The dizzily increasing speed of technological change makes it important for companies to cope up with technology trends and to anticipate disruptions. With the speed at which modern technologies are extending their reach, they have the potential to destroy a business overnight. Organizations that fail to keep up pace with such technological disruptions can witness rapid erosion in their performance. This is why every company needs an individual who can understand and implement a company’s technology to help achieve business goals. Every company requires a chief technology officer (CTO) who can contribute to the decision-making of the company.
Because of digital transformation and as every company is getting digitized, it is important to have an extensive understanding of new technologies and technology trends to create a technological vision and strategy for organizations and their stakeholders. There is a constant evolution of new technologies and a revolution of existing technologies, thus CTOs need to be able to accelerate business value using customer intelligence, predictive analysis, and judgment.
Determining the CTO role and ensuring that it is positioned with business priorities has become increasingly important in today’s era of digital transformation. Understanding structures in the industry and the different personas can help business leaders adapt the CTO role to their organizational goals.
Ensuring that business and customer needs are met is a high priority, and a coordinated, responsive IT delivery mechanism with focused leadership and chain of command is essential. The CTO is working across business and IT to govern and guide technology decisions. In very large organizations with a significant IT headcount, CTO is focused on the day-to-day running of IT. This emancipates the CIO to work at a more strategic level across the business.
Digitalization is a top priority in 2021 and will remain one in beyond. The digital trend has grown incredibly during the global pandemic. According to IDC, spending on digital transformation (DX) will hit nearly $2 trillion in 2022. At the core of the strategy, CTOs are helping by taking digital initiatives with a shared vision across the organization.
In today’s market, CTOs are playing an increasing role as digital business leaders, starting from transforming an organization’s business model, products, and services, to leveraging innovative technologies and looking out for the latest technology trends to apply them within the organization potentially.
Broadly it has become vital for companies to see the big picture and bring disparate elements into harmony. By integrating numerous data sources, and creating new ideas and business strategies CTOs provide an exceptional chance to impact the people around them.
The business landscape has fundamentally shifted. Success in 2021 and beyond will depend on how CTOs harness disruption and bring in meaningful change. Thus, the role of the CTO is something that is gaining importance in the era of digital transformation.