Why a CTO is crucial for rapid business growth
With the increasing speed of change, keeping on top of technology is no small feat. Here are six reasons why you need a senior individual steering the IT function in a business looking to drive rapid growth and establish the organisation in a global market:
1. Setting the technology strategy and driving sales growth
For businesses used to taking a bootstrap approach, hiring a CTO may seem like an unnecessary luxury. But with technology now one of the key drivers of growth, digital strategy goes hand in hand with growth strategy. So it’s crucial that you hire someone who can grow with the business, setting the technology plan and managing small teams to deliver it today, whilst also demonstrating the potential to lead the function as it grows over the next five to ten years’ time.
2. Play to your strengths
Without someone leading the technology, it’s likely that those who should be focused on other key business functions, such as driving sales and developing new products, will find themselves swamped by the number of technology requirements requiring input. And if they don’t engage, the alternative is even worse, with decisions not being made and technology stagnating.
CTO’s will help to free up the core team to focus on what they do best, whilst the IT team focuses on which technologies will help to make a genuine difference to the business.
3. Strategic vs. Tactical
It’s important to remember that a CTO is not there to reset your login details when you forget them. They are a strategic hire who should be working alongside the senior management team, helping to navigate the organisation through the changing technology environment.
As the rate of technological advance continues to gather pace, new disciplines and job roles are emerging and skills are going out of date faster than ever before – 65% of Gen Z will perform jobs that don’t even exist yet. For small businesses looking to keep up or ahead of the change, it is essential that they hire someone who keeps up to date and can understand how to implement the latest innovations for the benefit of the business.
4. Driving growth
Technology is disrupting how business is conducted in every sector; reducing the need for physical assets and creating value by turning data into insights. Hiring a technical and strategic mind within the organisation focused on unlocking the business benefits of this data, is and will continue to be invaluable for competing SMEs.
5. Protecting against current and future threats
With the introduction of the General Data Protection Regulation (GDPR) and ongoing cyber security attacks, technology has become a boardroom level discussion as it represents business challenges which affect the entire company, not just the IT department. CTOs should play a major role in leading the company strategy for these areas, ensuring that the right solutions are in place and providing a bridge between the IT department and the board. The consequence of being unprepared for this is huge, both from a financial and reputational perspective.
Are you looking for a CTO to help your business grow? Get in touch today to see how we can help.