Would you be prepared?
On websites from Forbes to Huffpost, economists are forecasting a downturn of the US economy. Naturally there are differences in each prediction. The timeline ranges from around the end of 2019 to the end of 2020, and the predicted severity ranges widely from “[it’s] really gonna suck” to “worse than the great depression” (Delaney; Mauldin).
Regardless, many seem to agree that because of the economy’s cyclical trends and other current events, it’s bound to happen soon (see all references). However, Jared Bernstein recommends “Worry less about when the next recession is coming and worry a lot more about what we’re going to do about it.” (Bernstein)
We don’t want to create fear here, the reality is that these are all guesses. We at Cetrus believe it’s better to be informed and prepared rather than not (we are a data provider after all). As John F. Kennedy once stated, "The time to repair the roof is when the sun is shining" (Hall).
New/improved business practices take time to implement, perfect, and turn into habits. As anyone in management can tell you, employees tend to be adverse to change. Without strong internal communications, employees may not see the reason for the change, and could avoid new processes completely.
Our point: now is the time to take a hard look at where your resources are being spent, and find methods to optimize them. As an AEC firm, software licensing is just one of your many expenses and definitely not the only area you need to optimize.
However, in a Tech Republic article Brandon Vigliarolo states, “The average large enterprise is wasting approximately $7.4 million every year on under- and unused software. While that number will be smaller for companies with less than the 30,000 seats that they use as their average the numbers are still high.”
Regardless, don’t wait to save money wherever possible. When times are tight, you’ll be happy you did.
Get step-by-step instructions in our e-book: How to Save Money on Software Licensing, and start optimizing today!
Thanks for reading!
Bernstein, Jared. “Perspective | The Question Isn't When Is the next Recession Coming; It's What Are We Going to Do about It.” The Washington Post, WP Company, 5 July 2018, www.washingtonpost.com/news/posteverything/wp/2018/07/05/the-question-isnt-when-is-the-next-recession-coming-its-what-are-we-going-to-do-about-it/?noredirect=on.
Cao, Sissi. “Historian Who Predicted the 2008 Financial Crisis Warns the Next Recession Is Near.” Observer, Observer, 22 Mar. 2018, http://observer.com/2018/03/niall-ferguson-warns-next-recession-near/.
Davidson, Paul. “The Economy Is Humming. So Why Do Experts Foresee a Recession in 2020?” USA Today, Gannett Satellite Information Network, 11 June 2018, www.usatoday.com/story/money/2018/06/11/recession-2020-heres-why-economists-think-may-happen/686177002/.
Delaney, Arthur. “The Next Recession Is Really Gonna Suck.” The Huffington Post, TheHuffingtonPost.com, 13 Feb. 2018, www.huffingtonpost.com/entry/the-next-recession-suck-unemployment-benefits-republican_us_5a7e0362e4b08dfc93040b5e.
Ghilarducci, Teresa. “When Is The Next Recession?” Forbes, Forbes Magazine, 30 Apr. 2018, www.forbes.com/sites/teresaghilarducci/2018/04/30/when-is-the-next-recession/.
Hall, Mark. “Four Ways To Protect Your Career From The Next Economic Downturn.” Forbes, Forbes Magazine, 4 Apr. 2018, www.forbes.com/sites/markhall/2018/04/03/four-ways-to-protect-your-career-from-the-next-economic-downturn/.
Mauldin, John. “7 Smart Market Thinkers Predict When The Next Recession Will Start.” Forbes, Forbes Magazine, 9 May 2018, www.forbes.com/sites/johnmauldin/2018/05/09/7-smart-market-thinkers-predict-when-the-next-recession-will-start/.
Mauldin, John. “The Next Recession Might Be Worse Than The Great Depression.” Forbes, Forbes Magazine, 20 Mar. 2018, www.forbes.com/sites/johnmauldin/2018/03/20/the-next-recession-might-be-worse-than-the-great-depression/.
Turak, Natasha. “75% Of the Ultra-Rich Forecast a US Recession in the next Two Years, Survey Finds.” CNBC, CNBC, 19 Apr. 2018, www.cnbc.com/2018/04/19/75-percent-of-the-ultra-rich-forecast-a-us-recession-in-the-next-two-years-survey-finds.html.