How Do Tech Firms Behave During Global Changes?

Do you have a backup plan in case of a cyber attack? How quickly do you react in case of internal network problems? Do you have a backup plan in case your developer leaves the project? The vast majority of companies already have plans in place while others take risks.

We at the Spectre Group often ask ourselves – is it normal that a 5000+ employees company doesn’t have any protocols in the case of global market disruption.

Business reason is such that in moments when we do not expect change, we should be ready for it. Too many companies are working on a day-to-day strategy instead of working on a long-term development strategy. As a tech firm, we have protocols in the event of a change in order to remain financially stable.

What are the disorders that can affect your business?

Frequent disruptions that are economic, political, environmental, social, or technological in nature can very well disrupt your direction of progress and in a very short time cause great damage and often financial collapse.

  • Natural disasters
  • Artificial Intelligence
  • Competition and price impact
  • The war in Ukraine
  • Brexit
  • Recession

These factors can fundamentally change the way you do business and force you to implement plans in the event of sudden market changes such as the development of digital e-commerce platforms to sell products online during the COVID-19 crisis.

As a technology company, do you need to think about factors that may affect your business?

Very important information is that we are the ones who are influencing the slow extinction of the traditional way of running companies, and we must especially emphasize the technical and digital sector, without which it is impossible to function today. We need to expect the unexpected and anticipate trouble for innovation.

Every day brings new ideas to our competitors and challenges new innovations. As pioneers of digital transformation, we succeed only with revolutionary ideas versus outdated models. By perfectly marketing new and more revolutionary digital products, we are advancing and pushing other industries to develop.

How to win despite constant change?

Create a game strategy game and stick to it. Then, when a storm strikes, do not resort to the traditional method of defense but dig holes while waiting for the storm to pass. The best example is the situation where many international companies withdrew from the Russian market.

In other cases, by contrast, companies tend to start freezing jobs, lay off workers, and stop investing in difficult times like this. However, a completely opposite approach proved to be the most effective.

By using planned risk-taking, you will be in the best position to see opportunities and challenges when change occurs.

  • Implement business IT strategies and test system adaptability to see if you can survive in certain scenarios. Also, we live in a time of constant change, so constantly adapt and test all possible solutions.
  • Identify potential changes. What are the signs that alert you to the problem, what strategies can help you overcome changes, and how much time do you have to implement them?
  • Provide money for innovation every quarter of the year.
  • Ensure that innovation solves your customers’ problems, and don’t develop new digital products just to stay on trend with technology.
  • Educate your team on artificial intelligence. Artificial intelligence often changes the relationship between the consumer and the company.
  • Set your competitive standard in relation to stronger competition in the industry.
  • Adopt a cost optimization strategy. If there is a financial downturn, save money by outsourcing, automating, improving return on investment, and consolidating.
  • You work every day to attract the best talent in the industry. Think of a reward system to attract those you desperately need for quantitative development. Unmotivated teams will not do a good job.

Technology company thinking outside of the box

As a technology company, we have the advantage of being in the best position to thrive during uncertain times. Our job is to think outside the box and help companies adapt to change.

The biggest problem we face today is the war in Ukraine. The situation has also affected companies and governments around the world. With the current huge drop in revenue and an even more worthless currency, innovation is the only way out of this situation.

A social upheaval that very much affected the value of the brand when Kylie Jenner posted a negative tweet about Snapchat, which brought down the brand’s market value by $ 1.3 billion.