Why Hiring Virtual CTO For Your Company is a good Idea!

by Emily on July 21, 2020

in Articles

The concept of having virtual employees is not new at all. It has been around in some form or the other from the 20th century, ever since the internet was discovered. Eventually, a lot of ideas grew around it, and within no time, remote employment became mainstream. 

Streaming technologies, social media, and third-generation mobile devices made communication easier in the 2000s. A lot of remote job opportunities grew around this time, some with experimental motives and some with great success. And now the idea of hiring a virtual CTO or Chief Technological Officer has given it a totally new dimension altogether. 

What gave birth to the idea of a virtual CTO? The need


In simple words, the main objective of a CTO would be to advise and guide an organization to use the most innovative and current technology solutions available to maximize operational efficiency and enhance financial strategies. Companies, including established companies and medium-size organizations with full-time in-house CTOs, are realizing that it would be a good idea to have a virtual CTO as it is more cost-saving and beneficial. 

Other factors that emphasize the importance of having a remote virtual technology office:

  • When your company is finding it difficult to keep up the technological innovations in the industry. It is these technological innovations that fosters the success of your business, and make it run efficiently. Innovations can help enhance quality, boost productivity and scale your projects to reach goals that were impossible before. Additionally, they can help you choose the right tech stack for your project. 
  • When your company finds it difficult to hire an in-house CTO due to cost issues. This way you can avoid the relocation costs, and all other benefits and cost recurrences that accompany having a CTO working in your office. 
  • When you need someone to properly manage technology with your business goals. This happens when you need someone with knowledge and expertise that’s beyond software implementation. A good tech partner will have enough knowledge to challenge your own ideas, and prove that their ideas can be more feasible, apart from just providing technical advice. 
  • You don’t need quick fixes from local support, but need professional technical support from one with great business acumen. This happens when you need someone with knowledge and expertise that’s beyond software implementation. A good tech partner will have enough knowledge to challenge your own ideas, and prove that their ideas can be more feasible, apart from just providing technical advice. A virtual CTO can build the right teams because they have more exposure to acquiring talented and skilled people for your company. 

These are just some of the needs that caused companies to hire a pro remote CTO; there are more, and they will be discussed as benefits your company will enjoy.

The Benefits of a Virtual CTO

IT service providers hire virtual CTOs and then offer these CTOs as a service to companies that need their services, depending on the size, domain, and function of the businesses that seek them. Therefore, they are ideal for established players, startups, and mid-size companies. 

  1. Analyze your business models 

CTOs thoroughly examine your business model, in-house resources, and infrastructure, and give a clear picture of the company’s efficiency levels. If you are a business owner and not very clear on the technological front, then you need someone who can handle IT complexity and continuity. A virtual CTO would help you find solutions that are within the scope and budget of the company, show you where you can use new technologies, and how to make use of new opportunities. A good CTO works as an extension to your company even if they work from somewhere else, and would always be ready to provide support and solutions. 

  1. Synchronize business goals with technology

The CTO plays a primary role in critical technological implementations that will take the company to the next level, and they do this by aligning the latest technology with business goals. They work with the management team while defining the technology strategy for your company, as they are in a better position with their knowledge regarding current technology investments. This helps the CTO define and set the standards for future requirements. 

  1. Flexibility beyond the capabilities of an in-house CTO

If your company is a startup and is going in a different direction than initially planned, then a full-time CTO may not be able to help out. The expertise of a virtual remote professional can most certainly bring it around and get the company back on track. You can also hire multiple CTOs with different skill sets to help switch gears.

  1. Budget-saving move

Obviously, having a full-time CTO can really be a strain on the company budget because they are some of the highest-paid in the industry. So, contracting this work would be beneficial because you get valuable technical insights, and payment for the experts would be according to the terms of the contract only. 

Responsibilities of a Virtual Remote CTA

Here is the possible list of responsibilities of a virtual remote CTO. Keep these points in mind when you set out to hire one.

  1. Educating the technical staff of the company

While analyzing the technological risk management of the company, the CTO is also responsible for developing technical designs and layouts for projects, and educating the staff on tech stacks and supporting platforms. 

  1. Responsible for making long-term strategic decisions

The CTO should have the foresight to make strategic decisions that influence the company positively and be aligned with future goals. It would be a good idea to hire someone with many years of experience since they would have a history of working with many companies and their advice would be really industry-specific. 

  1. Evaluate current network infrastructure 

Apart from overseeing the current technology assets, the CTO must ensure that it is all well-planned and effectively supported. He can also hire people with technological expertise to promote the vision for the organization. 

Conclusion 

Apart from the above-mentioned responsibilities and duties, the remote CTO should participate in management decisions, supervise the research and development division, safeguard the company’s private data, optimize business processes, and be updated on the latest tech trends, standards, and compliance regulations.

Company heads can hire an experienced remote technical partner to keep up with tricky tech needs because it is easy to feel overwhelmed when technology is not your playing field.

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