As businesses continuously seek to modernise operations and cut costs in the process, many are opting to employ the services of a Virtual Chief Technology Officer (VCTO or Virtual CTO). Whilst this role is a fairly new one in comparison to traditional board roles, VCTOs are fast becoming key members of c-suite executives across the board.
In fact, Gartner recorded that 58% of business leaders were investing big in emerging technologies in 2021, with further plans to expand on investments in coming years. VCTOs are crucial to directing such investment and spending, providing specialist insight into the future of tech specific to a business’ needs. As the key initiative behind increased spending is accelerated business growth through innovation, VCTOs provide clear insight into industry innovation.
In order to discuss and weigh up the benefits of acquiring a Virtual CTO for your business, today we delve into the intricacies of the role, and the tangible benefits experienced when employing a VCTO to your board.
The role of a Virtual CTO is fairly simple, they take on the role of a traditional CTO, taking responsibility for the technical direction and IT investment of your business. VCTOs are responsible for innovating and strategising your business’ tech trajectory going forward, bridging the gaps between business and IT.
A VCTO provides a premium executive level service; utilising a career’s worth of tech knowledge and experience to ensure your enterprise is gaining sufficient value from its tech investments. In terms of the specifics, Virtual CTOs provide the following services;
As many companies can be hindered by poor IT strategizing, overspending, and outdated technologies, VCTOs ensure maximum return for minimum investment. Virtual CTOs will have proven and extensive experience in driving tech innovation throughout the course of their career, being able to provide a wealth of unique experience to partnered businesses.
As discussed, there are numerous benefits for businesses who decide to employ a Virtual CTO. Whilst the primary benefit of a Virtual CTO is the gained experience and expertise of a highly trained and knowledgeable tech expert, there are also significant benefits related to financial savings and business development.
In most cases, a Virtual CTO is able to provide both remote and onsite help, providing a highly flexible hybrid model of consultation. Ordinarily, a full-time CTO will earn the significant sum of £100,000 - £230,000 per year, an amount that becomes even more significant when the option of a cheaper (and often more experienced) VCTO is available for less. Generally, a Virtual CTO will work an agreed number of hours per month, removing the threat of hidden costs or unfulfilled contracts. Whatsmore, if your Virtual CTO is part of an MSP such as Fitzrovia IT, this means they bring the experience of a full team comprised of dedicated tech experts.
Virtual CTOs can be incredibly flexible in the services they provide your enterprise - and can quickly shift focus to accommodate the needs of your business. Upon request, they could move from overall strategy development to software implementation to participating in board meetings as required. With the benefit of the flexibility a VCTO can bring your business, there’s much greater scope for growth, investment and innovation. While your VCTO specialises in the tech trajectory of your business and IT strategy, you can remain focused on business.
Arguably, there are no downsides to employing a VCTO for your business as reduced costs, innovative strategy and technological growth are the key pillars a VCTO partnership. If you feel your technical direction is unsure, or your spending does not correlate to your returns, then adding a Virtual CTO to your board may be the best option for your business moving forward.
At Fitzrovia IT our directors offer their services as VCTO to clients, having a proven track record of ensuring innovation and growth within such partnerships. If you want to discuss your current IT strategy and find out more about the possibility of partnering with our VCTOs moving the forward, don’t hesitate to contact our team now.