According to CNN Money, "Unemployment inched down to 4.1%" which is the lowest unemployment rate in the last 17 years. Furthermore, Goldman Sachs predicts the unemployment rate to tumble to 3.5% by the end of 2019. The last time unemployment was 3.5% was December 1969, according to the Bureau of Labor Statistics."
With more and more tech-savvy Millennials entering the workforce and Baby Boomers retiring, the demand for technology is inevitably on-the-rise. Millennials have been raised with technology as a central part of their environment, and in some cases a central part of their identity, and the progression into the workplace is simply a logical conclusion at this point. "Millennials don’t think of technology as an accessory, in many cases they consider it more important than face-to-face interpersonal skills. There is no doubt that the demand for technological solutions will continue to explode in 2018," stated Ruthann Black, President of BlackCSI.
As the economy continues to skyrocket, companies across the board are looking for ways to increase investment in their organizations and to set themselves up for a successful future. "As business owners start looking for ways to strengthen their organizations, technology always provides ROI as long as it satisfies two main considerations. First, it must provide a true cost of ownership. Many technology expenditures are initially small, but require huge reinvestments in supplemental equipment, hardware and software to keep the technology working properly in the long-run. From a financial standpoint, business owners should only purchase technology that includes these considerations in the initial investment and provides a true, fixed cost of ownership. Second, the technology must eliminate the risk of obsolescence. All technology investments should be dynamic in nature, as opposed to static, in order to circumvent the inevitable obsolescence of technology. In the same way that your iPhone is continuously upgraded and improved with new software without the owner incurring any additional expense, the same should apply to business technology investments,” concluded Black.
As more individuals enter the workforce, businesses will need to leverage new collaboration tools, similar to Slack or Salesforce, even more than ever before. As the workforce grows, the demand for high-functioning communication tools obviously follows suit. Additionally, business owners may want to consider investments in cloud-based technologies because of their inherent flexibility and ability to scale cost-effectively. Regardless of detail, technology is set to explode in 2018 and business owners would do well to prepare themselves accordingly and position themselves for success.
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