Fractional CTOs are high-demand professionals who specialize in specific technologies or toolsets. They are capable of providing expert level advice and guidance to teams with that company needing to pay for a full-time position. Considering that average CTO’s salary is $160,000 USD per month, that’s something most companies would prefer to not spend if technology is not their focus.
Fractional CTOs are typically hired for temporary periods of time in order to get a project done or on a flexible retainer. The work they do is not full-time but it is enough time but focused on providing the strategic insight of how technology can solve a company’s problems across all areas of the business.
I prefer to think of a fractional CTO as anyone who can bring their expertise across a wide range of disciplines to solve complex problems for any business. Think a business consultant for technology, with the ability to also help you implement the changes they propose.
Top 5 benefits of a fractional CTO:
The decision on what type of CTO to hire should be based on the company's needs. A fractional CTO is a good option for companies that need an experienced leader who can fill in the gaps between leadership and management positions. An in-house CTO is a good choice for companies that are looking to make technology the sole focus of their business, as they will have more control over their decisions and company culture. Think a tech startup. An outsourced CTO is a good option for companies who want to focus on their core business while having an experienced leader take care of the technology side of things, like in most established service businesses.
When you need to go deep on one particular part of technology, you want to hire internally. But when you need breadth and business expertise for every area of your business, hiring a fractional CTO that is part of an agency is best as they will have access to a variety of talent, not just one person and one skill set.
The truth is there aren't many companies out there hiring a CTO full time because they don't need one. However, not having one at all costs them time and money. A fractional CTO is the perfect blend of solving problems with technology while not becoming a technology-only company.
Businesses thrive when they create successful goals and implement them. Goals give direction and focus to your efforts. Without clear goals, your activities tend to drift, and you may never achieve anything meaningful.
Successful goals are specific, measurable, attainable, realistic, timed, and important.
In order to achieve these goals, businesses need to focus on digital automation and digital innovation. Digital automation is not only about automating tasks but also streamlining processes so that they can be completed in a fraction of the time it would take humans to do them. Digital innovation is about coming up with new ideas or solving problems in novel ways that can help your company grow its market share.
There is no doubt that digital automation is one of the most important trends in recent years. It has been changing our way of life, affecting almost every industry and company in the world. Businesses have been automating their processes to increase efficiency, improve customer experience and achieve better results overall. But if you, and others on your team, have not kept up to date with the best solutions and leading technology, would it not be wise to bring in an expert? To embed them in your team to transform your company?
A fractional CTO can help a company solve more than just tech. They can look at the business as a whole and provide advice on how to scale the company. They also offer solutions daily hassles that come with running a business. They don’t just take care of the technical side of things - they're there to help you with everything that's going on in your company and how it's growing.
If you’re interested in learning more about how a CTO for hire can help increase your profits, productivity, and industry leadership, we’d be happy to connect!
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