Chris Steel, Americas head of transformation at PA Consulting, shares his perspective on how CIOs and business leaders can plan for an economic downturn.
The article notes that predicting when a recession might strike or whether it will be anytime soon is well outside the wheelhouse of the typical CIO. Yet some leading authorities are advising their executive clients to have plans in place should the economy take a downward turn.
For CIOs, recession planning starts with alignment to the rest of the business and, more to the point, alignment to what their C-level colleagues believe should happen if a recession hits. Many CIOs have adopted such practices over the past several years even as the country experienced a growth economy and that such policies are good in good economic times as well as bad.
Chris says: “The CIO who does those things, and does them very well, will be well set up for a recession.”
Chris notes that CIOs should focus on running their shops as efficiently as possible. They need to be supporting their businesses with people and machine transformation while adopting agile working approaches to flex easily.
He adds: “Our advice is to make sure they have real flexibility and agility in their organizations. Our advice to any CIO is also to make sure they’re not waiting for a looming recession to run their organizations at best cost and maximum efficiency. CIOs who do that now will find it will help them do well in a thriving economy, and it will help them survive and thrive in a recession.”
Chris adds that it’s imperative for CIOs to articulate which technologies can differentiate their organizations — now and whenever the economy heads south. CIOs must seek tech-driven opportunities.
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