Great Lockdown Recession: How Prepared Are CIOs?

According to the studies conducted by the International Monetary Fund, the ‘Great Lockdown’ recession would be the steepest in almost a century. Technology leaders and CIOs are now thinking about getting past the first wave of crisis management. So, what can CIOs do to prepare? In this article at Insider Pro, Myles F Suer shares detailed information on what CIOs must expect from the recession and how to prepare for a recession, starting today.

What Can CIOs Expect from the Recession?

Nobody wants their hard-won money and already-too-small-budget to be cut. However, most businesses will face financial impacts from the crisis, and cost-cutting is inevitable. Tech spending will go down considerably and will be subjected to scrutiny more than ever. Besides, the top concerns of CIOs will include operating norms for working from home and putting in place the collaboration tools. CIOs must also focus on a near-term priority.

Here’s How You Can Prepare Yourself

Cut Down on Hardware Replacement: In preparation for a worst-case scenario, consider cutting down on unnecessary hardware replacements and upgrades. Additionally, trim down on the new project portfolio to address the core or regulatory requirements. Further, renegotiate telecommunications agreements.

Speak to CFO: CFOs will know where the likely casualties will be in terms of business activities. Most CFOs will undoubtedly replace traditional approaches to budgeting and planning with a more aggressive one. Downsizing teams will be unavoidable. Discussions with CFO will provide you with a vivid idea of how you can plan your commitments for 2020 or beyond.

Avoid Long-Term Commitments: Beware of long-term commitments in terms of outsourcing, licensing, and contingent labor that would limit flexibility to change contracts. While renegotiating the contracts, consider the economic forecasts, and agree on the terms accordingly.

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