COVID-19 is a classic example of The Butterfly Effect. The novel coronavirus, measuring hardly a few nanometers, set off a series of events bringing the global economy to a grinding halt. The fear of contracting the virus has pinned people to their homes, businesses have suspended their operations, and stock markets have nosedived leaving gaping holes in the economy.
With enterprises everywhere staring at a sharp slump in revenue, the natural response is to start downsizing. To stay afloat, businesses are stripping their expenses down to the bare minimum. Budgetary cuts have become inevitable. Cutbacks in all forms of spending – from supplies to technologies, and sometimes even the workforce, are becoming the norm. In spite of the shutdown, certain sectors are continuing to function, albeit remotely. The new normal of remote working has put the focus on technology – the reliance on which has increased manifold times.
From a technological standpoint, how do CIOs decide what to invest in, what to keep, and what to let go? By evaluating what the solution brings to the table, that is the return on investment (ROI).
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