Ah, 2023, the year of disruption and opportunity, or as some might call it, the year of “oh no, not again.” Yes, the experts are predicting a recession, but let’s be real. When are they not predicting a recession? It’s like the weatherman predicting rain in Seattle. It’s a given.
But there are ways to weather the storm. And no, I’m not talking about stocking up on canned goods and building a bunker (although that could be a fun weekend project). I’m talking about embracing innovative technologies like cloud optimization, automation, and artificial intelligence.
While cloud deployment enables greater flexibility, it can also lead to variability in costs. Therefore, Cloud optimization sounds like a fancy term, but really it’s just a way to save some cash.
This is where FinOps comes in. FinOps is an evolving cloud financial management discipline that promotes collaboration between finance, technology, and business. It’s about making sure you’re using the cloud in the most effective way possible, in line with your business objectives. This could mean looking at factors such usage patterns, application performance, and service-level agreements (SLAs) all the way to tracking and reporting business-aligned KPIs and OKRs (that’s fancy talk for goals). These practices allow organizations to make data-driven spending decisions and maximize their cloud business.
Another thing we can talk about is implementing cloud governance policies. This process involves establishing guidelines for cloud usage, such as who can access which resources and when, to ensure that the cloud is being used in a secure and compliant manner. Implementation of cloud governance can be furthered along by leveraging machine learning and artificial intelligence capabilities, which can identify cost-saving opportunities and provide insights into how to optimize workloads. We predict that ML and AI will be built into the cloud management platforms of the future-now.
Who doesn’t want to be liberated to focus on higher-value tasks? No more mind-numbing, repetitive work for you! Leave that to the robots. Simply put, automation involves using technology to perform tasks that would otherwise be done by humans. This can range from simple tasks like data entry to more complex tasks like data analysis and decision-making. The benefits of automation are clear: it can help increase efficiency, reduce errors, and free up employees to focus on more strategic work. One way to implement automation is by using robotic process automation (RPA) tools. These tools use software robots to perform repetitive tasks, such as copying and pasting data between systems. Another way to implement automation is by using artificial intelligence (AI) tools. These tools can be used to perform more complex tasks, such as natural language processing and predictive analytics. CapturePoint is an example of an RPA tool that can automate document processing tasks like data extraction and classification.
And if you’re worried about the cost of investing in automation, just think of it this way: you’re not replacing humans with robots, you’re replacing mundane tasks with more fulfilling work. It’s like upgrading from a flip phone to a smartphone. Sure, there is higher upfront spending, but the benefits far outweigh the cost.
Talent and Technology Skills
Finally, let’s talk about talent and technology skills. If you’re struggling to find the right people for the job, why not upskill your existing staff or reskill staff from the business into IT? It’s like playing a game of tech Jenga, but instead of removing blocks, you’re building up your team’s skills. You can upskill your staff by providing training and development opportunities. This can involve offering courses on new technologies, providing on-the-job training, or setting up mentorship programs. Another way to build up your team’s skills is by hiring for potential rather than just experience. Look for candidates who are curious, adaptable, and willing to learn.
And if all else fails, there’s always the option of using contractors. Just make sure they’re not secretly robots in disguise. Or maybe AI robot contractors are part of the story for 2023 and beyond.
As you can see, we really can’t talk about innovative technologies without touching on the growing use of artificial intelligence (AI). The possibilities of AI are here. AI can help businesses automate processes and improve decision-making by analyzing data lakes. For example, AI-powered algorithms can analyze customer data to identify patterns and predict future behavior, helping businesses improve customer experiences and increase customer retention. Chatbots powered by AI can provide 24/7 customer support without requiring additional human resources. Moreover, AI can also help businesses make more informed decisions by providing valuable insights into market trends and customer behavior. AI-powered analytics tools can process and analyze large volumes of raw data from various sources, providing businesses with actionable insights that can help them make data-driven decisions. Unquestionably, by adopting AI, organizations can gain a powerful edge over their competition.
AI is a growing field that requires specialized skills, and businesses that invest in developing their employees’ AI skills can position themselves for success in the future.
So, there you have it, folks. A guide to surviving the apocalypse, I mean, the recession. And if you need some extra help, we’re here to assist you at Process Fusion. We’re like a superhero squad for businesses, here to streamline workflows, automate processes, and improve collaboration. With our expertise, businesses can navigate the disruptions of the current landscape and seize the opportunities that lie ahead.