Most organizations are experiencing significant disruption to their business operations and will face slowdowns throughout the COVID-19 pandemic and long after. As the situation progresses, many IT leaders are uncertain of what steps to take to mitigate risk, decrease costs, protect employees, and support customers. Many CFOs are increasing cash holdings, taking immediate steps to remove costs, and shifting priorities to ensure their companies remain prepared to withstand the financial impact from the coronavirus epidemic. To help address these challenges, companies should consider the following:
- Start to implement cost-containment measures now. IT departments are under increased scrutiny to lower costs and add value. Companies will want to eliminate tech debt to drive down costs during this time of uncertainty. To reduce your operational IT expense, you need to gain full visibility and control of your hardware and software footprint. It will be critical to consolidate and optimize your technology footprint to eliminate unnecessary expenses. Additionally, it’s important to be creative in your approach and not be afraid to eliminate any sacred cows. For example, restructuring your license agreements can take some work but can result in major savings for your organization.
- Create a clear roadmap for the short and long-term. Companies will want to monitor their cash flow so they can react to unplanned circumstances and intervene quickly. There has never been a more important time to clearly articulate your technology roadmap so you will be ready to adapt. When the crisis is over and the smoke clears, it will be evident which companies have the agility to restructure their business strategy to prosper in the future.
- Monitor financial and operational risks. Monitoring is key to protecting the integrity of your operations and continuing to serve customers. It is crucial to maintain constant communication with your partners and suppliers to be ready to adapt to any disruptions. Getting ahead of any potential points of failure in your operations will ensure your business is uninterrupted. Those who are not monitoring risks will not be prepared to react and will be vulnerable to the financial pressure that could result in long-term damage.
Many executives are feeling paralyzed by the sheer magnitude of the COVID-19 crisis. The situation is developing quickly and nothing is certain. During these times of uncertainty, it is prudent that the leadership teams start taking measures immediately. Engage Meridian today to help safeguard your business. Chat with us now, call +1 (888) 684-3644, or send an email to firstname.lastname@example.org to speak with one of our experts.