CIOIN

So people are talking about another slowdown. I believe a slowdown, like the one we are experiencing right now, is a great opportunity for growth and innovation. This is the time when CIOs can sit down with their senior management and get into a strong wicket by advising them on how to extract better efficiencies and improve the organization's productivity.

 

Innovative resource planning is one way to get there. Today, people are scared to invest in large projects. If you’re delaying investments, then this is the time to re-look your resource planning. Through cost detailing and statistical tools CIOs can help companies control spends and enhance resource optimization.

 

Also, when a client cuts his or her advertising spends, it has a cascading effect on advertising agencies like us, on channel partners, and the media as a whole. But if you’re well-prepared you’ll look at alternative strategies to manage that shortfall. This is a great time for companies to go out and acquire new businesses, to grow both horizontally and vertically.  This is also an opportune time to pitch those out-of-the-box ideas you’ve been holding back for long.

 

One of the ways to do that is to tread into untapped areas. In advertising, you’re not allowed to have more than one client from a particular industry. However, that does not stop us from reaching out to new and emerging industries which have never been a part of our clientele. Ideation also helps us come up with new offerings and ways of delivering service. Also, digital media is growing phenomenally opening many new doors for innovation.

I believe CIOs also need to invent smart strategies to renegotiate with vendors. If you’ve been hit by the slowdown, chances are your vendor has been hit too. I’ve seen that during tough times, you need to strengthen your association with partners. It has huge pay-offs in terms of better service and a host of value-adds which you realize in the long-term.