How To Make Economically-sound It Decisions?

In a context where economic and geopolitical concerns are receiving much attention, achieving organizational objectives is proving to be a major challenge. Questions persist: Will inflation slow down? Will interest rates begin to fall significantly? And, crucially, have we averted the spectre of an imminent recession? These questions, which have been omnipresent for over a year, continue to dictate strategies and priorities, casting a shadow of uncertainty over the economic landscape in 2024. In this atmosphere of instability, the complexity of decision-making for organizations intensifies. To achieve their desired objectives, they must navigate with finesse through a set of competing needs, where investment in technology and IT often presents itself as an unavoidable path in this constantly evolving digital universe.

Economic Indicators To Consider 

  • GDP growth: Estimated at 0.9%, Canadian GDP growth will remain weak in 2024 according to the Business Development Bank of Canada. This indicator, which is a reflection of a country’s economic health, points in this case to a state of stagnation.
  • Inflation: According to the Bank of Canada, inflation is expected to reach 3.5% in the first quarter, then 2.5% before the end of 2024. This factor could have a significant impact on the profitability of businesses.
  • Interest rates: Interest rates are higher than in the past but seem to be stabilizing. However, economists agree that the key interest rate will remain above the neutral level of 2.5% in 2024. This, of course, has a direct impact on the financial capabilities of households and businesses.

Economic Priorities And Budget Management

  • Risk identification: Technology obsolescence, whether in terms of equipment or applications, is defined as a “technological debt.” This concept represents a major disadvantage that can become an obstacle to achieving organizational objectives. This delay can create an opportunity risk, limiting a business’s capacity for growth and innovation.
  • Cybersecurity: Basic IT security measures include installing patches, managing access to systems, protecting these access points, using multifactor authentication and raising staff awareness. A breach could have disastrous consequences.

Financing Options

  • Outsourcing: Explore outsourcing opportunities with IT suppliers to improve organizational stability and profitability.
  • Government programs: Explore subsidy programs aimed at assisting businesses in their digital transition.
  • Manufacturer offers: Take advantage of manufacturers’ promotional pricing on equipment and subscriptions for example.
  • Financial services: Analyze financing or leasing options with manufacturers or other banking institutions.

MicroAge can help you leverage and maximize your technology investments to meet your business needs. Contact one of our representatives today.

Get the most from your IT

As service providers to more than 300 companies, the dedicated professionals at MicroAge are second to none when it comes to managed services. By improving efficiency, cutting costs and reducing downtime, we can help you achieve your business goals!

Most commented posts

GDPR PIPEDA

How to Keep Your Business Compliant with GDPR and PIPEDA Regulations

Identity protection and data security are the buzzwords of the tech industry, with laws like GDPR and PIPEDA being put in place to protect an…

Read More

Rethinking Your IT With A Decentralized Workforce – Chapter 2: Collaboration with Microsoft 365

With remote hybrid work increasing during the pandemic, it is vital to know how you can rethink your IT. Collaboration tools are essential when your…

Read More
Data Back Up

Top Data Back Up Best Practices

Data backup is a crucial step to preventing data loss whether from cyberattacks, ransomware, accidental file deletion, natural disasters, and other threats. The key is…

Read More
phishing campaign

Can Phishing Simulations Help Reduce Cyber Risk?

In a previous article we talked about what cybersecurity awareness training is and how it has helped organizations and their employees be aware and prepared…

Read More
ce-que-intelligence-artificielle-nous-reserve-pour-2024

What Artificial Intelligence Has In Store For Us In 2024?

Since the birth of artificial intelligence in the tech industry, it has become essential to re-evaluate one’s practices, anticipate the major transformations to come and…

Read More