Business owners in the last two decades have learned what it means to be resilient in crisis mode.
The 2008 financial crisis was the biggest economic downturn many business owners had to face in their lifetime, contending with a lending crisis and financial system freeze that almost shut down the entire system. Many drew parallels between 2008 and the financial challenges businesses experienced during the COVID pandemic in 2020, from which many are still recovering.
The 2022 challenge for businesses
Currently, businesses are experiencing continued, longer-term effects started or exacerbated by the pandemic. Much has been said about supply chain issues that still plague businesses at every level and industry. Inflation is a new concern this year, and for venture-backed companies, the venture capital market is experiencing a freeze period.
Getting a handle on cash flow and runway – a crucial statistic during times of restricted access to capital or economic downturn – usually takes a full team of people to oversee many moving parts in a business. But unlike in 2008, AI-backed technology exists to help simplify the process.
How AI can help
Businesses have so much helpful information but synthesizing it into insights can be especially challenging during times of crisis. But the more complex the business, the more benefits AI brings to that business. Here are four ways AI can help make it easier for businesses to thrive during a recession:
Continue reading: https://www.paymentsjournal.com/banking-ai-tips-for-preparing-your-business-for-a-recession/
The 2008 financial crisis was the biggest economic downturn many business owners had to face in their lifetime, contending with a lending crisis and financial system freeze that almost shut down the entire system. Many drew parallels between 2008 and the financial challenges businesses experienced during the COVID pandemic in 2020, from which many are still recovering.
The 2022 challenge for businesses
Currently, businesses are experiencing continued, longer-term effects started or exacerbated by the pandemic. Much has been said about supply chain issues that still plague businesses at every level and industry. Inflation is a new concern this year, and for venture-backed companies, the venture capital market is experiencing a freeze period.
Getting a handle on cash flow and runway – a crucial statistic during times of restricted access to capital or economic downturn – usually takes a full team of people to oversee many moving parts in a business. But unlike in 2008, AI-backed technology exists to help simplify the process.
How AI can help
Businesses have so much helpful information but synthesizing it into insights can be especially challenging during times of crisis. But the more complex the business, the more benefits AI brings to that business. Here are four ways AI can help make it easier for businesses to thrive during a recession:
Continue reading: https://www.paymentsjournal.com/banking-ai-tips-for-preparing-your-business-for-a-recession/
