Like the dot-com crash of 2001 and the global recession of 2007, the ongoing coronavirus pandemic falls into the category of Black Swan incidents — extremely rare and unpredictable events that cause catastrophic economic damage. Although businesses must scramble to remain operational during a Black Swan event, their long-term survival often depends on what they do in the immediate aftermath.
Nassim Nicholas Taleb, the mathematician and risk analyst who developed the Black Swan theory, has proposed that the only way to prepare for such random events is by identifying potential vulnerabilities and then implementing systems and processes designed to withstand volatility and risk.
Although common sense tells us that most businesses will curtail IT spending following the current crisis, there is also evidence that strategic tech investments are necessary for building long-term business resilience.
Surviving and Thriving with IT
More than two-thirds of executives say they likely would be out of business within five years without ongoing technology investments, according to global survey released during the Davos 2020 World Economic Forum in January. Meanwhile, research from Deloitte illustrates that IT investments help companies survive periods of economic uncertainty through increased efficiency. According to the study, technologies that streamline business through simplification and automation produce savings of up to 30 percent, while staff realignment through strategic outsourcing can create similar savings.
Cloud, collaboration and remote work technologies have proven their business-enabling value in recent months. These technologies have been especially critical for small and midsized businesses (SMBs) that lacked the in-house expertise to suddenly support an entirely remote workforce. More than half of the 2,500 global SMBs in a new Techaisle survey say they plan to increase their investment in these solutions going forward.
Even if the economy makes a rapid comeback in the second half of the year, SMBs will have to be cautious and strategic with their IT spending plans. According to the Techaisle survey, many SMBs plan to rely on managed services providers (MSPs) to help them get back on track.
MSPs can provide cost-effective access to a broad range of technologies that can build business resilience. With the managed services approach, SMBs can implement cloud-based productivity solutions, enhanced cybersecurity, network modernization, increased automation and more without unbearable capital expenditures.
How SSD Can Help
SSD specializes in the delivery of flexible technology solutions that fit your budget while balancing immediate needs and long-term requirements. Here are few specific ways SSD can help your company through the current crisis:
Increased efficiency through modernization. With our engineering expertise, technology tools and industry connections, we make it easier for customers to adopt transformative mobile, cloud and collaborative solutions.
Simplified collaboration. Team collaboration and conferencing solutions are essential for supporting a remote workforce, but purchasing, deploying and managing these platforms is a complex task. We help customers implement tools that are simple, intuitive and effective, and we provide ongoing support to ensure they meet business requirements.
Improved security and reliability. We can take care of essential security services such as firewalls, antivirus and spam blocking, as well as the application of patches and security updates to servers and desktop systems. With remote monitoring and management, we can proactively identify and fix most maintenance issues.
Better resource utilization. For a predictable monthly fee, we provide access to expertise, skill sets and intellectual property that can be cost-prohibitive in the open market. Additionally, managed services allow organizations to offload some background IT tasks in order to better allocate their own internal staff resources for strategic projects and core business activities.
Small businesses are essential to a healthy economy, accounting for up to 70 percent of all jobs around the globe, according to the World Trade Organization. Black Swan events such as the pandemic can exact a heavy toll on SMBs, however. Let us show you how our portfolio of cost-effective and transformative IT solutions can help make your business more resilient and successful.