Digital Transformation: Part 5 – Before Making Cuts

As businesses face revenue shortfalls, many will need to revisit their costs and make budget cuts for 2021. While it’s tempting to cut high-cost items like staffing or vendor contracts, it’s critical to fully understand the impact these decisions will have. Cost reduction should be balanced with continued investment in digital transformation and growth to safeguard against future disruptions. Collaboration between IT, finance, and product teams is essential to ensure cuts don’t hinder long-term success or compromise essential transformation initiatives needed for business continuity and future agility.