Periods of economic contraction have historically been followed by longer periods of expansion . Most recently , we saw the pandemic unleash unprecedented levels of innovation out of necessity : speeding up digitalization efforts by several years to meet consumer needs ; quickening R & D timelines to develop a vaccine in under a year , bucking the usual ten-year timeframe from concept to approval ; and hastening availability of financial assistance from governments for struggling small businesses and citizens in record time .

The looming economic downturn and growing skills gaps present another opportunity to drive innovation . Accelerating digitalization will help businesses overcome the slowdown and address talent shortages .

Why is innovation imperative during an economic downturn ?

Businesses that are failing to innovate and upskill employees risk losing their long-term market share , consumer loyalty , and growth potential in a shortsighted effort to weather the storm . When faced with volatility and financial downturns , it is understandable to cut costs instinctually : ceasing projects , curbing discretionary spending and reducing spending on human capital . However , this puts the business ’ post-crisis viability on the line .

Consumers are usually more hesitant to spend during downturns , making investments to meet their needs and expectations essential . Customers and clients will naturally be drawn to companies whose offerings , products and services are paired with quality and an accommodating experience . The businesses best positioned to meet changing consumer needs , spur innovation , and deliver more than just lip service are those using intelligent automation to service these goals .

What is the value of doubling-down on digitalization ?

Digitalization enables businesses to mitigate fallout and foster agility and resilience , making future volatility easier to withstand . Digitalization boosts productivity and efficiency , improves supply chain management , customer experience , and resource visibility .

No-code automation platforms ease the burden of reskilling employees to use advanced automation technologies . Robotic Process Automation ( RPA ) can then be used to automate timeconsuming , repetitive tasks , which are often error prone . Pairing this advanced technology with Artificial Intelligence ( AI ) allows for scalability and decision-making capabilities within business process automation . Even implementing a simple automation solution like intelligent document processing is a powerful step towards digitalization . It has the potential to save tens of thousands of hours , including those spent on rework for mistakes , and create immense value . US companies spend an

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