Following the Commerce Department's announcement of a second straight quarter of shrinking economic returns, CIOs are preparing to tighten budgets and reevaluate partner relations, The Wall Street Journal reported July 28.
Maintaining vendor relationships and renewing contracts will be a top priority for Centene during this period of economic uncertainty.
"My sense is that the instability in the market we are experiencing today translates to the importance of vendor-CIO relationships," Mark Brooks, the insurer's CIO, told the Journal. "We are all in this together."
Although technology spending is steady, CIOs are prepared to prioritize projects during budget cuts. However, some CIOs have seen the economic downturn as an opportunity to hire laid-off talent from other firms, according to the Journal.
"We see the economic climate as both a challenge to navigate but also an opportunity to attract top talent, as well as perhaps gain favorable negotiating leverage in the market," said Rob Franch, CIO of funeral services group Carriage Services.