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Season of Floods Begun: What Companies Need to Know About Tech to Stay Afloat in the Recession Times

Updated: Apr 8, 2023

The world is constantly changing, and in the midst of an ongoing recession, businesses need to adapt to stay afloat. The pandemic has forced many businesses to re-evaluate their strategies, and as we move into 2023 and 2024 global recession, it's important to consider how the business landscape will continue to shift. In this article, we'll explore the upcoming philosophical, structural, and cultural changes and how they will impact businesses of all sizes.

One of the key points is that businesses will likely dig more into digital practices, digitalized processes, cloud solutions, and AI to keep their business and products strategies aligned and to be more cost-efficient overall. The COVID-19 has accelerated the shift to digital, and businesses need to embrace technology to stay competitive. According to Statista, the worldwide digital transformation market size is expected to grow from $469.8 billion in 2020 to $1.009 trillion by 2025, with a compound annual growth rate of 16.5%.

Another important consideration is the need for more investment in product design, strategizing, and digital consulting to generate and optimize new ideas in a dynamic and dramatically changing environment. In particular, the role of technical consulting and AI/ML solutions will be crucial in driving innovation and efficiency. Digital marketing will also be essential in helping businesses reach their target audience and drive revenue.

The consequences of the unfolding recession will affect both on SMBs and major players

As the business world continues to shift, it's important to consider the philosophical changes that are taking place as well. According to the 2020 PhilPapers Survey, a large-scale survey of philosophers, the most widely held philosophical belief is realism, which holds that there is a mind-independent reality that exists independently of human thought. This philosophy has important implications for business, as it suggests that businesses need to be grounded in reality and pay close attention to objective facts and data.

The structural and cultural changes reflect this focus. The World Economic Forum's Centre for the Fourth Industrial Revolution has identified the need for new value creation, which requires a fundamental shift in the way businesses operate. This includes a focus on collaboration, agility, and innovation. In addition, business operations need to be more inclusive and diverse to reflect the changing demographics of the global workforce.

Data-driven solutions and ML-powered processes optimization will be in trends for the next years

In conclusion, businesses need to drive their digital transformation process to compete in the new reality. Spendings on digital transformation tech worldwide definitely has a growing forecast, and most companies need to embrace this change. Investment in trends analysis, product landscape research, business hybrid strategizing, and digital consulting will be crucial in generating and optimizing new ideas. Additionally, businesses need to pay close attention to objective facts and data and be more collaborative, agile, and innovative. By embracing these changes, they have a chance to thrive in a dynamic and ever-changing business landscape.

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