Today's business leaders are tasked with navigating financial challenges while staying competitive in an unpredictable economy. A recent survey by the World Economic Forum found that 63% of chief economists expect a global recession to occur this year,1 while others believe all signs point to stability.
Despite growing uncertainty, market analysts project worldwide IT spending to increase by 5.5% from 2022.2 Clearly, digital transformation is still a priority for organizations looking to stay afloat in the coming years. In this blog, we’re sharing tips for building a recession-friendly cloud technology strategy to help your digital transformation initiatives thrive – recession or not.
1. Assess Your Current Infrastructure
Before you dive into the cloud, evaluating your company’s current infrastructure is a must. By considering factors such as hardware and software dependencies, data storage needs, and application workloads, you can determine how to best use cloud technologies to reduce costs and improve efficiencies.
2. Optimize Workloads
An estimated 32% of cloud spending is wasted,3 so tracking and optimizing your cloud usage is critical. Investing in digital infrastructure management tools can help you rightsize your cloud to match actual usage by prioritizing workload visibility and identifying unused resources.
3. Focus on the Customer
One way to protect your business during a recession is to make sure your customers understand the value you provide to them. When creating your cloud strategy, focus on developing initiatives that demonstrate real value for customers, such as self-service tools or hyper-personalized experiences.
4. Invest in Cloud Backups
Over 60% of power failures cost businesses at least $100,000 in total losses.4 The last thing your business needs during a recession is to waste time and money during an unplanned outage, so determining how to store, protect, and back up cloud-based data should be a crucial part of your cloud technology strategy.
5. Improve the Employee Experience
Workforce needs tend to shift during recessions. One way to recession-proof your cloud technologies is to implement solutions that aren’t impacted by downsizing or employee movement. User-friendly, flexible cloud applications can help to keep your workers equipped with the tools they need to maintain consistency and productivity.
6. Ensure Data Security
Cyber crime costs are predicted to reach $8 trillion this year,5 so keeping your network and data secure is even more critical. Prioritize cloud services that include strong security measures, such as encryption and access controls, when building your cloud strategy. Compliance is another important factor – make sure you understand the privacy regulations that apply to your industry and that your cloud technologies align with those requirements.
7. Foster a Culture of Cloud Adoption
Finally, fostering a culture of cloud adoption within your organization can help to ensure your strategy remains successful even during a recession. Give your employees the training and resources they need to embrace cloud technologies and promote knowledge sharing across departments to continue driving digital innovation.
Future-Proof Your Cloud Services With Enterprise Visions
While the state of the global economy is uncertain, digital transformation still plays a significant role in giving businesses a competitive edge. If you’re struggling to build a cloud technology strategy that cuts down on costs and guarantees success, Enterprise Visions can help.
We believe all businesses deserve to make the smartest technology decisions possible, which is why we’ll help you find the perfect cloud solutions for free. From navigating Microsoft and Cisco software licensing to deploying a best-fit virtual desktop solution, trust Enterprise Visions to guide you through all of your cloud needs.
Ready to get started? Contact us today.
Sources:
- https://www.weforum.org/reports/chief-economists-outlook-jan-2023
- https://www.gartner.com/en/newsroom/press-releases/2023-04-06-gartner-forecasts-worldwide-it-spending-to-grow-5-percent-in-2023
- https://techmonitor.ai/technology/cloud/cloud-spending-wasted-oracle-computing-aws-azure
- https://uptimeinstitute.com/about-ui/press-releases/2022-outage-analysis-finds-downtime-costs-and-consequences-worsening
- https://www.esentire.com/resources/library/2022-official-cybercrime-report