Today's interconnected business world brings with it many challenges, all related to the increasingly complex and efficient technology we use every day. Companies need leadership that can handle the large-scale implementation of new technologies and stay on top of the issues that advanced systems bring. Companies should consider hiring a chief technology officer to fulfill this role, ensuring that they stay ahead of the pack in the use of innovative tech.
The role of a chief technology officer
CTOs fulfill a wide variety of duties. In simplest terms, a CTO manages a company's technology strategy and policy and makes sure their firm is well-positioned to benefit from the advantages this technology brings, according to Investopedia. Technology officers can be the bridge between the technological divisions and undertakings of a company and the more business-focused, "traditional" areas like marketing, accounting and product development. The CTO role is one that is two-pronged – develop the firm's technological resources and strategy and serve as a liaison to other, less tech-focused areas of the company.
A CTO will be the boss for all technology-related undertakings by a company, with their overall authority only being surpassed by the CEO. While they won't be personally managing the IT department, they will make decisions that impact it, such as authorizing the purchase of new software or server hardware for a data center. CTOs are concerned with high-level details – if there is a new technology that a company can make use of to bolster its sales, the CTO will be the one who authorizes its use and ensures that there is room in the budget and calendar for its implementation.
Why do you need a chief technology officer?
Companies that make use of a dedicated CTO will be better positioned to capitalize on new technologies and the advantages they can offer the average business. The rise of new technologies like the internet of things, 5G networks, and the components that make up Industry 4.0 means that making use of major new solutions will require strong technical expertise on the part of the adopting company, and the employees tasked with implementation. The rate of new technological development is only increasing as well, according to the International Monetary Fund. Firms that possess the requisite talent will be able to make use of these new technologies with greater proficiency and efficiency compared to their competitors, and in today's ever-changing economy, every advantage counts.
YES Partners has the worldwide reach, expertise and diverse breadth of services to help organizations in their efforts find the executives and additional talent they need to stay on top in an economy inundated by new technological solutions. To see some of the roles that YES Partners has already successfully placed, click here.
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