PDP #7: Why Do You Need a CTO?
Listen to our new podcast to learn why you need a CTO in your company and their main responsibilities in product development.
Companies become bigger and transacting faster. All of their legacy methodologies and ways of operating now need scale. Decision-making isn’t done in isolation anymore, and organizations hire individuals who understand the problem and make decisions. A CTO is responsible for setting a technology strategic vision, assembling a team to solve tech challenges, and keeping the company running.
“CTO is short for Chief Technology Officer, or, in other words, a person who wears a lot of hats in the company.”
WHAT IS A CTO?
A CTO, at its core, is the executive responsible for managing and realizing business value from technology across the company. The job of the CTO is to work with the CEO and other business leaders to ensure that you’re implementing the technology vision that supports the digital product strategy of the business.
Related article: Everything you need to know about CTO-as-a-Service
WHAT SKILLS ARE THE MOST CRUCIAL FOR TECH EXECUTIVE?
The role and responsibilities of the CTO may vary across companies and industries. But one thing remains the same for every CTO: they have to stay up-to-date with the latest trends and technologies that could disrupt their business.
In general, the main tasks of a CTO include:
- Developing a technology strategy and vision.
- Building, hiring, and guiding technology teams.
- Empathizing with employees and guiding them in the period of uncertainty and confusion.
- Understanding how technology can help achieve company goals.
- Working with senior stakeholders, and other c-level executives to determine values and mission, and plan for short and long-term goals.
Related article: How to choose the right technology stack for your business?
THE ROLE OF A CTO HAS CHANGED OVER A DECADE?
The chief executive officer role has been around for decades. However, the job CTO in 2021 is not the same as it was in 2010. The CTO’s main concerns in 2010 were backups, desk support, and managing IT infrastructure. Nowadays, it’s a more strategic role: building a roadmap, guiding the team, and communicating the technology vision across the company. Having a trustworthy CTO on Demand by your side will make your job easier and less stressful.
Peter Shankar, Chief Technology Officer at Equity Multiple, joins the new episode of the Product Drama podcast to share his story and experience of what it takes to be a tech c-level executive in the real estate investing company and his job looks like day-to-day.
This episode will be beneficial for companies thinking of adding a CTO to their team and those who dream and plan to land a tech executive role one day.