Why Experts Consider Automation “Recession Proof”

Anxiety about a coming recession is high for corporate leaders across the globe. According to the World Bank, as “central banks across the world simultaneously hike interest rates in response to inflation, the world may be edging toward a global recession in 2023.”

It’s understandable for leaders to be risk averse as they grapple with the prospect of slowing demand. Keeping a close eye on costs is necessary, and certain projects may have to be put on the backburner.

But recessions can also be a good time to look at your business with fresh eyes and see where efficiencies can be gained.

Many consider automation to be “recession proof,” since it allows companies to play offense and defence at the same time—they can save on costs by becoming more efficient in the short term, while strengthening a key digital capability for the future.

When implemented correctly, embracing automation during a recession can enable your company to do more with less, and emerge stronger than ever.

Why is automation considered “recession proof?”

When sales begin to slow, investing for the future is often the last thing on leaders’ minds. After all, shouldn’t companies be conservative during uncertain times?

Not necessarily.

Certain investments can provide immediate cost savings, while strengthening a company for the future. Technology consultancy Smartbridge said that robotic process automation (RPA) is “one of the technologies that’s seemingly un-impacted by ‘recession-like’ economic downturns,” since it increases the efficiency of the human workforce.

Read the full article from our partner, UI Path, here.