As with most transformative trends, the recent inflation spikes have businesses taking a fresh look at how they can adapt to weather the storm.  The good news is that according to the recent reports, inflation has continued to ease from 9.1% to 8.3% since June.  However there is uncertainty about how long it will take for prices to come back down to normal levels.  

Oftentimes, periods of adjustment like this have residual effects into the future.  Businesses make changes to their processes prompted by these trends, and some of those changes stick around either as overall improvements to the business, or as preventative measures for future resurgences.  

Frequently technology offers a variety of solutions to help lower the bottom line and increase efficiencies.  Check out this month’s article below for helpful tips, or contact us to learn more about how you can start optimizing your business and get back on a path of growth and success.

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Technology's Role in Process Management

Many businesses are still working to recover after the worst of the pandemic, maneuvering supply chain issues and labor shortages. On top of all that, the economy has resulted in a very mixed bag, with rising inflation being the latest dog to jump on the growing pile of challenges. In a recent survey by American Express, between July of 2021 and 2022, revenues reportedly grew by 87% but overall profits actually declined by 4%.

Many businesses are trying to find the balance between increasing efficiencies, raising prices, and focusing their spending on areas of their business which bring the greatest return on investment.  Read on as we provide some general guidance and “food for thought” as you consider how to leverage technology to get the most impact for your business.