The role of Chief Technology Officers within a business has changed drastically in the past 5 or so years. What has originally been an IT centric role, is evolving in a rapid pace as the world around us becomes infused into tech innovation. Furthermore, we can see an overlap between the role of the CTO and the CIO as both roles use technology to enhance customer satisfaction and generate business growth.
After talking to CTOs across varying sectors, we found that there are 3 challenges which are repeated. In this post, we will try to look at the reasons these challenges exist as well as a short tip to tackle them.
What is the CTO’s Job Role?
A CTO’s success is now measured by the level of output and success the business operates at. In other words the role is judged by how the business is doing. In contrast to what we have seen in previous years, where CTOs were mainly tasked with technical objectives; the recent trend shows that organizations expect from high level CTOs to have a high level of understanding when it comes to business strategy and management. Senior management now depends on the CTO and IT departments to maintain output while developing technological efforts to push the boundaries.
In order for a CTO to adapt to the current state of the market, the individual must evolve beyond technical knowledge to become a leader first- with business knowledge and understanding. Following this tangent, as a result of the exponential pace of world technological advancement CTOs are required to always be on top of the latest trends (that have to do with their market).
The current role of the CTO is balance of knowledge for future growth. A successful CTO is an individual who knows his tech as well as business world and thus can make clear judgment at the right timing.
Customer Engagement
With the expansion of social media platforms and smartphone apps around the globe, companies who strive to be at the top of their market must promote forms of customer engagement. That’s where CTOs come into play. In contrast to what many have been getting used to, CTOs will be judged more and more according to their outward facing performance. That is; their responsibility towards engaging with, and enhancing experience for customers.
CTOs need to create reliable platforms which customers can trust and interact on in the most time saving way possible. Companies such as Uber do not succeed solely due to a great idea, but a correct utilisation of resources to create the best possible customer experience.
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Hiring Talent
For the part 2-3 years, CIOs and CTOs looking to drive growth and transformation in organisations have been reporting serious skill shortages. Especially in the Cyber Security world. As technologies continue to evolve, skill shortages are something executives will have to get used to. Recruiting the right talent will require continuous efforts, and a company culture which fits specific Tech professionals.
On the other hand, some companies found an answer to skill shortages. Their answer to limited professionals with the skills required was an extensive skill development plan- focusing on the younger tech-savvy population. In the UK, various tech-driven organizations partnered with universities as well as local councils in an attempt to develop young talent. Companies offer Gap Year students, graduates, and entry level professionals the opportunity to get into a skill development plan orbiting specific technological areas. As a result, organizations were able to obtain a reliable, appropriately skilled young talent with the sole focus of growing their reach in the market.
In the same way entire industries are being disrupted due to the exponential rate of technological development- our roles within the workplace are shifting too. CTOs who aspire to become successful within their markets must become more than IT leaders. What is expected of a CTO, going into the future is a blend of IT, HR and Business strategizing ability; able to predict and adjust to the market.
