08-03-22 | Blog Post
It’s no secret that the economy is in a state of flux. With uncertainty in the air, businesses are starting to wonder how they can protect themselves from future downturns.
If you’re worried about your IT department being one of the first things to go when times get tough, don’t worry – there are steps you can take to recession-proof your IT. In this blog post, we’ll outline five of them. Keep reading to learn more!
The current market conditions are showing some clear signs that we may be headed for a recession in the near future. For one, interest rates have been rising over the past few months, typically a sign of an impending economic downturn.
Additionally, job growth has been slowing down significantly, and wage growth has stagnated. Finally, there has been a recent uptick in inflation, which erodes purchasing power and can lead to further economic problems. These various factors all point to an economy heading towards a recessionary period.
When it comes to preparing their IT systems for a recession, businesses need to take a number of steps.
Here are 5 steps to recession-proof your IT department and ensure that your business remains productive and profitable, no matter what the economy throws at you!
1. Resource Prioritization and Outsourcing
The current economic conditions are putting a squeeze on IT budgets. To stay afloat, IT departments need to find ways to do more with less. One way to accomplish this is through resource prioritization and outsourcing.
Resource prioritization involves carefully evaluating the projects and initiatives currently underway and deciding which ones are most important to the organization. Non-essential projects may need to be put on hold or even canceled to free up resources for more critical work. Meanwhile, essential projects should be given priority in terms of funding and staffing.
Outsourcing is another way to save money while still getting the work done. By outsourcing non-essential tasks, IT departments can focus their limited resources on more critical work. And, since outsourced workers are usually paid by the hour, there’s no need to worry about them being a drain on the budget when work is slow.
Recessions can be challenging for IT departments, but taking steps like resource prioritization and outsourcing can help weather the storm and come out stronger on the other side.
2. Invest in Automation and Other Productivity-Boosting Technologies
The most important thing for any business is to be profitable. And in order to be profitable, a business must bring in more revenue than it spends. One of the best ways to achieve this is to increase productivity. Automating tasks and processes allows businesses to free up their employees to focus on more essential activities. And by investing in other productivity-boosting technologies, businesses can further increase their output.
In today’s economy, it is more important than ever for businesses to find ways to increase their productivity. Automation and other productivity-boosting technologies can help businesses achieve this.
By automating tasks and processes, businesses can save time and money. And by investing in other productivity-boosting technologies, businesses can improve their output even further. In today’s economy, it pays to be productive. And automation and other productivity-boosting technologies can help businesses achieve this.
3. Keeping Your Business Safe from Cyberattacks
As the world becomes increasingly digitized, businesses are more vulnerable to cyberattacks. A cyberattack can result in the loss of important data, operational down-time, and reputational damage.
Investing in cybersecurity is important to protect your business from a cyberattack. Several ways to do this include training your employees in cybersecurity best practices, investing in security software, and creating a security policy.
Taking these steps can help protect your business from the devastating effects of a cyberattack. In addition, by investing in cybersecurity, you’re actually doing more to recession-proof your IT department. This is because during an economic downturn, businesses are even more at risk of cyberattacks. Taking steps today to prepare for the influx of cyberthreats tomorrow will go far in fortifying your business continuity posture in the face of a recession.
4. Enabling a Remote Workforce to Save on Office Space and Gas
Enabling a remote workforce is a step that can help recession-proof your IT department as well. This allows employees to work from home, and reduces the need for office space and helps to save on gas. Additionally, it can help improve productivity as employees have more flexibility and freedom regarding their work schedule.
Enabling a remote workforce is also a green initiative as it reduces your business’s carbon footprint. As businesses continue to look for ways to reduce costs, enabling a remote workforce is a step that can help recession-proof your IT department.
5. Consider Cloud Cost-Optimization
The Cloud is a great way to save money on your IT costs. You can avoid overspending on your IT infrastructure by using cloud-based cost-optimization tools. Using these tools can reduce the risk of underutilizing your resources and not getting the most out of your investment.
Many cost-optimization tools are available, but not all are created equal. The tool you ultimately choose will depend on your specific needs and requirements. However, there are a few key factors you should look for in any cloud cost-optimization tool:
Flexibility: The best cloud cost-optimization tools will be flexible enough to adapt to your changing needs. Your cloud costs will inevitably change as your business grows and changes. Make sure the tool you choose can accommodate these changes.
Scalability: Another important factor to consider is scalability. Can the tool scale up or down as needed? If not, it may not be able to meet your future needs.
Reporting: It’s also important to choose a cloud cost-optimization tool that offers comprehensive reporting capabilities. This way, you can track your progress and ensure that you’re on track to meet your goals.
Support: Finally, make sure the cloud cost-optimization tool you choose offers excellent customer support. This way, if you have any questions or problems, you can get help from a knowledgeable customer service representative.
For many organizations, subscribing to fully Managed Cloud Services can alleviate the strain of monitoring and optimizing a cloud environment. By outsourcing these responsibilities to the cloud experts they partner with, they can focus on more important tasks related to their business, and rest assured that their cloud spend and performance is being optimized.
Bottom Line
To recap: Here are a few ways to recession-proof your business that we just reviewed: You need to invest in automation and other productivity-boosting technologies, keep your business safe from cyberattacks, consider cloud cost-optimization tools or managed services, and enable a remote workforce. Otava can be your partner in all these areas; get in touch with us today to begin recession-proofing your IT!
