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.

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