As we hit the mid-year mark of the calendar a couple of things come to mind as I see where businesses are heading. Recently, as I scroll through LinkedIn, I’ve seen way too many posts about layoffs. I’m hearing about businesses going into hiring freezes, the stock market dipping to low levels and the fed raising interest rates to levels we haven’t seen. With all that said, unfortunately, I do believe we are heading into a global recession in 2023. As such I believe any investments that don’t drive immediate ROI will be a challenge and as a result your business will struggle, or worse even fail. I think you’ll continue to see investments related to supply chain visibility, optimization, and in all things automation.
Deloitte found that 87% of organizations agree broad adoption of digital systems is disrupting their industry, but only 44% feel prepared to face that disruption. This could explain why IDC is forecasting companies will invest more than $10 trillion in digital transformation initiatives by 2025. Even marginal improvements to any of these areas can make a difference to your bottom line. Viewing key processes through the lens of digital transformation, you can identify opportunities for exponential improvement.
However, as you incorporate new technologies make sure you only invest in areas where you control your own destiny as it relates to delivering against the ROI/Business Case. Don’t be dependent on things you can’t control. Digital transformation enables teams to amplify the effectiveness of their personal relationships and the opportunity to build new ones. Automation certainly cannot replicate the human connection that builds trust and repeat customers, so it’s a matter of conveying “yes, let’s do more of that” while technology tackles the processes that distract us from what we do best.
Take the time to research the investment opportunities and learn how they can, or can’t, improve your bottom line.
Is your company focusing on digital transformation and investing in automation?
By Ray Grady, CEO and President of Conexiom
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~ BTE SPECIAL PROMOTION ~
