The war in Ukraine was the trigger for many negative developments in the world economy, which is going through a very unstable period. Prices are rising rapidly, interest rates are being increased to slow down the inflation, energy prices and supply issues are only the tip of the iceberg of problems in the world economy. The EU is under even greater pressure, having in mind its dependence on Russian gas and oil and the need to switch to other sources. The economy is showing the first signs of a recession which could hit us more strongly than anyone expects. And the crisis is not only economic. The healthcare crisis with Covid is still underway, and on top of all that the war in Ukraine is fully changing the geopolitical situation in Europe and all over the world. Add to this the recent US – China tensions around Taiwan. These economic and geopolitical issues are hitting the business and we expect that many companies will struggle to keep their positive results and liquidity in the forthcoming period. Higher interest rates will lead to less investments and development project and will force managers to reduce costs of operations.
The fact is that the pandemic changed everything both in our private life and business. Our clients’ focus moved to organisation, digital and process efficiency, and IT systems connected to the new reality of working from home, social distancing, and lockdowns across Europe. Every business that wanted to survive had to fully change towards a new way of work and that was their main issue we were trying to solve. We had several IT and digital projects followed by process improvements and change and implementing digital business models. On the other hand, many of our clients used this opportunity to optimise their organisation and improve efficiency. The future perspective and opportunity assessment were also very much present and even though we believed that we would not work too much on strategy with our clients, we had many strategy projects in 2021.