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As a recession looms and inflation heads higher, businesses are looking to minimize the damage.
Seven in 10 C-suite executives have a cost transformation initiative or plan to implement one in the next six months. Emphasis report It surveyed 2,000 C-suite executives.
Companies are planning ways to invest in technology that enhances business capabilities and insights. More than half of respondents cited AI, cybersecurity, data analytics and other digital tools as ways to improve operations.
Technology – while expensive – is a driver of value and businesses don’t want to be left behind when labor shortages, supply chain disruptions and inflation come knocking on their doors.
“When you have an economic downturn, the first thing you do is turn to the data,” said Taylor Brown, co-founder and COO of Fivetran. Businesses look at what they can optimize, cut and relocate, Brown said. “You can’t make these decisions without having all your data,” Brown said.
According to LogiGate CEO Matt Kunkel, the risk perspective approach is based on extensive, actionable data.
“Siloed data and disconnected teams weaken any organization’s resilience. IT investments, especially in areas such as enterprise risk management, can improve an organization’s resilience through robust processes and automation, bringing disparate data into one consolidated view, giving stakeholders visibility into all risks,” Kunkel said in an email.
Companies across industries turn to technology solutions to improve or unlock new value. The city of Chicago showed initiative. Update information access and IT infrastructure. Delta Air Lines Signed an agreement with AWS to expand its cloud coverage. Naik A New ERP system To increase visibility and productivity.
But continued market uncertainty has put more pressure on CIOs to evaluate cost optimization opportunities and viable investment options.
“In the current economic uncertainty, CIOs are under pressure to consolidate budgets, manage complexity across multiple systems, and ultimately demonstrate the ROI of their technology investments,” Kunkel said.
CIOs need to advocate for these investments to the board, especially since many businesses will incur costs.
“CIOs who can identify key value chains and collect KPIs that influence decision-making on desired outcomes will have a strategic advantage in defining the business value of IT investments,” said Gartner VP Analyst James Anderson.
Mr. Kunkel said that it is important to clearly communicate the costs of not investing in enterprise technology.
“By placing a value on efficiency automation and improving IT measures, CIOs can provide the board with a clearer picture of how the technology is benefiting the organization and what is at risk by not investing in it,” Kunkel said.
As CIOs chart their way forward, many vendors focused on emerging technologies offer credit, but not all of them are particularly important, says Mike Tweedie, at the info-tech research group Practice CIO-IT Strategy.
“When they have clear alignment with the business goals and needs of their organizations, CIOs can target spending based on writing, supporting and successfully executing those goals,” Tweedie said in an email. “Gone are the days of back office/shared services; CIOs must drive new technologies solely in pursuit of business outcomes. As such, engaging key suppliers and partners is critical and leverage where and when it makes sense.”
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