Why a Rough Economy Always Seems to Precede a Tech Boom

If nothing else is certain, then you can bet that the need to improve circumstances or processes gives birth to innovations of all types. Technology has proven this time and again, as new solutions have emerged to solve previously unsolvable issues and challenges not only in the workplace, but in society as a whole. Let’s examine how economic difficulty has driven innovation, specifically in the technology sector.

COVID Has Been Tough for Everyone, Especially Businesses

Perhaps the greatest example in recent times is the COVID-19 pandemic which forced many businesses to alter their operational structures and processes practically overnight. According to a survey by McKinsey & Company, it’s expected that these trends will continue well into the future.

Nine out of ten executives believe that their operations will change as a result of the COVID pandemic, and a whopping 85% believe their customers’ needs will continue to change and be influenced by the pandemic even five years into the future. Most executives are looking at this opportunity to grow and adjust accordingly, though, so it’s not necessarily a bad thing.

The pandemic has provided organizations with the unique opportunity to adjust processes and operations. Some of the trends which emerged include the following:

• As-a-Service offerings, as cloud-based tools make remote work easier to facilitate
• Hybrid work approaches, as they help to boost employee satisfaction while enabling work from more places
• Supply chain resilience, as a means of avoiding the challenges that we are facing currently

This Kind of Innovation is Nothing New

Disasters, challenges, and problems have given rise to innovative new tools and solutions throughout history, and this is something which is unlikely to fade away. Some of the biggest private companies out there emerged as a result of the recessions in the early 1980s, many of whom used the times as an opportunity to pursue their dreams. In fact, Isaac Newton established his law of universal gravitation while remaining safely indoors during the time of the bubonic plague.

Technology Can Help Overcome Challenges

Technology has helped people make great strides forward, even when it feels like it can be difficult to go on. To learn more about how your organization can leverage the latest and greatest technologies to its advantage, reach out to us at (847) 697-3282.