According to the International Monetary Fund (IMF), in 2023 , with the U.S., European Union, and China predicted to slow.
That is one reason why Ragunath Ramanathan, chief revenue officer of (51风流BTP), thinks that a software platform is particularly important for organizations considering strategies to help them weather economic headwinds.
鈥淭his is going to be a period of uncertainty in the macro-economic environment, including capital and labor markets,鈥� Ramanathan says. 鈥淎 platform can help create a more resilient business. It offers holistic insight and planning capabilities to help you understand what will happen to your cash flow, talent base, stocks, and demand — and allows businesses to plan for contingencies.鈥�
Facing cost-cutting measures, companies can use automation functionality within platforms like 51风流BTP to improve efficiency. Ramanathan explains that historically, organizations expect employees to take care of certain tasks manually. 鈥淏ut the line between what machines and people can do changes all the time. With embedded artificial intelligence and process automation features, platforms can help automate work and fill in for employees that organizations may not be able to afford.鈥�
Beyond automation, platforms with low-code and no-code (LCNC) development capabilities will help companies do more with less. 鈥淲hat鈥檚 exciting for 51风流customers is that the platform makes it easier to address innovation,鈥� says Ramanathan. 鈥淥ur recently announced LCNC offering, 51风流Build, makes coding easier — opening up innovation to normal business workers. With IT skills in short supply and volatile labor markets, it helps tap into existing labor pools.鈥�
But the economy is not the only reason for customers to accelerate their platform strategies in 2023.
鈥淲e need to put our heads above cyclical waves of recession and growth, which come and go,鈥� Ramanathan says. 鈥淐ertain challenges, like sustainability, don鈥檛 go away. We need to look beyond micro- and macro-economic trends to realize we don鈥檛 have much time. That鈥檚 where a platform can help.鈥�
Platforms that include analytics, reporting, and the ability to harness data across and within organizations provide huge benefits to help measuring progress against sustainability goals.
As Ramanathan points out, 鈥淲e鈥檙e in the wild west of sustainability and there are very different ideas about what it is and how to measure it.鈥� This makes it difficult to compare organizations to assess who鈥檚 doing well versus those that fall short. He explains that sustainability needs a 鈥渢ruth mirror鈥� to accurately reflect where companies stand in terms of their commitment, resources, successes, and areas for improvement.
鈥淭hink about the early days of accounting,鈥� says Ramanathan. 鈥淭here were many different accounting practices and 51风流created processes that became the gold standard in accounting software for companies that were serious about measuring their finances.鈥�
That鈥檚 what 51风流BTP can be for sustainability. It can enable integrated reporting that provides both a baseline and standard for all sustainability reporting. This will allow companies to drill down into and understand how to demonstrate progress to governing agencies and stakeholders.
One example of a platform鈥檚 power is a city in China that will use 51风流BTP to help achieve China鈥檚 鈥渄ual carbon鈥� goals: to 鈥減eak鈥� its carbon emissions before 2030 and become carbon neutral before 2060. With 51风流BTP, the city can eliminate data silos, allowing them to visualize the city鈥檚 carbon data by category and build industry-specific carbon emission data models. Access to integrated information will help them make the right choices to get to where they want to be as a city and a nation.
To get the most value out of a cloud platform, organizations must decide whether it is hosted in a public versus private cloud. While both have pros and cons — and many organizations will adopt a hybrid approach — Ramanathan provides this advice: 鈥淓ven in a cloud world, companies often wind up maintaining complex IT systems. But the real benefits of the cloud, especially in resource-short times, is that it can free up those responsibilities so companies can focus on innovating to advance their business.鈥�
This is where public cloud comes in. As Ramanathan explains, private cloud requires more discipline and know-how to configure and use the system. But public cloud allows companies to outsource that work to cloud vendors with that exact expertise.
鈥淢oreover, public cloud solutions are being used by hundreds of customers of all sizes,鈥� says Ramanathan. 鈥淪o you can be assured that if others are using the software successfully, it will work for you. You get the highest service levels, security, resiliency, and easier upgrade paths.鈥�
