The world around us is rapidly changing as we speak. Technology is evolving -- what was once considered top-of-the-line is then rendered obsolete in 6 months. In order to cater to this challenge and meet the needs of their companies, CTOs must be malleable. How has the role changed, and how will it continue to change?
CTOs, or Chief Technology Officers, are responsible for all aspects of technology within an organization. To be profitable, they need to have a balance between the technology strategy they utilize and the company's business needs. A CTO must be able to keep up with technology trends and change while still maintaining a strict budget.
A CTO is often the leader of the R&D (Research and Development) for technological goods that their company produces. Additionally, they are responsible for innovation and upgrades of technology in the company, both hardware and software.
The role of a company’s CTO is evolving alongside technology. Things that were considered impossible ten years ago suddenly exist. Technology is transforming right before our eyes.
Previously, a CTO was able to work with just their department and not have to expand past it. Now, with the exponential growth of technology, it is becoming increasingly more important for a CTO to be aware of -- and actively participate in -- all facets of the company. They need to be aware of trends, what their customers want, and more importantly, what will help the company succeed as a whole. They need to see everything from all points of view to create an effective strategy.
It's becoming crucial that a CTO has a say in the company. They must be able to pinpoint problem areas and create solutions for them. They also are expected to contribute ideas to help grow the company and continue the transformation process.
It has even been suggested that they should instead be titled Chief Transformation Officers.
Chief Transformation Officer?
In the near future, the CTO will be responsible for more than just technology. They will be responsible for overseeing the transformation of every business process and be expected to apply technology into every facet of their business, from strategies to execution to results management.
CTOs will be expected to break down barriers between people and IT. To succeed, it will be vital for a CTO and their team to be agile or they will be at risk of raising even more walls than the ones they've torn down. Collaboration will be key in order to optimize the business and ensure future progression.