2023 Technology Trends: Shameless Predictions for a Possible Recession

Author: Mike Pereira

We’ve been through an unprecedented period of change in both technology and the way we work over the past few years. For the most part, Bridgepointe’s business has benefitted from that change because smart people are looking over the horizon and building what’s next for 2023 technology and beyond.     

At our recent Tech Summit in Ojai, California, we started asking the tough questions about what’s coming down the pike with a possible recession looming.  

Is our business recession-proof? Are IT budgets being slashed? Will tech advisory services and suppliers take a hit? Will supply chain issues continue to impact business? Will innovation slow down? As we head into 2023, technology spaces are and needs are continuing to evolve; what’s really on the horizon?  

I hosted a panel that brought together:  

  • Mike Nowak, Chief Revenue Officer, BCM One 
  • Jody Hagemann, Senior Director, Solution Sales, Comcast Business 
  • Alison Greenwood, Regional Vice President, Southern California and Media and Entertainment, Lumen  


They discussed how we can all prepare for what’s to come for 2023 technology and beyond. Here are the key takeaways from their roundtable discussion.
 

Navigating Market Conditions 

Blog 2023 Tech TrendsBusiness leaders and IT decision-makers are navigating challenging market conditions. Interest rates are on the rise after two decades of benefiting from low interest, inflation is at a 40-year high and the worldwide socio-political landscape is rife with turmoil and uncertainty. 

For corporations, the cost of money has increased significantly. With high-interest rates, debt is more costly and spending power is reduced. For publicly-traded companies, in particular, debt is being closely scrutinized by investors.      

As Mike Pereira shared, “The decisions that we all make today and how we operate in the next year or two is how we’re going to come out of this. With hard work, where you invest your time and where you invest your money, you can come out of this [downturn] looking better than when you went in.”    

Strategic 2023 Technology Investments 

Experts agree that although a recession is coming, IT budgets will remain intact.  

Smart companies are taking a strategic approach to reducing their overall capital investments while continuing to concentrate on investments that make sense for growth and market demands, such as foundational infrastructure and security 

 Alison Greenwood shared details of Lumen’s strategy, explaining, “We are constantly thinking about how to add value. How do we bring more to the table for our clients so they can maximize or utilize [our] network and still get some of the additional value-added things they need?”.  

 Jody Hagemann confirmed that Comcast Business and Masergy employees are constantly reminded that, “Every single day, we are showing up, working for a growth company.” They’re not focusing on how to lose less, but on investing in technological expansion and creating more opportunities globally.  

The Power of Cost Reduction and Expense Management 

It’s no secret that tech leaders are under pressure to cut costs. Bridgepointe is uniquely positioned to work with companies to facilitate cost reduction and expense management — some of the most powerful offerings on the market going into a possible recession.   

For every company, gaining visibility into your expenses and analyzing your IT spending to find cost savings opportunities is often a missed opportunity.

Mike Nowak explained, “It’s an opportunity to talk with someone about a very real need, something that probably came out of their budget meeting or out of their budget cycle, that they need to address.”  

The Rising Role of Automation 

One way companies are cutting costs is through IT automation. As technology advances, organizations are able to reduce staff and optimize what IT workers do. 

From specific business processes and workflows to end-to-end productivity solutions, companies such as Lumen are helping companies take people out of their network by using automation to lower expenses and improve performance by leveraging proven best practices.  

Supply Chain Pressures 

Supply chain issues are having a major impact on the lead time for network and infrastructure projects, and we’re all feeling the pressure, especially with 2023 technology.

Decisions are being made based on when equipment and materials can be delivered, timelines are moving slower than projected and deals are changing course midstream — with no predictive indicator that this will improve anytime soon. 

Companies are getting creative and remaining flexible to meet demands. For example, Comcast Business shared that they stay prepared, continuously working to diversify their service offerings and alleviate supply chain concerns for customers.

BCM One, on the other hand, maintains a narrow product line, invests heavily in vendor management and uses leading indicators to stay ahead of supplier issues.  

Investing in Edge 

In 2023, technology is leaning toward edge computing, especially in the gaming and entertainment space and databases. Consumer demands for gaming are growing rapidly and business demands for quick access to data are driving innovation. 

Edge computing is going to require ongoing investments to build out additional network infrastructure globally, embracing white-box solutions and remaining open to diversity in the way products and services are delivered.  

Partnering to Reduce Risk: 2023 Technology

As the panel wrapped up, everyone agreed that now, more than ever, collaborating with strategic technology partners sets the stage for cost mitigation, risk reduction and resource optimization.

By working with suppliers that offer both network connectivity and advanced solutions that grow with a company’s needs, your organization will be better equipped to navigate a possible recession, make smart investments and come out stronger than ever.  

 

If you’re looking ahead to 2023, Bridgepointe can help your organization ensure you’re making quicker, more informed investments while containing costs. Contact us today to get started.  

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