A few years ago, I shared the following thoughts in a post:
During economic expansions most entrepreneurs accept a certain level of inefficiency in the name of growth. They’re trying to move as much water as possible from point A to point B. They know water is slopping out of the buckets because they’re moving fast, but as long as more water is pouring into the tanks at point A, it doesn’t matter. But during economic contractions, the same entrepreneurs embrace efficiency. The water source dries up, so they put lids on the buckets and carry them slowly to make the most of the water they have.
Companies of all sizes have gone from making their priority growth (sometimes at all costs) to making it free cash flow (or a path to it). Growth is still important, but at a more measured rate that minimizes water slopping out of the buckets. This signifies a shift to an efficiency mindset.
Many companies can’t magically start operating efficiently. They need help getting there and will search for solutions to help them. Software that empowers them to do things they can’t do manually or to do things more consistently and efficiently will be in demand.
I see demand for workflow management software increasing and entrepreneurs building these solutions. Solutions that solve painful efficiency problems in the right way could be poised for explosive growth.