With the possibility of a recession looming, many businesses are reviewing their budgets and cutting costs for the year ahead—and it’s unlikely tech teams will be immune.
With today’s uncertain economic outlook in mind, many business leaders are looking for areas where they’re overspending on redundant services and other unnecessary expenses. Improving efficiency and lowering costs is an age-old principle in business, and the best method to do so nowadays is usually through technology. In a recent expert panel by Forbes Technology Council, OneDigital’s Chief Product Officer, Vinay Gidwaney, had the opportunity to weigh on efficient ways tech leaders can begin “trimming the fat” from their businesses’ tech budgets.
Don’t get emotionally invested in sunk costs. Be clear-eyed about how likely different projects are to succeed. Thoroughly interrogate every project and make a dispassionate assessment of its worth. If a recession rolls around and something isn’t delivering value today, don’t be afraid to ax it for the greater good. You can always resurrect killed projects when times are better.
— Vinay Gidwaney, Chief Product Officer, OneDigital
Read the full feature from Forbes here.
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