CIOs are facing pressure from CFOs and boards to cut costs amid declining economic growth and still-high inflation, The Wall Street Journal reported April 28.
IT chiefs have been scaling back cloud migrations, getting rid of redundant apps and delaying projects to adjust to the macroeconomic concerns, according to the story.
"Before, we were looking at investments in digital transformation with perhaps a time horizon of 12 to 18 months to bring results," Paolo Juvara, chief digital transformation officer of tech company Pure Storage, told the newspaper. "Now, maybe a quarter, a month; it's really, really fast at this point."
Some CIOs say they are having more frequent meetings with CFOs and also shifting toward automation, prioritizing vendors that offer a fuller suite of services, and relying less on contractors while upskilling their own employees rather than hiring, according to the news outlet.