No one’s sure where the economy’s going, and even when things are sunny, it’s always good to have a metaphorical umbrella on hand. In tech, certain segments of the software industry have proven their ability to weather the storm and maintain growth.
According to McKinsey & Company, a company’s foundational technology has never been more important to a company’s overall success, and this is especially true during tough times.
Here are eight critical technologies that are likely to be durable no matter what kind of economic fluctuations and shifting consumer preferences happen to be going on in the world.
1. Cloud Computing
Cloud-based services offer scalability, flexibility and reduced upfront expenses. Cloud infrastructure usually makes a lot of sense for most organizations, and enables big improvements in both security and costs.
2. Productivity Tools
Remote work, communication and collaboration tools have proven invaluable during economic downturns — and other unexpected worldwide challenges. Companies invest in project management, video conferencing and document sharing tech to maintain operational efficiency even when they can’t work in the same office.
Sadly, there are always bad guys out there. Cyberattacks and data theft is an unfortunate fact of everyday life now, and that means that people and companies need robust cybersecurity solutions more than ever. Economic downturns don’t slow down hackers, and cybersecurity will need to remain a top priority for businesses.
Shoppers love to shop — but they prefer to do it online these days. People today do more of their buying online now than they do at brick-and-mortar stores, and that’s not going to change any time soon. Retailers of all sorts continue to invest in software that provides secure, user-friendly online shopping experiences.
Health-related tech has proven its worth during the pandemic and beyond. Telemedicine platforms, digital health records and wellness apps address critical needs, but it’s only the start. Today, not only are clinicians conducting remote consultations, but as the technology matures, doctors are increasingly able to conduct remote procedures on patients.
E-learning platforms, virtual classrooms and interactive educational software keep serving our growing schools and universities. Thanks to amazingly comprehensive (and often free!) services like Khan Academy, more and more people are able to learn remotely, and more and more parents are choosing to homeschool their children (or at least augment their learning this way).
Many FinTech companies took a beating on their valuations recently, but these solutions aren’t going anywhere. Tools like digital payments, peer-to-peer lending, and robo-advisers align with changing financial behaviors and work hard to keep consumers’ bank accounts healthy when the economy dips.
With the explosion of interest in artificial intelligence-based technologies, this is another trend that’s here to stay. We’re seeing AI get worked into just about every different type of solution (including all of the previously mentioned technologies above). It’s a hot area, and as the technology evolves, we expect that it will have a major impact on all of our lives. It can be daunting to choose the right AI tool for your business, but at Plan A Technologies, we can conduct a full AI assessment to see how you can best leverage the existing AI landscape. And if nothing fits your business to a tee, don’t worry: we can create a bespoke AI solution just for you.