Umair Aziz: Cost cutting can help but not ensure that a business remains operational through tough times. It's all about Sales and Revenue at the end of the day. I equate it to blood. You stop the flow into the business - you die - sometimes slowly and sometimes quickly. Dying slowly is not better then dying quickly. The key is to make sure that money is being pumped into the business - irrespective of the economy or other challenges a business faces.

Companies that are in it for the long run, know best. People who work and make a significant contribution towards the economic revival of an organization, community or country, know what needs to happen in order to achieve success. That's the kind of environment a CIO needs in order to make the informed decision about what strategies to ultimately execute and bring the greatest impact on the team. Collaboration. Innovation. Openness. That's the spirit and the culture a company needs.

If discussions like these are already happening within companies in the IT sector, we're definitely on the right track.