Automate

Q1 Outlook: Business Leaders Say Outsourcing and Automation Are The Keys to Overcoming Economic Volatility

Andrew Hull

The final quarter of the year is typically a time when businesses assess their performances and make decisions about the coming year. As we approach Q1 2023, business leaders are increasingly being faced with tough decisions to deal with unpredictable market conditions. Companies are choosing whether to freeze hiring, cut projects, lay off staff, or some combination of all belt-tightening options.  

Is there an alternative? How might business leaders stay the course amid rising concerns that their business goals are in jeopardy? 

Here's what you need to know.

Economic Volatility’s Impacts are Worsening

According to a recent Invisible survey, two out of three business leaders say their concern over an economic downturn has increased in the last three months. As you survey the landscape, you can imagine why; even the biggest names in Tech like Apple and Amazon are freezing hiring, and the unicorns of yesteryear are having to lay off staff. 

The survey found that it’s having a significant impact on the bottom line. 70% of business leaders reported that their company has been negatively impacted by economic volatility, either through slowing or decreasing revenue and sales or that they are unable to meet KPIs. 

In addition, 62% said that hiring is on hold at their company. Most expect the hiring freeze to remain for at least 3 months. 

Beyond Freezing Hiring and Cutting Costs, What Else are Businesses Doing? 

In spite of the defensive posture many companies are taking, the same survey respondents report an aggressive approach to meeting goals at their organization. Over half said that their company has adopted more automation technology in response to economic volatility. 

Even more business leaders reported that they plan on adding more automation tech to their businesses before the end of this year. When we ask them about the status of their business goals, we find out why. 

52% reported that the inability to grow the headcount on their team is holding them back from achieving their business goals. 69% say if they could outsource and/or automate some of their team’s work, their goals would be achievable. 

Why Automation?

There are several reasons why business leaders are turning to automation technology. First, automation can help businesses improve efficiencies and optimize processes. 

When done correctly, automation can help businesses save time and money. In addition, automation can help businesses liberate staff from repetitive tasks so they can focus on higher-level work that requires human ingenuity and creativity. 

Outsourcing your work, to either people, technology, or both, can be just the right amount of aggressiveness to help you come out on top post-economic downturn. 

What Does This Mean for You?

If you are looking to add more automation to your arsenal as we close out Q4, don’t do it alone. Invisible is an expert in helping teams just like yours navigate uncertainty. 

We enable clients across any industry to program business processes that we execute with the combination of a flexible workforce and automation expertise. 

Ready to achieve your business goals? Let us know!

Schedule a call to learn more about how Invisible might help your business grow while navigating uncertainty.

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