The threat of COVID has not subsided completely, which is why businesses are still trying to virtualize their day-to-day functions. According to a survey, around 58 percent of the total number of business owners worldwide are investing big money in emerging technologies and are keen on continuing the same.
These investments are to make sure that the growth of business does not get stunted. The environment within companies is going through a radical transformation. Even the traditional methods of performing a task are evolving to cater to the ever-changing technology around the world.
Suppose you are a business owner who has not yet revamped your business processes. In that case, you need a Chief Technology Officer or CTO, who will help you migrate to the use of the latest technology. You can either hire an in-house expert or invest money in virtual CTO services.
In this article, we will talk in detail about this service. We will explain the concept first, followed by the difference between external and internal CTO. Lastly, we will list a few things you need to keep in mind while hiring a Virtual Chief Technology Officer.
Virtual CTO: The Definition
Whether virtual or in-house, the function of a CTO is the same. A Chief Technology Officer is a C-level executive who oversees and manages an organisation's digital infrastructure. He ensures that all business goals are achieved using innovative technology.
A CTO always strives to stay well-informed about the latest emerging trends and constantly tries to incorporate them within business processes to achieve long- and short-term goals. They analyse the current trends, formulate business strategies and decide upon the procedures necessary for delivering top-notch services and products.
Virtual VS In-House
The recent pandemic storm that passed over our world has affected businesses substantially. Many companies have introduced the process of remote working. This particular practice has blurred the lines between in-house and offshore experts. Many companies have resumed work from the office. However, some organisations still prefer that the employees work from home, as that is a convenient alternative.
From the above statement, it may seem that virtual CTO services are better than in-house CTO services. However, a number of nuances need to be kept in mind while differentiating one from the other. To understand the distinction clearly, you need to be informed about both advantages and characteristics.
As far as the distinction goes, let's talk about the benefits of each to give you a clear idea.
- If you hire an internal CTO, you will have access to his day in and day out, whereas, with an external CTO, you may not be able to communicate 24/7.
- When you hire a CTO internally, you will have to invest a lot of money in training and preparing him for your company. Whereas, while outsourcing, you will only need to pay the officer, and you will also be able to replace him if necessary.
- Hiring an in-house CTO will give you access to a limited set of skills. He might not even be very experienced. While outsourcing, you will have the liberty to choose a CTO with high levels of expertise and experience.
Factors to Consider While Hiring a Virtual CTO
By now, you must have already decided which option to go for, and if you have settled for the virtual path, don't just hire any service provider. Several factors will determine the success rate of the service provider. Let us take a look at some of those.
Know Your End Goals
You need to be sure about this factor. You may be trying to build an MVP, or maybe you are planning to get the most out of your existing tech team, or you may also want to meet your customers' expectations better. Knowing our end goals will help you hire a CTO suited to your business needs.
Define the Requirements Beforehand
Before considering hiring a CTO, you must be clear about the requirements. Do you want to hire a strategist or a techie? Based on the answer to the question, you will be clear about the skills your CTO should have, whether he should be a master of coding or a QA and testing expert.
Ideally, it would be best if you went for the CTO who has both kinds of skills and will be able to speak the language of your business.
Talk to Your Contacts
You must have developed a circle of business owners as a business owner. Even if their business belongs to a different niche, there is massive value in their opinion about business functions. Talk to them, and you may even get information about a CTO that he has hired in the past and was impressed with his work.
Hiring a Virtual CTO is the Key to Success
From the above article, you must conclude that hiring a virtual CTO, especially in the present, is the best way to improve your business process and grow your brand.
