As inflation fears have been in the news recently, you might be concerned with its impact on both businesses and technology solutions for them. This article provides both sides of this story.

Inflation occurs when goods and services become more costly to buy. When your purchasing power decreases, sales drop and profits fall - while costs for everything from food to infrastructure rise accordingly. While inflation might not impact all businesses equally as severely as living costs increase.

How will that impact my business technology? Well, it could lead to higher costs overall.

Inflation and Business Technology

Inflation often begins when goods and services become harder to acquire. Have you heard the term "supply-chain challenges" recently? We think so - then you likely understand first-hand some of the challenges in accessing some items.

Have you noticed price jumps across different business tech areas? IDC research found that server and storage prices have seen increases of 10-15 percent; laptop and personal computer costs rose even further by 18-20 percent; software/cloud service fees may have also gone up with IDC noting price spikes between 5-7 percent.

What you should do

One effective strategy to combat costs and improve business efficiencies is engaging a managed service provider (MSP), who can assist in this area. Your tech partner typically offers many services including;

• Investigate your business technology and seek cost savings;


• identify any duplicative services or software licenses (one in three businesses typically spend unnecessary funds on software);


• Install cybersecurity to reduce costly downtime and damage to your business reputation;


• secure more affordable rates by consolidating with fewer vendors for volume discounts.

Hiring an MSP can also help your company retain existing employees by increasing efficiency of any IT staff on site and helping employees work more productively with any streamlined processes suggested by an MSP. Retention will become easier if employees feel supported and productive through tech offerings provided.

MSPs typically advise their clients to migrate to cloud computing if they have not done so already. Yes, some cloud service prices have increased, but not at the rate required for their own IT infrastructure. Plus, cloud infrastructure offers several benefits:

• Enhance flexibility;


• gewahrleisten scalability and speed;


• pay-as-you-go pricing.

Partner with Us

As your MSP, we will continuously look for ways to cut costs. No matter the economy's direction, this is our specialty and outsourcing your IT management is often an economical solution - contact us now on (404) 932-5940 or info@nuwaveitc.com for more information!