Digital Transformation

Invest in data management storage now ahead of potential double-dip

Firms might benefit from preparing for a double-dip recession early.

UK firms could be smart to get their data management storage up to speed at the moment in order to be fully ready in the event of a double-dip recession.

With the eurozone in turmoil and fears that the country could be in the calm between two financial storms, companies that are prepared for every eventuality will ultimately prevail.

Investing in secure online backup of important files could ensure that firms’ data remains safe and allow them to use it as a business intelligence tool to their advantage to target the right markets with the correct products.

According to accounting network BDO, certain industries are suffering more than others in the aftermath of the recession.

Corporate finance partner Peter Hemmington explained: "I think we are seeing manufacturing really struggle at the moment. The service sector, because it is three quarters of the economy, is also struggling and that has a big impact."

However, it has not been all bad news, the expert noted: "We have been slightly surprised that we have seen UK businesses reporting some pretty miserable experiences of what is going on in the market for at least the last three months, and a decline in the period before that, but actually what they have been saying about hiring and firing has been reasonably positive."

Mr Hemmington added that the equivalent of recessionary figures in the employment market have been easing of late.

"We have had three months data that state businesses think they are in recessionary conditions. The official definition as we know is three quarters. We have got at least a quarter.”
There has been negative growth for the past three months and the specialist predicted that another quarter of the same would put the UK firmly at risk of suffering a double-dip recession.

As such, firms which invest in records management just now will have their data in order should another extended period of negative growth take place.