Fractional CTO Services Outlined
A Chief Technology Officer (CTO) is one of the crucial resources that every competitive firm needs in order to maintain their edge. The multi-faceted, well-experienced and highly creative head is responsible for creating the overall strategic direction for the company and enables an efficient utilization of technology throughout the enterprise.
Due to the vast experience and skill-set CTOs bring to the table, the cost of hiring a full-time CTO is very high, but considering the advantages a strong CTO can offer to an organization, it is all worth it. However, businesses can now escape the heavy cost of hiring a full-time CTO by opting for an interim, fractional or part-time resource.
While all offer similar cost-saving benefits, part-time, interim and fractional CTOs aren’t exactly interchangeable terms. They are all different models for employing a CTO and having to pay them based on the amount of efforts they put in.
When a Fractional CTO Can Help
A fractional CTO can essentially take on anything a full-time CTO would, however, here are some of the common situations when we see companies reaching out for help:
- Fractional CTO brings forth equal, if not greater, experience and capability a full-time Chief Technology Officer would offer, at a fraction of the salary. So if you are out to save as much money as you can, and also need to take your business to a higher level, a Fractional CTO might be what you need.
- Are you currently seeking to develop new software products, but are not sure of which path to take or what logistic decisions to make, get a part-time CTO. This is where experience becomes paramount.
- If you are looking to optimize internal efficiencies, a Fractional CTO might be an excellent choice. A Fractional CTO may have a unique understanding of the workings of the internal environment, and highlight underperforming areas
- Have you been affected by security breaches and exposed yourself to security risks that could take apart your business? You might not know where you went wrong or who to turn to for assistance. A Fractional CTO can shed light on all vulnerabilities in your system and adequately secure your business from all forms of future risks.
- Product development is not going as planned – quality issues, delivery dates missed, customer satisfaction concerns, etc…
- General IT issues are negatively effecting the company – phones, networking, internet, cloud hosting, desktop support, etc.
- Concerns that things aren’t going as they should from tech perspective and want to get an objective assessment
- Need to prepare for acquisition / sale and want to identify and resolve tech issues that could negatively impact the deal
- Your full-time CTO is (or soon will be) no longer in the picture and you need someone to keep things going until you can hire a replacement.
CTO Roles and Responsibilities
A Fractional CTO needs to understand the workings of your company. They have to understand the company’s vision, mission, objectives, and long-term goals for there to be a productive business relationship.
Technology is constantly changing, becoming better, faster and much more intelligent. As such, a fractional CTO look to encourage and promote the use of the current, relevant technology to improve a business’ performance and enable competitive business practices. It is important to find a balance between a business’ core technology necessities and what they can do to move the organization forward in technology capabilities.
- Spearheading and implementing business objectives aligned with the business’ mission and vision
- Researching and evaluating relevant technology of importance to the business
- Taking part in executive decisions on technology leadership and management
- Leading the technology team
- Developing and managing software development, software solutions and implementing development and operational methodologies.
- Optimizing the design and delivery of technology products and services
- Implementing an effective Technology security program
- Improving the level of scalability / resilience of an organization’s technology platforms
- Technology maintenance assessment and planning.
- Implementing / managing modern governance of technology
- Reviewing and negotiating business contracts.