Building an IT Resilience Plan for Facing Global Economic Shifts

by IT Executives Council | Jun 17, 2024 | Risk

There are various risks in the business world. One risk every company will face is global economic shifts. You never know what the market will bring regarding economic downturns and industry fluctuations.

It is impossible to fully prepare for every scenario, but an IT resilience plan will help. It will prepare you for industry and economic ups and downs. It will help your company bounce back from crises.

Reduce Costs

An economic downturn typically means your company is not seeing optimal profitability. This means budget cuts that directly impact IT investments.

CIOs must make crucial decisions regarding technology. They must choose products that save energy to lower power bills. They must weigh the quality and cost of each investment carefully during lean times.

Typically, an economic downturn is not the time to start cutting back. CIOs should make decisions throughout their careers that will be sustainable during hard times. They must constantly choose energy-saving technology that provides optimal value and will endure when the going gets tough.

Build Strong Teams

Your teams should be ready to weather the storm. They should not give up when a crisis occurs. They should stick with your company through thick and thin.

You will build resilient teams by hiring wisely. Hire individuals that have inherent resilient traits. Choose adaptable, out-of-the-box thinkers with an ability to stay calm under pressure.

You can further promote resilience by encouraging an entrepreneurial mentality. Encourage workers to take the helm when necessary. Doing so will ensure they guide their departments to success through trying times.

Encourage workers to form bonds with each other. Instill trust between workers. This strategy will encourage them to work together to find the best solutions.

CIOs should also instill a sense of culture that will make teams more resilient during downturns. Remind them of the values your company believes in. These reminders will make them more dedicated to your cause in the face of adversity.

Be Adaptable

A company should be ready to pivot at a moment’s notice. The staff should be prepared to change strategies when a downturn occurs. They should have alternate methods in place to provide a seamless transition.

Organizations can achieve this goal by using hybrid and modular approaches. These methods prevent you from “overcommitting” to any one approach. You can drop components that aren’t working immediately to save money and resources.

You should also be willing to experiment. Be open to new methods that may help you overcome your crisis. Be objective to quickly determine what works and what doesn’t so you can find the best solutions fast.

Utilize Multiple Vendors

Vendors can be affected during economic downturns and market shifts. They may raise their prices, have supply and demand issues, or they may even go out of business. Companies should have multiple vendors to choose from to stay afloat.

In ideal circumstances, companies will work with a main vendor and have alternate vendors to choose from. This strategy ensures you always have the tech supplies you require. Avoid signing exclusivity contracts that commit you to one vendor to ensure you have the supplies you need when a crisis occurs.

Trust Data

Today, more leaders are using data to make important decisions. Data provides insight into market trends and patterns. You can use historical data to determine the best outcomes for your decisions.

CIOs will need to make crucial decisions during a crisis. Data can help them arrive at the best solutions. They can learn from the past to arrive at decisions that ensure a successful future.

Have data collection at the ready so you are prepared in tough circumstances.

Be Open to Feedback

Leaders should pay attention to feedback when downturns occur. Your stakeholders, employees, and customers may provide valuable insights that will help you overcome pressing issues. Listen to their suggestions and incorporate them when it makes sense.

Accepting feedback will also promote loyalty in tough times. It will let employees, customers, and stakeholders know their opinions are valued. It will make them more likely to stick with your company when the going gets tough.

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