Plan to weather the storm
10 September 2012
Businesses should not panic, but neither should they wait for the "official declaration of a recession" to begin planning their IT strategies to survive a financial downturn, an analyst with leading I
Businesses should not panic, but neither should they wait for the "official declaration of a recession" to begin planning their IT strategies to survive a financial downturn, an analyst with leading IT research and advisory company Gartner urged a London audience last week.
Speaking to an audience of IT employers, Mark Raskino, a vice president and Gartner fellow in the firm's Emerging Trends Group, compared the threat of a recession to the unpredictability of UK weather.
"Know that nobody knows what's happening at the heart of this economic downturn," Raskino said.
Business investment in IT will actually rise by 3.3% in 2008, marking an increase for the fifth consecutive year, according to a survey of more than 1,000 chief information officers. Nevertheless, Raskino suggested that forward-thinking businesses should take several steps now to reinforce their IT defences against fallout from economic turmoil. They were:
• establish a cost-cutting team now
• assign a top performer to lead the IT cost-cutting project
• include someone on the team who is qualified to conduct internal audits
• link bonus incentives to the amount of money the team saves in 2008.
He also suggested that a downturn will offer companies significant opportunities to innovate and develop through such measures as improving their business processes and accelerating new markets business development plans. "There is great opportunity for renewal here," Raskino said.
But he urged businesses not to wait six months to begin considering their options. "Get the umbrella out when there's brilliant sunshine out there," Raskino suggested. "You've no room to manoeuvre if you wait until the last minute."
Speaking to an audience of IT employers, Mark Raskino, a vice president and Gartner fellow in the firm's Emerging Trends Group, compared the threat of a recession to the unpredictability of UK weather.
"Know that nobody knows what's happening at the heart of this economic downturn," Raskino said.
Business investment in IT will actually rise by 3.3% in 2008, marking an increase for the fifth consecutive year, according to a survey of more than 1,000 chief information officers. Nevertheless, Raskino suggested that forward-thinking businesses should take several steps now to reinforce their IT defences against fallout from economic turmoil. They were:
• establish a cost-cutting team now
• assign a top performer to lead the IT cost-cutting project
• include someone on the team who is qualified to conduct internal audits
• link bonus incentives to the amount of money the team saves in 2008.
He also suggested that a downturn will offer companies significant opportunities to innovate and develop through such measures as improving their business processes and accelerating new markets business development plans. "There is great opportunity for renewal here," Raskino said.
But he urged businesses not to wait six months to begin considering their options. "Get the umbrella out when there's brilliant sunshine out there," Raskino suggested. "You've no room to manoeuvre if you wait until the last minute."
