Tech Tip | Consider Shifting Your Budget Priorities



Millions of businesses are being affected by the COVID-19 outbreak. As a result, it may not surprise you that you will have to adjust your budget to accommodate the massive amount of changes that we will see when the outbreak is handled and everyday life begins to normalize. Today, we thought we’d take you through some of the financial challenges your business is sure to have to deal with when the stay-at-home orders lift.

You Will Have to Make Cuts

Technology has proven to be indispensable over the past weeks, allowing millions of businesses to sustain operations while governments mandate people to stay at home. Somewhat surprisingly, we are also seeing that technology is one of the first line-items on the chopping block as decision makers look to reduce overhead. Analysts are predicting that most businesses will be cutting their IT budget by two-or-more percent over the next 18 months. This is a problem for an industry that has grown rapidly over the past decade.
That distressing news isn't a big surprise as responsible managers look to free up as much capital as they can to reduce the amount of human resources alterations they will need to make. Some industries, like hospitality and manufacturing have already seen large reductions in revenue, and with the uncertainty that’s hanging over society, it could be a deathblow to businesses that don’t have the wiggle room to make significant cuts.
Conservative outlays will likely eliminate planned non-essential technology projects and force a lot of business’ hands to shift the strategies they are going to use to try and sustain business until the economic downturn ends.

Telework and How Managed IT Services Can Help

If your business needs to make some cuts, considering sustaining the telework strategies that have been forced upon you after the stay-at-work ends. Not only will you be able to maintain workable levels of operational productivity, you will also be able to cut some of the utility and overhead costs that come from having a dedicated place of business.
Prior to the pandemic, only eight percent of full-time workers worked from home. With the stay-at-home orders, millions of workers suddenly had to work remotely. Many businesses didn’t have the contingency planning to pivot to an all-remote workforce and had to suspend operations. Only time will tell if those businesses are able to prosper or re-open at all. Those businesses that have a managed IT services provider were able to pivot their business online faster than those who didn’t possess active IT support.

Read More : Tech Tip | Consider Shifting Your Budget Priorities

Comments

Post a Comment

Popular posts from this blog

Cyberattacks are Up at the World Health Organization

Image
The World Health Organization has been busy dealing with one of the biggest calamities in contemporary times, the COVID-19 pandemic that has had much of the world on pause for the past few months. Unfortunately, they’ve been dealing with an increase in cyberattacks. Today, we’ll take a look at some of the issues the WHO is having with cybercriminals. External Threats With their position at the forefront of society during the pandemic the WHO has unfortunately attracted the less desirables of society, too. Cybercriminals are using the current COVID-19 pandemic, and the WHOs collection for their COVID-19 Solitary Response Fund, to steal information. Other scammers are currently attempting to steal money from people by extracting payment card information and login credentials from retailers and fintech companies. There’s also the matter of state-sponsored hacking, which is continuously trying to capitalize on opportunities presented by this emergency to infiltrate and spy on other na...
Read more

Avoiding Cybersecurity Placebos in Your Organization

Image
When it comes to your organization, especially its technology, some of the buzzwords you hear floating around can be pretty convincing, almost intoxicating. Unfortunately, like most buzzwords, many of these are aggrandized beyond their worth to the average business. Let’s take a look at how this can impact a business’ perception of its cybersecurity, as well as dig into the reality behind these terms. To begin, let’s examine a phrase coined in the early 2000s by cybersecurity technologist Bruce Schneier: “security theater.” What is “Security Theater?” Security theater is a simple shorthand for any security efforts put in place that do little to better ensure one’s security, despite making one much more comfortable, generally for some considerable cost. The idea behind it is that security exists as both a reality based in math and science, and as a perception that is based in emotion. In a 2007 blog article, Schneier cited a personal anecdote where a friend’s newborn was fitted wi...
Read more

How Automation Will Play into the Post-COVID-19 Workplace

Image
As workplaces and offices everywhere have struggled to cope with the restrictions brought on by social distancing mandates, the adoption of automated solutions has surged ahead. Of course, this does open a few important questions to consider. For instance, what this could mean for employment post-pandemic, and how automation may be used in the future to mitigate the impacts we’re currently experiencing. The Situation As COVID-19 spread across the world, many businesses suddenly found themselves in a very tough spot—especially those who were not deemed essential and were therefore unable to open to help reduce the risk to their employees. To try and counter this, many businesses have adopted assorted tools to simplify their responsibilities and maximize their output—including automation. Pharmaceutical companies, for instance, are feeling significant pressure to deliver right now, as many are seeking treatment options for the COVID-19 virus. To assist with the more administrative a...
Read more