Today’s world is filled with more developments and advanced technology. That’s why businesses should stay competitive and stand out. This can be done through quality technology leadership, and that would revolve around a CTO, shortened for a Chief Technology Officer.
You might be wondering: what do these CTOs do and how do they benefit your business? Whether your business wants to fill the role in person or invest in virtual CTO services, find out what they do here.
About the CTO
These people will carry an executive position. They are would drive and manage value from business technologies. This role would usually differ in companies, but it would include everything related to:
- Technology vision
- Software Development
They have to understand technology trends with extensive knowledge in business, which is used to align any tech-related decisions affecting a business’ overall goals and their results.
Based on the concentration and how big or small the businesses are, CTOs overlap, collaborating with senior technological positions, such as the Chief Digital Officer and/or Chief Information Officer. CTOs are also considered as a senior roles, reporting to CEOs directly.
No matter the business type managed, a CTO’s role will be part of where the technology visions and strategies start to develop, which are necessary in developing and enhancing products offerings and services.
But today, official job descriptions of CTOs are changing, with concentration on the technology propositions focused on clients and target audiences. Besides being the business’ expert in technology, they also act as an external face of a business’ technology offerings.
As you can see, the role is quite complicated, but what is known is CTOs need to look into on any technology pulses, stay known of new and upcoming trends and advanced technologies that may disrupt businesses in good or bad ways.
The Reasons Your Business Requires CTOs
Now that you know what CTOs are, you’re probably wondering the contributions provided to businesses, as well as why they are advantageous. Here are factors to consider as to why businesses should get a CTO:
One vital role of CTOs: leveraging technology as a way to improve the company value, assisting in accomplish a business’ goals. They create compelling tech visions and strategies, creating great technology culture to get a return of investment a company desires.
These are what helps in evangelizing technology, giving inspiration to people in and out of businesses, along with driving change wherever required.
That means it is needed to monitor any emerging technological trends, watch their external markets and competition, along with utilize customer intelligence. By staying updated, they can further improve the business model innovation before a business would be badly affected by any competition.
3. Business IT
This drives technology investments, making sure all budgets and other systems are managed excellently, along with underpinning operations of a business. Managing the IT systems of businesses is a CTO’s role to make sure all service levels are well-maintained, with any new features tested and delivered securely.
4. Product Development
This would focus on innovation, with CTOs responsible in creating and pitching new technological offerings for target audiences and clients. By developing these technology offerings, businesses can increase income and sales, along with company branding.
Wrapping It Up
Hopefully, this article gave insight of what CTOs are and how they are crucial in businesses. If your company is hiring a CTO, make sure you are informed and keep this information in mind. This is helpful in making sure you invest in the right professional for the job.
Good luck and be sure to hire a CTO that has the ability to contribute to technological sides of businesses.