Whether or not we are entering a recession, strategic cost optimization now is critical, but requires new thinking beyond traditional cost-out approaches. Managing costs at the speed of digital requires a shift in thinking from long-term fixed commitments to long-term strategic relationships. It requires a deliberate effort to preserve options and provide constant updates to the ecosystem. This means organizations must constantly sense, analyze and respond to operational and cost data across functions in a way that incorporate the business, technology, sourcing/vendor management, data science and finance.