In the first half of 2023, the question of whether a recession was looming was met with great uncertainty. As the economy is well into the second half of 2023, economists are showing more optimism that the feared recession may never come – in fact, Goldman Sachs reduced its prediction of a recession, lowering the odds of it happening from 35 percent to 25 percent.
Still with tumultuous interest rates and rising inflation, the thought of tight economic times has organisations considering how to create tailwinds to help the bottom line during tough times. In fact, at the beginning of the pandemic, when economic uncertainty was high, a McKinsey survey showed that executives believed technology was the biggest opportunity for growth.
Why? Simply put, investments in technology can be a more nimble approach to gaining efficiencies and optimising processes in order to do more with less. This investment in technology is even more critical as an unfortunate side effect of recessions tends to be a reduction in workforce.
Digital investment has become more affordable for several reasons:
- Hardware costs have been driven down as the market has matured
- Connectivity is more affordable and cellular connectivity can be leveraged as the primary connection with minimal set up time, as well as enhanced affordability
- Cloud computing offers an alternative to costly data center builds or infrastructure leasing
- Providers in the digital space have created pre-configured solutions to help deploy and manage technology with greater ease and control, which drives greater return on investment
The Internet of Things (IoT) is a strong approach to digital investment to create economic tailwinds because of its ability to enhance processes or even create new revenue streams. IoT is applicable across industries, from agriculture to industrial, and can mitigate workforce challenges, increase uptime, and deliver analytical results for the greatest, data-driven decision-making.
KORE President and CEO Romil Bahl joined IDC analyst Patrick Filkins in an on-demand webinar to discuss this topic in greater details. In this webinar, Bahl and Filkins give detail on:
- The economic outcomes for the rest of 2023
- Typical organisational behavior during a recession and why
- Why IoT is a growing segment for technology investment
Register to watch the webinar here and learn more about the convergence of economy and technology.
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