able to adapt quickly and take advantage of market conditions no matter which direction they go.
For many, that means investing in technology in a way that makes their companies more agile:
“Investing in technology before an economic downturn can help uncover inefficiencies in processes and increase business agility, preparing an organization to handle new risks in the market,” according to Teodora Siman, research manager, C-Suite Tech Agenda at IDC.
Revisit Your Strategy and Put it In Writing if You Haven’t Already
Developing and implementing an effective tech strategy is no easy feat. It requires careful planning and regular review in order to ensure that it remains relevant and responsive to the ever-changing needs of the business. But by taking the time to create a tech strategy that meets the unique needs of your organization, and put it in writing, you can position yourself for success now and into the future.
Know Your Strengths and Weaknesses
A technology strategy is only as good as the team that develops and implements it. That’s why it’s essential to know your strengths and weaknesses when putting together a plan. Since tech labor markets are tight, this may be the foundation you have to work with for some time.
This is a good time for a SWOT analysis (strengths, weaknesses, opportunities, and threats). If you haven’t done one in awhile, some good starting points are here and here.
By understanding your own limitations, you can more easily identify areas where you need to seek outside assistance. Conversely, by capitalizing on your strengths, you can create a competitive advantage for your business.
Be Agile
This may be the most important step. Simply updating your tech strategy these days is not enough.
You also need to be agile, and ready to adapt to new trends and technologies as they emerge. This can be a challenge, but it’s essential for businesses that want to stay on the cutting edge. By being agile with your tech strategy, you can ensure that you’re always at the forefront of innovation.
In today’s tech world, agility means being able to not only pull back at a moment’s notice, but also being able to scale operations when the opportunity presents itself. Often, sudden surges in growth happen whether you’re ready for it or not. There is no “off” switch.
That makes it doubly important to be able to respond quickly with the resources you need.
How to be Agile? Be ready to play offense and defense, quickly
Two big steps to be a more agile company, that will help you retrench or grow as needed:
- Leverage software that helps you be efficient with your costs where possible.
- Have an outsource strategy implemented and ready to go.
These will help you run a solid offense or defense, exactly when you need them.
By keeping your strategy flexible and adaptable, you can ensure that you always have the right tools in place to meet your business goals.
Finally, Stay Focused
Last bit of advice, stay focused.
One way to stay focused with your tech strategy is to set specific goals for what you want to achieve. Do you want to improve customer service? Increase efficiency? Once you know what you want to accomplish, you can start to map out a plan of how technology can help you get there.
Finally, don’t forget to revisit your tech strategy on a regular basis. As your business grows and changes, so too will your technology needs.
By following these steps, you can be sure that your business will stay ahead of the competition. Times may be tough, but if you’re prepared and willing to put in the work, you can overcome any obstacle.
How CM First Can Help You Thrive in Times of Change
Once you’ve put your strategy into place, think about how CM First can help you achieve a dynamic growth strategy with the kind of technologies and services CM First provides. Get in touch with our experts today to learn more about the power of our modernization technologies, and the flexibility in managed application services.
