Importance of a CTO in the world today
The world of business is ever growing and evolving, and we’re not just talking about business trends. With the consistent introduction of varying revenue streams and distribution channels, the opportunity for profit grows, but so does the complexity. Technology is at the heart of this evolution.
The power of your business lies in its technology. With the right software, products will be delivered on time, customers will have a smooth experience with your brand and employees can make faster decisions that will ultimately improve efficiency. However, behind every powerful technology is an incredible team of people who are dedicated to its success. The position of Chief Technology Officer is becoming more and more important in the technology-driven world. Technology itself isn't enough to make a business successful, with an effective CTO at the helm, your technology can help your business reach its full potential.
To have success in this new technology driven world it is important that you have the best technology for your company running smoothly on all cylinders. Boards require experts in every field to ensure success, and technology is no different. The technology department should be headed by the chief technology officer (CTO). A CTO not only ensures that your technology is compatible with all of your company's plans, but they work with engineers to create new technology that will help you lead the way in business.
A great technology team should generate returns across the business if utilised correctly. New start-ups are getting this via automation, AI, ML in their very early stages with no legacy or historic overheads.
Technology is viewed as an enabler and change agent, should no longer be viewed as a costly resource since the impact across the business is so wide ranging. If you view it as a cost, then your teams are not setup to have a positive impact or you don't have enough visibility or understanding.
Technology teams need to be able to deliver value across the board, not just within technology itself. This poses a challenge for technology businesses who are looking at hiring CTOs as they need someone who has a high technology competency and the ability to understand technology value but also how it can help across other areas of the business.
Fintech, Insurtech, Adtech, Healthtech are disrupting traditional businesses across sectors, technology and great teams are the common denominators in all of these.
Businesses are more technology driven today than ever before. With technology becoming omnipresent. As technology and technology driven companies take their place in the global marketplace, speed and innovation is becoming more important than ever. This is true in just about all industries and sectors. For that reason it's crucial to be aware of who exactly your technology team is and how they work.
Can you afford to wait!