The global pandemic has made businesses acutely aware of the importance of tech updates. According to the 2021 State of IT report by Spiceworks, 76 percent of businesses are planning for long-term IT changes. Investing in new technology is a smart move for your business, but it requires careful planning and consideration.
A chief technology officer is responsible for managing a company’s technological needs. The right CTO will create a strategic technology plan that will enhance efficiency, increase output, and improve workflow. Staying on top of the latest tech trends will also keep your business relevant and competitive. If you’re in search of a CTO for your business, below are five steps to help you find the best CTO for your company.
The role and responsibilities of a CTO can vary widely from company to company. It’s also common for the role of a CTO to change within an organization as the company grows and shifts. Before you start looking for a CTO, you need to clearly definite the position and set your expectations for the position. A few different CTO roles to consider are the infrastructure builder, technology driver, and customer advocate.
A CTO that focuses on IT infrastructure will oversee maintenance, data, and network capabilities. The overall technology strategy will be managed by the CTO
A technology driver CTO undertakes research and development to identify current and future technology needs for your business that will drive growth and success.
The customer advocate CTO identifies technology that will ultimately enhance the customer experience either through user interface or user experience. This role interacts with the customer side of the business and closely follows target market trends to offer users the latest tech updates.
Since the main role of a CTO can be quite different, it’s important to pinpoint what your CTO will do for the company.
In addition to identifying the main responsibilities of a CTO, you should also consider the qualities, personality, and experience of your ideal candidate. Too often businesses select a CTO based solely on background. Technical know-how is important, but culture fit, personality, and qualities are equally significant factors to consider. You need a CTO who can be a team leader and motivate the IT department during each new project while also understanding the industry market and how tech trends impact the business. Determine the right balance of experience and culture fit for your company so you can look for the ideal candidate during the hiring process.
Top CTOs are in high demand, so you have to make sure the position you offer is enticing. The best CTOs in the industry are frequently being contacted by recruiters, so consider what your business has to offer. In addition to deciding which qualities you want in a candidate, make note of what a CTO will gain from working for your business. New opportunities, exciting projects, and unique benefits are all factors that will pique a candidate’s interest in your business and persuade them to join the team.
A lot of top CTOs aren’t actively looking for a new job, which is why networking and recruiting are vital aspects of talent scouting. Talk regularly with peers and attend industry networking events. You may meet a CTO perfect for your company or connect with someone who knows potential candidates.
It’s also a good idea to keep an eye on competitor talent. If you propose a good enough offer, you may be able to steal talent away from the competition.
When you finally deliver a job offer, the package and opportunities need to beat out the competition. If you can’t offer the same compensation package as a the competition, then determine what unique benefits you can offer. For example, you might be able to offer equity options, more vacation days, or significant bonuses. Determine what your company can afford and are willing to offer, but leave a little room for negotiation.
The right chief technology officer will push your business to grow while improving the overall efficiency of your processes. It will take a little time to find the perfect person for you company but filling this important C-level position is a decision that shouldn’t be rushed. By identifying the type of CTO your business needs as well as recognizing what your company has to offer a candidate, you’ll be able to find the right person for the role.
When it comes to managing a company’s technology, there are two executive-level positions that take the lead: Chief information officer (CIO) and chief technology officer (CTO). People mistakenly view these two positions in the same capacity because they both involve technology. However, a CIO and CTO have very different operating functions. Below are summaries of each role that showcase the vast difference between the two positions.
A CIO is responsible for handling a company’s infrastructure as well as the IT operations. The CIO finds ways to implement new technology internally that will make business processes more efficient and effective. For example, if a business process can be automated, the CIO will determine the best automation system to use and how to implement it at the company. The CIO manages the security and operations for a business, as well.
The role of a CIO is paramount to success in today’s technology reliant world. If a business cannot keep up with the latest technology infrastructure updates, the company will eventually become obsolete. If your company has been struggling with productivity, this is a role that can improve internal business processes.
Some responsibilities of a CIO include, but are not limited to:
The chief information officer and chief information security officer are two C-level positions important to the success and security of a business. As technology evolves these two positions must help a business adapt to the current technology trends and updates. Both roles focus on using technology to build a company’s IT infrastructure, however, the positions play two very different roles. Below is a summary of the main differences between a CIO and a CISO within an organization.
A CIO is responsible for managing a company’s IT operations. The CIO does this by ensuring the business stays up to date on the latest technology. The role requires a significant amount of research and analysis of the latest tech trends to determine which processes and systems are a good fit for the company. Once a beneficial technology is identified, the CIO then works to integrate the new system into the company. By regularly reviewing IT procedures and systems, a CIO will increase business efficiency and keep the company competitive.
The CISO also works with IT but manages the security side of the business. Cybersecurity is vital to the wellbeing of a business, and the CISO role is responsible for managing data security risks. A solid risk management framework allows a business to successfully evaluate and prepare for risks involved with new deals and technology development. By developing a proper risk management system, a CISO will ultimately keep your company’s data safe and secure.
A CISO may be responsible for the following:
Technology updates are vital inside the company, but they also need to happen for the customer. A CTO is responsible for identifying technology that can be used to enhance the customer experience. Since technology advances so quickly, the CTO role spends a significant amount of time researching the latest updates. The CTO also manages the research and development team to find innovative ways to improve offerings. Once a new solution is identified, the CTO then works with company engineers and developers to create the new product/service for customers.
In any business, customers expect the latest tech updates. They want the shopping experience to be fast and easy, and the products or services have to include the latest tech advancements. If a company falls too far behind on tech updates, customers will seek out a more modern product. Clearly, the CTO role is another indispensable position that will keep a company relevant and competitive.
A CTO may be responsible for the following:
The CIO and CTO role may sound similar at face-value, but they clearly serve very different purposes. Bother executive-level position bring immense value to a business, but your company may need one more than the other right now. When looking to hire a CIO or CTO, ask whether you need to enhance technology within the company or for your customers first. If you need to focus on external products and services while driving innovation, then consider hiring a CTO. If you need to improve internal processes and enhance productivity, then hire a CIO.
Large companies would benefit from having both roles on-staff. A CIO and CTO both contribute to company growth and both can positively impact revenue. If your business can afford it, these two c-suite positions have the potential to massively enhance your business by updating processes with the latest technology trends.
Our hands-on executive recruiters have experience working with private, public, pre-IPO, and non-profit organizations. Clients are typically $50 million in revenue to Fortune 1000’s or have assets between $500 million to $15 billion. Successful placements span the entire C-Suite – CEO, Chief Information Officer, Chief Technology Officer, and include vice president, general counsel, and other director-level leadership roles.
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