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Chief technology officer Wikipedia

What’s more, CTOs need to create an environment that fosters innovation, creativity and collaboration. “CTOs sit at the intersection of business, leadership, and technology; communicating business needs to the tech teams or explaining technical requirements to the business side. They need to be comfortable with public speaking and articulating complex technical ideas in an explainable, straightforward manner,” argues Jesse Shanahan, CTO at personal training tech platform Another Round. Through continuous learning and arming themselves with technical knowledge, CTOs can build an effective technology strategy. Yet they also need to be able to communicate the benefits and promise of any technologies to the C-suite – and even the board.

Goldman Partner-turned Credit Suisse CTO joins Deutsche Bank – eFinancialCareers

Goldman Partner-turned Credit Suisse CTO joins Deutsche Bank.

Posted: Mon, 23 Oct 2023 12:28:16 GMT [source]

From start-up to expanding company, the role of chief technology officer (CTO) can massively change over time. From a position that focuses solely on the technical aspect of a business, the CTO becomes a more strategic role that needs a diverse and multifaceted skillset. A chief technology officer (CTO) is responsible for overseeing the development and dissemination of technology for external customers, vendors, and other clients to help improve and increase business. They may also deal with internal IT operations if a company is small and doesn’t have a chief information officer. Originally a chief information officer (CIO) previously performed dual roles as CIO and chief technology officer (CTO).

A Vision For The Future: The Changing Role Of The CTO In 2024

His or her primary responsibility is to make sure that the hardware and software an organization uses are secure, helpful, and supports business effectively. Technology has become intertwined with business, and the primary role of a chief technology officer (CTO) is to make sure tech strategy aligns with a company’s overall goals. That doesn’t always mean a CTO oversees the IT department or help desks.

This base salary is expected to increase in the coming years, as competition for hiring CTOs becomes more intense. A CTO’s primary responsibility is to understand and implement technologies that help a business achieve its goals and objectives. Depending on the size of the organization, a CTO focuses on four primary areas of the business. To become a successful Chief Technology Officer (CTO), candidates must possess several qualifications that demonstrate their expertise and knowledge in the field. To excel as a CTO, one must possess the requisite qualifications, including an advanced level professional degree in computer science or related field. If you are interested in pursuing a CTO career path, it is important to develop these essential skills and gain experience in software development and management.

Qualifications for Becoming a CTO

Before a technical person becomes a CTO, he or she usually had held several senior technology roles such as a director or a VP. CTOs are expected to keep up with the latest digital trends, and they should also know how those trends will impact their business. Professionals interested in becoming CTOs usually advance to this high-level position by completing certain steps along the career path. How to become a CTO begins by pursuing postsecondary education, such as an online bachelor’s in cybersecurity. Technology, applications, and cybersecurity are in a constant state of flux, and successful CTOs know they need to be adaptable to change and proactive in their strategy.

  • And however the job description is written, the key priorities of the role seem to be in constant flux.
  • In 2024, when technology will have advanced quickly, CTOs will be held more and more accountable for ensuring that technology is adopted and used ethically.
  • Having a strong background in computer science, software engineering, and business administration is essential for a CTO.
  • Gone are the days when a new CTO spends the first six months getting to know the business.

They will increase the maturity of the technology processes and, in most cases, be less hands-on from a development perspective. The focus of their role is on building out a larger team and formalizing roles—such as cloud/network team, engineering team, quality assurance team and development team—to support them. So, rather than having deep knowledge in each of the aspects, they need to be able to translate global vision to specific goals and manage the teams well.

CIO responsibilities include:

They often lead efforts to plan and manage a data centre consolidation, cut IT costs, implement platforming solutions, or support business process optimisation. This persona is focused on leveraging innovative technologies to transform the business model, products, and services. They always need to keep an eye on emerging technology trends, use customer intelligence, watch competitors, cto responsibilities and the external market. All of this insight should be used to drive business model innovation well before the company can be disrupted by competitors. A lot of technology leadership is about strong communication and influencing. The CTO needs to communicate technical goals to non-technical employees and make them enthusiastic about the possibilities it offers.

What is a CTO

“It’s difficult to say what the perfect CTO looks like because it will be led by what sector you’re in, how big the organisation is and what the ultimate product or service is.” “During periods of rapid expansion, CTOs need to help the company remain true to its vision, mission, and foundational product deliverables,” explains Kyle Spearrin, Founder and CTO of Bitwarden. It’s worth noting that you can expect a large pay increase as a CTO if you’ve worked in the position for a decade or more.

What Does A CTO Do?

Customers who feel they are heard are much more loyal, and that loyalty translates to long-term partnerships and profitability. Thinking and planning are crucial and, if done in advance, can speed up correct action when the moment strikes. Without question, companies look to their CTOs to assist with making their tech-related projects profitable.

What is a CTO

The CTO usually reports directly to a company’s chief information officer (CIO), but may also report to the chief executive officer (CEO) of the firm. A CTO’s technical skills require expertise in IT infrastructure, security, asset management, help desk support, and research and development. Everything from hardware to the company website falls under the CTO’s purview.

Ultimate guide to the Chief Technology Officer (CTO)

While the traditional narrative of the CIO role around information systems management is becoming outdated, increasing numbers of digital leaders are seeing themselves as technologists, with a strong focus on digital, innovation and R&D. Harvey Nash reports that 60% of digital leaders say good pay is the most important factor when looking for a new job. PayScale says an early career CTO with up to four years’ experience can expect an average salary of £82,723. Experienced CTOs (10 years and above) can expect to earn more than six figures. “Access to new customers via technology is so important, so a strong technologist is going to be absolutely critical to the business,” she says. “You might stay as the CTO but you should expect to have a seat on the executive team if you’re successful.”

Bureau of Labor Statistics, C-level executives increasingly have master’s degrees. A 2019 study from MIT found that over 50 percent of respondents had a master’s degree or higher. Business-related degrees are among the most popular, followed by public administration, law degrees, and occasionally, liberal arts.

The Major Differences Between CDO VS CTO in 2022

This may include managing access to certain technologies and applications on the company network, responding to outages and cyber hacks, and backing up key data. The CTO is a vital executive role focused on developing long-term technology goals, staying abreast of industry tech trends, and working with other executives on a company’s direction. While not every company needs a CTO, this role can enhance the alignment between a product or service’s strategy and a company’s technology strategy. As a senior executive focused on an organization’s technical requirements and challenges, the CTO’s role can be similar to that of the CIO.

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