Forbes Innovation One Solutions Provider In 2023 Worth Davis Forbes Councils Member Forbes Technology Council COUNCIL POST Expertise from Forbes Councils members, operated under license. Opinions expressed are those of the author. | Membership (fee-based) Mar 17, 2023, 07:00am EDT | Share to
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Twitter Share to Linkedin Worth Davis is the Senior Vice President of Enterprise Solutions at Calian IT & Cyber Solutions . getty We rang in the new year, heralding in prosperity, but thus far, 2023 is shaping up to feature global inflation—which is expected to hit 6.5% and decline to 4.1% by 2024, according to the International Monetary Fund’s World Economic Outlook report —and economic downturns. Many of us now wonder what we can do to recession-proof our businesses. C-suite decision makers will need to prepare for what might be their biggest challenge yet, running a business during a recession. The key is learning how to do more with less—and the best leaders will consider how they can apply this mindset to all areas of their business. For many, the first step is cutting services and software that are “one more expense.” Despite good intentions—like cutting services provided by partners rather than internal staff—companies must realize that seeking and maintaining valuable partnerships is the most strategic and cost-effective approach to withstanding this impending recession. Cisco, for example, reported that it relies on its partnership ecosystem for over 90% of its revenue flows . That’s approximately $49.8 billion in revenue. But not every organization is like Cisco—and that’s fine. The key is picking your partnerships strategically. One area where many companies feel tempted to split is IT. Companies may opt to bring IT in-house, hire a small team and task them with handling all of their IT needs. But these types of money-saving efforts can backfire. MORE FOR YOU $100M Magic: Why Bruno
Mars And Other Stars Are Ditching Their Managers Daniel Suarez, Fresh Off A Contract Extension With Trackhouse Racing, Is Ready For His Breakout Season Done-For-You E-Commerce And How To Find The Right Partner When companies reduce the quality of the service they’re receiving (i.e., replace an IT provider with a smaller and less diverse internal team), the financial savings are overshadowed by increased risk. When a field requires well-versed and multi-faceted experts, the cost to hire a team with the expertise a partner provides ends up being higher than sticking with the partner. If you save $100,000 by bringing your IT team in-house but end up with cybersecurity breaches, odds are you will lose more money long term. Businesses must choose their partners carefully to do more with less in 2023. When it comes to highly specialized fields that require diverse technical knowledge, finding a single service provider with an end-to-end solution may be your best move. Here’s why. The "One" In One Solutions Provider Putting all your eggs in one basket can seem like a gamble. But with tech-based services, if you use different providers for different applications and something goes wrong—who do you call? With a series of disconnected vendors, the process of making a structural change or correction can have a serious fallout. Because each aspect of your business is interconnected, you need a team that is fully integrated and can understand how changing one aspect of the technological infrastructure will impact the others. To be the provider, you must have the relevant technologies and talent to service a client from both a macro and micro perspective. How To Know You Found The "One" For businesses looking to find a single solutions provider, there are three characteristics to look for and red flags to keep in mind. 1. Strong Vendor Relationships When IT service providers have strong relationships with leading manufacturers and distributors, they can often get faster and more effective support when issues arise. These strong relationships also enable them to gain access to the latest hardware and software solutions, helping them stay ahead of the curve. Strong relationships should lead to faster issue resolution and regularly updated technology. Your provider can handle the management that otherwise falls to the business and get straight to the resolution or updates, freeing your time internally, so you can focus on the services that fall under your company’s expertise. Red flag: If IT support takes hours or even days to fix issues, then your productivity—and, by extension, your bottom line—suffers. 2. Teams Of Subject-Matter Experts If measured as a country's GDP, cybercrime would be the world’s third-largest
economy after the U.S. and China—inflicting damages that Cybersecurity Ventures predicted would reach $6 trillion globally in 2021. Businesses everywhere require an improved security structure equipped with talent that knows how to prepare and prevent attacks. Before making your final decision for a provider, ask yourself: Are they a sales-focused organization that outsources the skill, or are they an engineering-focused organization that truly understands and can implement the technology? Knowing who you’re partnering with and if they’re bringing the right resources to the table is crucial. Red flag: If personnel continuously shifts internally, then all of the historical knowledge gained through your partnership is lost. Your partner has to have an in-depth understanding of your business to adequately support your needs. If the team is inconsistent, there are high odds that the work they perform will be, too. 3. A History Of Experience History matters when choosing a solutions provider, especially during an economic downturn. Companies that have survived (and thrived) through hard times are more likely to help your company thrive than those that have not weathered storms. Does your potential provider have a long-term roadmap or strategy for their products and services? They must have credit on the street to be able to back and support large orders. By showcasing their experience with specific projects and solutions, IT service providers can demonstrate their ability to deliver high-quality solutions and establish themselves as knowledgeable and experienced experts in their field. Red flag: The last thing anyone wants with a technology partner is a short-lived relationship. A lack of evidence of successful business experience is a sign of reconsidering. Technology should only be a solution—not a problem. Running a business is hard enough without having your technology scattered across multiple vendors. Solutions providers that can handle end-to-end oversight can ensure optimal performance while streamlining processes. Regardless of business size, partnering with one provider will positively impact your bottom line. Forbes Technology Council is an invitation-only community for world-class CIOs, CTOs and technology executives. Do I qualify? Follow me on LinkedIn . Check out my website . Worth Davis Editorial Standards Print Reprints & Permissions