Having a team that works faster and harder is the perfect way to start the year and stay ahead of the competition. In the current economic climate, your instinct will probably be to hunker down, cut costs and weather the storm but could investing in new technologies be the solution to your problem? Before you do anything, here’s a couple of things to consider:
- Don’t panic – This is just part of an ordinary economic cycle.
- Find out if your industry is naturally protected against recession.
- Be prepared – If your business isn’t industry protected, it’s time to tool up. There are things you can do now that will help you to take ownership of the change rather than the other way round.
- New opportunities do open as a result of an economic slowdown, despite the short-term pain.
- Is your focus on what you can control? Keeping up to date with things like team performance metrics can help you get back some of that control.
Investing in technology
There are more communication tools than ever before to help make the process a bit easier. Looking ahead to 2023, the digital transformation of the global workforce could be heavily impacted by technology such as AI, blockchain, and communication systems – among others. As we saw during the Covid pandemic, those businesses that pivoted their strategies and workflows quickly were in the best position to continue or sustain their growth.
Investing in innovative technology is possibly the easiest way to recession proof your business, keep productivity high and communications with your customers and clients flowing.
Join the rise of AI
Artificial Intelligence (AI) is the development of computers to behave such as human intelligence might; including decision-making. AI can’t make decisions for you, but it makes process more efficient. For example, you could use an AI tool to schedule phone calls for potential new clients. Tools like Bizzabo, use conversations in your inbox to learn who you want to meet, and when. Pretty neat, eh?
Update your communications
In the era of digital transformation, communication data can get lost when outdated technology is hosting it. As communication is constantly driven to computers and phones, it makes sense to merge the two together. Stay up to date with a reliable computer telephony integration (CTI) to help with recession resilience. This 7-step guide provides an overview of what you should consider when integrating telephony into your CRM.
What does recession resilience actually mean?
“The ability of a business to recover quickly from difficulties often lies in the abilities of its leadership team. Resilience is a mindset. It’s not a simple budget cutting exercise. It’s an opportunity to establish operational health. It’s a proactive approach to getting the most out of your existing resources. It is removal of the unnecessary to squeeze every drop of value from what you keep. It’s about doing more with less and celebrating that challenge.”
Matt Gayleard, CMO, CloudCall
Start using blockchain technology
What is blockchain technology? It’s not just for crypto currency! Blockchain works as a digital ledger in which records, or ‘blocks’, are recorded chronologically and publicly. By using blockchain to verify information, you can complete activities like background checks more easily than ever before. Blockchain makes it impossible to forge entries. Take the recruitment industry as an example – In a world where candidates exaggerate their skills more than ever before, blockchain can bring in some accountability and candidates can be assessed based on skills that are verified.
Put your data to work
The need to put your data to work is going to be greater than ever in 2023. When you centralize your data you’ll be able to objectively track what is and isn’t working. Using tools that can capture that all important data from wherever you and your team are based is essential in our hybrid working world. Linking CRM data to your communication-driven activities allows you to make more informed business decisions, and is going to be crucial for any business looking to become recession resilient this year.
Check out our new whitepaper, ‘The 3Rs: How to Build a Recession-Resilient Forcefield for your Business’ for some extra tips on minimizing the effects of economic uncertainty. You can learn more about how CloudCall can enhance your communications for the new year by booking a demo today.
