The world is in a prolonged period of economic uncertainty, but business must go on. Across the world, businesses confront the challenges arising from financial instability.

However, challenges bring opportunities. To realize these, businesses must develop an understanding of the challenges they face. Whatever strategies arise from this, technology will be an essential part of the response.

Not only does technology help to maximize the efficiency of internal processes. It also creates opportunities and connections. In this blog we will discuss how leveraging technology is the key to facing economic uncertainty and thriving.

Understanding the economic landscape

Global growth prospects in 2023 are not promising. Businesses still have the potential to thrive, but it is important to understand the landscape.

  1. The after-effects of COVID

The current instability relates in part to ongoing effects of the COVID-19 pandemic. Economic activity contracted during the peak of the pandemic, as most major economies-imposed restrictions that limited commercial activity.

Although restrictions do not apply in most parts of the world, supply chains are internationally integrated and took time to recover. China is a good example. As the world’s largest exporter, its long-term COVID19 restrictions had significant ripple effects across the world.

  1. Inflation

Meanwhile, developed economies such as the US and eurozone have seen some of their highest inflation rates in decades. This is mostly a consequence of inflation in markets for energy and essential commodities like grain and fertilizer.

Since so much economic activity relies on these commodities, we have seen prices increase in a huge number of markets. Not only does this make the cost of doing business greater, but it also has the potential to suppress demand by reducing disposable incomes.

  1. Low growth and the possibility of recession

Central banks have generally addressed the problem of inflation by raising interest rates. This has been the approach of the US Federal Reserve, European Central Bank, Bank of Korea, and many more.

These increases borrowing costs in those currencies, and is likely to lead to a contraction in economic activity. For example, according to UN researchers, the US economy is projected to grow just 0.4% in 2023. The same report predicts even lower growth in Europe, and in some cases recession. Emerging markets may see higher growth, but higher borrowing costs of the US dollar (the world’s reserve currency) will still present significant challenges.

The need for efficiency

Different sectors face different challenges, but there is one thing that unites all businesses in these times: the need for efficiency. Minimizing wasted costs will be essential in gaining a competitive edge and succeeding in challenging times. Whatever broader strategy you deploy, technology is key to achieving this goal.

Embracing technological opportunities

The macroeconomic picture is challenging, and it is important to understand the picture. However, there are still exciting opportunities, even in uncertain times. For example, internet connectivity continues to improve across the world, increasing the possibilities of digital transformation.

As a technology provider, we are passionate about supporting organizations as they embrace these opportunities. iPECS Cloud from Ericsson-LG Enterprise is the perfect tool to achieve this.

iPECS Cloud – improving efficiency across your business

Communication is fundamental in any business, both for connecting with customers and ensuring smooth workflow within your organization. In short, efficient communication makes an efficient workplace.

Given the need to be efficient in the face of economic uncertainty, all organizations must work to maximize efficiency. iPECS Cloud provides the perfect set of tools to achieve this essential aim. These are some of the ways it achieves this.

  1. Unified communications

iPECS Cloud combines voice, video, instant messaging, and conferencing, with the option of email integration as well. Unified communications (UC) will significantly increase the speed of everyday communications, whether it is internal or with customers.

  1. Supporting hybrid work

Hybrid work is increasingly popular and offers many benefits regarding cost savings and efficiency. It allows organizations to recruit from further afield, since not all workers need to attend the office. This also has the potential to reduce the office space that you require without compromising on output.

iPECS Cloud is the perfect tool for the hybrid workplace because it offers UC over the cloud. Hosting in the cloud means that it can be accessed from anywhere with an internet connection. Meanwhile, the UC features like instant messaging ensure that the whole team is connected, and able to collaborate across multiple locations.

  1. Taking flexibility to new heights

There are even more creative ways of adjusting organizations to minimize cost without harming productivity. For example, more businesses are embracing bring-your-own-device (BYOD) policies, which allow workers to use personal devices for work.

iPECS Cloud makes this easy since it can be used on any device. As well as the desktop app, there is iPECS ONE, our accompanying mobile application. This offers all the UC features of iPECS Cloud, ensuring true business mobility.

  1. Additional tools to get the job done

iPECS Cloud offers more than just communication – it offers the chance to communicate better. Our range of extra tools can help to refine your work further, making you more efficient and effective.

One great example is iPECS Analytics, an application that provides custom analysis of call related KPIs to help your team work smarter. iPECS Analytics providers real-time statistics, as well as custom reports into the performance of customer contact teams. This enables you to make smarter, more informed decisions about resource management and performance.

Another great solution is integrating your CRM with iPECS Cloud. This allows rapid click-to-dial for any contact in your database. Inbound calls will display caller information, allowing agents to handle call openings faster. These time savings may seem minor on a single call, but over hundreds or thousands of calls the difference is truly noticeable.

iPECS – reliability in uncertain times

Every business will need its own strategy to navigate the economic challenges the world faces. Some sectors will benefit, while others may be more constrained. Whatever the business, communication will always matter, and the right technology will be essential to success.

iPECS communication solutions are already supporting countless businesses worldwide. To join them, contact your regional partner.