How to plan your tech strategy for the new economy

1640958971 How to plan your tech strategy for the new economy

The economy is thriving in exciting and unexpected ways after COVID-19. This is how technical leaders should think about how these changes might affect their strategy.

Image: rudall30, Getty Images / iStockPhoto

While the uncertainty surrounding a global pandemic is not new, the economic impact has been both dramatic and often unexpected. A number of obvious and expected results have occurred: The U.S. economy went from near zero unemployment to record unemployment almost overnight as governments rallied to reduce the effects through stimulus. Vendors were very influential in ways you would expect, but where they were not.

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Well-known examples such as Home Depot and Lowe were preparing for a reduction in pandemic-related sales, but were overwhelmed by buyers launching all sorts of home improvement projects at lockout. This “home improvement boom” has slowed down the entire industry, with contractors of all types pre-ordered months or even years in advance, the forest industry experiencing higher demand, and even Google reporting that Review terms such as "sprinkler systems" and "swimming pools" have seen a steady rise. looks more likely after Black Friday than a depressing economy.


    Is there a tiered economy?

    Several economists and analysts have described this phenomenon as a "linear" economy of all kinds. Workers who are able to work remotely, who were already in higher paid and more stable jobs, have done well during the pandemic and are on cash redirects that they could spend on an outdoor dinner, traveling, or attending concerts or sporting events on home improvement, fitness, technology, and other areas. Other industries are in decline, with large hotels sitting empty while workers are chilled or disbanded, and all tourism - supported economies are ruined overnight.

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    There is a bit more nuance to the story, however, than the emerging narrative of “rich knowledge workers” playing the role of today's Marie Antoinette eating the cake with colleagues over Zoom video conferencing and pedaling the Pelotons while the rest of the world struggles. The logistics industry has been on the rise since the outbreak of the pandemic, and the drivers at the heart are struggling to get food on their routes because of COVID - related embroidery rules. There is renewed interest in local manufacturing, and ideas are being questioned as a “just in time” representation that has been evangelizing for decades after a remarkable lesson in the value of conserved investments of goods from PPE to toilet paper. still subject to supply. shortage. Renewed interest in the outdoors has dramatically increased sales in everything from fishing rods and licenses to recreational vehicles.

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    Investment dollars have continued to creep into stock markets, indicating that money in the economy is still hunting for outside output, and that capital may be at your doorstep as the your organization will determine how it will fare in the coming months.

    Adding the economy to your technology strategy

    Trying to predict the nuances of the global economy is certainly a fool 's mistake; however, understanding broad trends can consider important issues for your technology strategy. Your company may be finding itself an unexpected winner in the growing economy, with seemingly endless record and demand orders replacing consistent and predictable production records. Flexible production systems, the ability to change prices quickly, and abruptly developed messenger support technologies may be top priorities after years of being passed as "nice to have."

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    At most companies, the focus at management level has shifted significantly from discount, to short-term design, to long-term planning. Technology is going to be a founding element of many of these long - term plans, whether it's a duty to "do more with fewer workers" or to support unforeseen rapid growth. If you show up at your next action meeting ready to talk about the latest collaboration tool or remote work technology, you may find an audience that was once looking at their phones or missing out interest quickly.

    Take the time to consider where your company and its products fit into the growing economy. If nothing else, at this stage of the game your data analysis infrastructure and reporting tools should have enough historical data to inform ideas into strategic decisions , and appropriately support the doubling down of existing technology investments, or perhaps a major and dramatic redirection of priorities.

    In either case, capturing the growing economy and the impact it has on your business will not only position IT as a major player in these fast-paced times, but increase your status as a leader who will be instrumental in helping your company change.

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