In a Post COVID-19 World, How Will CFOs Approach Technology Decisions?

During the coronavirus pandemic, CFOs around the world have played an integral role in ensuring the survival of their organizations. Going forward, they’ll have to make some difficult decisions.

The coronavirus pandemic has completely altered the way we live, work, and connect. As lockdowns are lifted, many organizations are feeling the impact of the past couple of months. For most, working from home became the norm to minimize the spread of the virus. CFOs have played an integral role in ensuring the survival of their organizations, but they’ve faced some challenges along the way:

  • Laying off some staff members
  • Dealing with less cash flow available
  • Struggling with supply chain disruptions
  • Adjusting to changes in consumer purchasing behavior
  • And much more

So what’s next? Gartner surveyed 317 CFOs and found that the business world may not go back to normal right away simply because lockdowns are lifted:

● 74% of CFOs plan to move previously on-premises employees to remote work post-coronavirus.

● 81% of CFOs plan to exceed their contractual obligations to hourly workers via remote work to offer flexible schedules.

● 13% of CFOs have already cut real estate expenses, with another 9% planning to do the same.

One thing’s for sure: Remote work is here to stay – and for a good reason. Remote work not only cuts costs associated with maintaining a large office space equipped with all of the necessary technology, but also tends to increase productivity and satisfaction amongst staff members. Chances are, many organizations will embrace a hybrid approach: some key workers in the office while others work from home.

Who will manage the technology?

CFOs will have to make a choice: hire internally or outsource the management of their information technology. If they already have an internal IT department, they will likely need to add to their existing resources or augment them with an outsourced team to adjust to the new normal. Information technology will, undoubtedly, play an integral role in keeping organizations afloat with some workers in-office and some workers at home. CFOs will need to ensure they’re supporting both environments with:

  • Access to systems, data, and applications via the cloud
  • Cybersecurity solutions that protect against hackers
  • VoIP phone systems that offer the ability to make and receive calls anywhere
  • Business contingency planning to prepare for another disruption of some sort
  • And much, much more

Naturally, CFOs are looking to optimize cash reserves as much as possible – meaning they will need the most cost-efficient option for technology support.

Hiring internally versus outsourcing technology support

Hiring internally tends to bring a range of less predictable costs, including the following:

  • Training and certifications
  • Vacation time
  • Salary
  • Benefits
  • Sick days
  • Workstations and other necessary equipment

Outsourcing, on the other hand, is more predictable as you pay a flat-rate monthly fee for all of the services and support you need. You also gain access to:

  • More skill-sets and experience as they have an entire team of professionals with varying areas of expertise.
  • Greater availability for support as they don’t go away on vacation or leave you without assistance at any point in time.
  • A wider range of services as they have various partnerships with industry leaders to offer various hardware, software, and technical support.

So what makes the most sense financially? The MSP tends to be more affordable – giving you more cash-flow available as well.

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