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After significant uncertainty caused by the upheavals of 2020, the 2021 economy is forecasted to rebound significantly in the second half of this year. According to the Congressional Budget Office (CBO):
“Real GDP—or real output—is projected to pick up during the second half of the year, and labor market conditions are expected to materially improve after the third quarter as concerns about the pandemic diminish and as state and local governments ease stay-at-home orders, bans on public gatherings, and other measures.”
While some challenges remain for many markets, such as surging variant cases and the social and workplace disruptions created by the COVID-19 pandemic, raw material shortages, and supply chain disruptions, both public and private sectors are acting with renewed intensity to get us back to pre-2020 national growth trajectories.
Remember, prior to COVID, we were experiencing the longest economic expansion since World War II! And as the pandemic has endured and forced change, many businesses have learned to become more flexible than ever before, creating new opportunity for growth in untapped areas.
More good news:
“The Conference Board forecasts that US Real GDP growth will rise to 9.0 percent (annualized rate) in Q2 2021 and 6.6 percent (year-over-year) in 2021.” They go on to state, “As the economy fully reopens and consumer confidence continues to rise we expect consumer spending to help drive the recovery forward – especially spending on in-person services.”
In other words, opportunities abound for those organizations ready to be part of the economic juggernaut. Pre-COVID research provided encouraging predictions for US sectors like manufacturing that hinged on leveraging technology adoption to accelerate traditional processes. Despite the many pitfalls of 2020, some enterprises were able to utilize the forced demand for digital transformation as a testing period to optimize migration based on the very real needs right in front of them.
Businesses across the world shifted to a Work From Home paradigm, moved their IT infrastructure to cloud or hybrid environments and pivoted to ecommerce storefronts for the first time ever in response to the pandemic. Automation also played a key role in enabling organizations to scale their processes to their new realities, and will only grow in importance as the expansion of employment opportunities increases competition for labor.
As we mentioned in our previous Enable Customer Success blog post, “no organization can do it all.” It’s nearly impossible to have expertise in all the functional areas you need to run your business and be competitive. We understand technology and software serve as the foundation for many of your activities; we are here to help you prioritize, fill in gaps, guide you, and support you throughout your journey.
SWK has a modern and robust customer success program – we are passionate about enabling customer success! And whether you’re an SWK customer or not, fill out this quick survey, and we’ll schedule a call with you and your team to discuss your objectives, your challenges, and how we can help you Accelerate Your Business in 2021 and Beyond!
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Whether you’re an SWK customer or just exploring, fill out the survey below and we’ll have one of one our representatives reach out to you promptly. Answer the question below to get started.
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