The world economy generally goes through various boom and bust cycles, not dissimilar to a roller coaster ride.
With a recession a possibility over the next year, business executives struggle with planning for this potential economic downturn. Technology leaders, despite a relative immunity to recessions, also must ensure their departments prepare for any adversity.
With a goal of preparing for a possible recession, check out these helpful tips for the modern CIO. Use these insights to help your team be ready for a challenging economy. It’s a scenario where making the right investments positions an IT department for future success when things turn around.
What Does Preparing for a Recession Look like for the Modern CIO?
Adopt a FinOps Approach to IT Spending
As noted earlier, a recession provides the time for wise CIOs to invest in improving their operations. One of the ways to accomplish this goal involves adopting FinOps. This modern financial operations strategy helps companies better manage the costs of their IT assets.
FinOps leverages data analytics to forecast future spending on technology infrastructure, especially Cloud-based assets. Part of this approach calculates future Cloud usage, helping companies right-size their consumption and optimize spending in this area.
Fully Embrace Agile and DevOps
DevOps and Agile continue to grow in popularity as companies strive to produce software at a higher velocity. It remains a significant competitive differentiator among businesses in a variety of industry sectors. However, adopting this methodology requires dedication and a focused effort across the entire technology department. Organizations need to consider completing their transition to Agile to be prepared for success when the economy improves.
Optimize Operational Efficiency Throughout The Business Using Technology
Again, a recession offers the opportunity to make investments in improving technology processes. Fully adopting an Agile approach definitely provides benefits, as previously mentioned. If other projects are currently in the works focused on boosting efficiency, CIOs need to focus on completing them.
Automating different business processes (IT, HR, finance) provides a significant opportunity to improve operational efficiency. It’s another example of leveraging a downturn to position a business for greater success when the economy rebounds.
Explore New Technologies
Any IT department needs to focus on the present, but still explore the possibilities of innovative new technology. Look at the massive impact made by AI and machine learning over the past few years. A recession offers the time to investigate promising technologies just beginning to emerge. Take advantage of this opportunity!
Does Your Company Need New Talent?
If your company needs to add IT talent, contact the experienced team at The CERES Group. As one of the top technical staffing agencies in Boston, we provide exceptional candidates to help your success. Schedule a meeting with us to discuss your current and future hiring needs.