Companies can leverage customer data and use technology to prosper in uncertain times, i2c Global Head of Operations John Bresnahan writes in the new PYMNTS eBook, “The Implications of Uncertainty.”
The direction of the United States and world economies is uncertain and geopolitical risks seem to be growing. What are financial institutions to do when facing such uncertainty? There are strategies that can be applied to help organizations not only survive such times but excel.
Background
The U.S. economy defied recession fears and achieved a soft landing in 2023 and throughout the first quarter of 2024. Inflation shows signs of coming under control due to the Fed’s restrictive activities. The surprise has been stronger than expected GDP growth. The forecast for the remainder of 2024 looks stronger than recently anticipated. The Fed will be challenged to get the timing right for lowering rates and must consider the risks of lowering too soon or too much against the risks of waiting too late or lowering too little.
Geopolitical risks remain a threat to global supply chains, which creates greater uncertainty about the future path of inflation as firms work to diversify their supply chains. Despite these headwinds, organizations can and do achieve growth in revenue and profitability during such times.
Core Strategies
The following core strategies help organizations grow even during periods of high uncertainty:
Additional Strategies
In addition to leveraging customer and market data, leading organizations use advanced technologies to deliver digital user experiences, manage risks, and improve operations. Organizations do not have to do this independently but can choose partners with innovative technical capabilities. For example, at i2c we use machine learning, artificial intelligence (AI) and natural language processing (NLP) to ensure our clients realize the benefits these technologies offer, including:
Summary
During uncertain times, companies can employ effective strategies, either on their own or through partnerships, that leverage customer data and utilize technologies to prosper.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
