A Recession Proof Technology?
The promise of RPA and AI have been the same since their inception: you can do more with less. This is the exact problem many companies are now faced with in the 2nd of half of 2022 and going into 2023. Based on the predictions of some of the world’s leading financial minds, we are headed towards a recession that puts significant financial pressure on everyone. A example is the emerging threat of stagflation which is higher prices without revenue growth could create a troubling scenario. Despite the current labor market, in which there are more jobs than applicants, these open jobs might soon no longer be available.
Despite these indicators, companies are doubling down on tech spending. A recent study indicated companies are going to increase their overall budget in the areas of AI, RPA and cloud based technologies. While the labor shortage has created a massive headache in acquiring and keeping a new employees, the fundamentals around creating an automation solution versus hiring an employee is significantly less. Consider the following infographic from Dynamic Design Solutions recent article on the subject; the numbers are striking.