CTO Roles and Responsibilities
As we have already seen, CTOs are the best of both worlds! They have to focus on a combination of the technological needs and the IT business management of a company. So keeping that in mind, some of their core responsibilities include:
1. Technology Leadership
The CTO is the technology leader in a company. Their main goal is to create a technology vision for the company that aligns with its overall aims and objectives. They are responsible for utilizing technology to fulfill the goals of the company and create a tech-based culture where innovation can thrive. The CTO is also responsible for creating the technological team in the company and integrating tech in such a way that other employees can also understand and appreciate it.
2. Technology Research and Development
Technology Research and Development is a very important responsibility for a Chief Technology Officer in a company. Technology thrives on innovation and every year, there are many new trends in the tech world. It’s the responsibility of the CTO to keep an eye on these trends and watch the external market to provide the best competitive advantage to the company.
3. Product Development
Many companies incorporate technology into their products. In those cases, it’s also the responsibility of the Chief Technological Officer to work closely with the Chief Product Owner (CPO) in product development and enhance the company products that will improve revenue and also create a brand for the company.
4. Business Management
Business management plays a very important role in the running of a company and the CTO handles this on the technology side. There are many software that companies use for business management such as Customer relationship management software, Point of sale software, etc. and it’s the responsibility of the CTO to ensure that they are integrated into the company and working as required.
How to Become a Chief Technology Officer?
Technology is becoming more and more important for all companies, no matter what sector they are in. In today’s times, when companies need software for daily use and cybersecurity for protecting their information, then by default it pushes a focus on technology whether that’s the company’s primary job or not. A company may be a financial firm, a media house, or even an entertainment firm (like Netflix!) but technology is still extremely important. And thus, Chief Technology Officers are a crucial part of the company.
But there is still a big confusion as to what is a Chief Technology Officer. Everyone has heard of Chief Executive Officers and there are some pretty famous people in the tech world (Steve Jobs and Elon Musk come to mind!) But how are CTOs different? And what are their responsibilities in a company?
Research shows that it takes a lot of hard work and loyalty to a company to become their Chief Technology Officer, with 39% of CTO’s infamous Fortune 100 companies getting this role after working more than 16 years at their company. But what does this role entail? Let’s find out!