Valuable Lessons on IT Asset Allocations During a Crisis for CFOs
While small businesses may immediately shut down certain portions of their operations during a crisis such as the recent COVID-19 events, enterprises are much more complex organizations that require a different approach.Schedule Complimentary Network Scan
Valuable Lessons on IT Asset Allocations
While small businesses may immediately shut down certain portions of their operations during a crisis such as the recent COVID-19 events, enterprises are much more complex organizations that require a different approach. It would be all too easy to become rooted in fear with sales dropping dramatically, employees being forced to work remotely and customers suddenly without the funds needed to purchase your products. What would happen if — instead of immediately halting all forward momentum — you instead decided to take the path less traveled and reinforced your operations during the downturn? Highly successful CFOs are looking to take big risks for the potential of massive payoffs as the economy begins to unwind. The level of success may depend on the smart allocation of resources, staying focused on the job at hand and resisting the urge to choke off opportunity as you’re leveraging limited resources.
Bold Learning at Scale
A recent McKinsey report on digital strategy during a crisis starts with a strong statement: “Now is the time for bold learning at scale.” Companies across Europe are accelerating the speed of their digital transformation, with 70% of executives in a recent survey noting that this is what will help them survive. Staff members, leaders and even customers are finding ways to innovate and streamline operations by necessity, and these changes can be adopted for greater efficiencies in the future.
Focusing on the Customer
Trying to determine which initiative is the least-risky investment during a downturn? Smart CFOs are backing the projects that enhance the customer experience. That could mean finally jumping to a cloud-based IT infrastructure or upgrading a website — whatever will provide a measurable and perceptible improvement for customers, and ultimately drive new revenue in the future. This may include time to interface directly with customers to learn their pain points instead of relying on third-party details from business or marketing professionals.
Utilize Technology for Resource Allocation
Healthcare organizations are seeing a resurgence in focus on asset allocation, particularly in light of the looming healthcare crisis with COVID-19. Central Logic CEO Angie Franks recently shared with the Healthcare IT News site how her organization is utilizing IT to aggregate EHR and patient data to ensure that hospitals have access to by-the-minute inventory levels and resources so patients can be properly served.
Identify Opportunities for Long-term Competitive Advantage
What happens if your company decides to hold off on an IT infrastructure upgrade or software enhancement — but your key competitor makes a different decision? Holding back on a major IT strategy might have a long-term negative impact on your business, particularly if you emerge from the crisis without the tools needed to keep up and exceed customer expectations. If there’s a possibility that your competition could make an investment that leapfrogs your current processes or pricing, CFOs must take that into consideration when making decisions about new technology investments or ongoing projects.
Creating a secure, reliable infrastructure allows corporate leaders to build new initiatives on a solid foundation. The professionals at SSE are fully dedicated to harnessing technology for our clients — providing a greater degree of agility to corporations that require compliant systems with immediate availability. Learn more about how the SSE experts can help optimize your business systems by calling 314-439-4700 to schedule a complimentary initial consultation. We work closely with your team to define innovative workflows that will reduce complexity, streamline operations and ensure that your business processes are prepared for future growth.