Every business needs to have a level of focus on technology, not just from an operational point of view, but also from a strategic viewpoint. There should be a role in every organisation that is responsible for developing and implementing the companies IT strategy and ensuring that it aligns with the overall business strategy.
This role is the Chief Information Officer, or CIO.
You need a CIO who understands your business goals and objectives and can translate them into a technology strategy that supports these goals. Someone who can work closely with other executives and stakeholders to determine the IT needs of the organisation and to create a plan to achieve them.
Your CIO would be responsible for evaluating the current technology infrastructure of the business and making recommendations for improvements and upgrades that support your business strategy. They have to stay up to date with emerging technologies and trends and have a good understanding of the latest technologies and their potential impact on your organisation.
They also need to identify opportunities for innovation and determine how technology can be leveraged to improve business processes and increase efficiency within the organisation.
Managing IT risk would be another responsibility, identifying potential risks and vulnerabilities in your technology infrastructure and developing strategies to mitigate these risks. Ensuring that data is secure and protected from cyber threats and other security breaches, and making sure that you are in compliance with relevant regulations and standards.
In addition to managing risk, a CIO would also be responsible for managing IT cost, balancing the need for technology investments with any budget constraints. They must be able to communicate the value of technology investments to executives and stakeholders.
Innovation would also be an important function of your CIO. Being able to foster a culture of innovation and encouraging employees to think creatively about how technology can be leveraged to improve business processes and solve problems.
Finally, you need someone who is an effective leader and manager. Be able to build and manage a strong IT team, ensuring that the team have the skills and resources necessary to support the organisation’s technology needs.
What if you don’t have a CIO?
Like all C-level executives, hiring a CIO isn’t cheap and you maybe not be able to afford someone to take ownership of your technology and carry out all of these duties and responsibilities? Maybe you know you need the role, but your business isn’t large enough to justify a full-time CIO?
This is why a lot of IT consulting companies offer a part-time or ‘fractional’ CIO service. Your business might only need 3 or 4 days per month to cover all of these areas, and in some cases you may even need less. By choosing a fractional CIO you can get the best of both worlds – someone with the experience and knowledge to deliver what you need, without the costly overhead of employing someone on a full-time and permanent basis.
