Imagine this. You are a CEO of a startup company with a big product launch in a few days. You are worried about managing clients, meeting tech needs of the product, emergency fixes, data leaks, and several other things. You have to deliver high-quality work in a limited amount of time and you don’t have a high budget. What would be your next move? How will you meet your company’s tech needs and give it the technical direction that it needs with the responsibilities of a CEO simultaneously? Fortunately, a fractional CTO is just what you need in your company to manage all your crises. These seasoned professionals step into a part-time role, providing the precise technical expertise and guidance that is needed to optimize and accelerate your business’s growth without exceeding your budget.
Let’s read further to know more about it and where to hire one.
What’s a CTO?
Let’s get down to basics first. A CTO or Chief Technology Officer is not your basic, go-to regular tech guy. He’s in the highest position in a company responsible for handling the big-brain stuff like handling all the operations in the Information Technology department and the engineering department of an organization.
Now that we know what a CTO is, let’s examine the difference between a full-time CTO and a part-time or fractional CTO and why companies need them.
CTO or Fractional CTO? What’s the Difference?
A full-time CTO develops and implements the company’s technological vision in a strategic way. They bring immense focus and innovation to your company with a dedicated team designed to cater to the specific needs and goals of your business. Moreover, a full-time CTO helps the company stay ahead of tech trends and technology, like advancing AI, blockchain, and machine learning and sets the tone for the technological direction of a company.
While a full-time CTO sees a holistic picture of the business, unfortunately, many companies don’t have the budget to hire one. For that reason, organizations especially startups and small to medium-scale businesses go for a fractional or a part-time CTO. A fractional CTO works on the ongoing project of the company and usually works on a contract basis.
Fractional CTO Explained
Many companies prefer hiring a fractional CTO over a full-time CTO because not only are they cost-effective, which is a major concern for every business but they also have a diverse experience of working with different clientele and companies which can bring creativity in problem-solving for your company. A fractional CTO can also work at flexible hours as per your company’s needs. Moreover, they can work under a limited budget and tools which benefits startups greatly and pushes a CTO to innovate even further. Overall, a fractional CTO brings all the expertise and strategies of a full-time CTO without the commitment and cost of a permanent one.
What Makes A CTO a GOOD Fractional CTO?
The job of a CTO is surely not an easy one. They are not the brains behind the organization but they surely know how to keep that brain running smoothly. Not only does a CTO need proper command over technology and ongoing tech developments and trends but he also needs good leadership and people skills to lead teams and to communicate with colleagues, clients, and customers. An excellent fractional CTO would also need time-management skills to work under fewer hours. Besides, budget management skills and diversity in thought and experience are also crucial for a fractional CTO. Evaluation skills in research and identifying technical problems along with flexibility in nature to cater to different businesses and clients are also very important.
In terms of education, a CTO must have a degree in computer science, or any Information Technology (IT) related field. Most CTOs also pursue a master’s degree in cyber security, data science, or business management to build credibility and acquire more skills. Some people also go for certifications in areas of IT and Cybersecurity. Mostly a CTO has to dedicate 8-10 years in different industries to become an expert.
Why You Need To Hire A Fractional CTO ASAP
Your company needs fractional CTO services immediately if it doesn’t have a proper roadmap on its technological strategy that aligns with your business. Or a dynamic technology that stimulates faster problem-solving because at the end of the day fixing errors that consume days will cost you money. Furthermore, a fractional CTO will provide your company with a well-qualified team responsible for securing data, overcoming technical obstacles, identifying and mitigating risks, and incorporating machine learning and AI to assist and grow your business. To stay relevant and competitive in this ever-changing industry, you need to look for someone who has full expertise and command over what they do without breaking your bank.
Looking to Hire One?
Thankfully at Tplex, we have Mr. Waqar Abdul Ghaffar, our founder and CEO, who is an expert .Net Architect and lead developer. With the experience of more than two decades, he has worked in various industries ranging from education to transport and has acquired many skills in his journey like AWS, Azure, and Umbraco among many others. With multiple collaborations with big and small businesses, he has worked on complex projects, developed and led teams, implemented required tech strategies to accomplish business goals, and delivered unique market solutions in dynamic ever-changing environments. Such a strong involvement in his projects makes him an ideal fractional CTO for your company.
So what are you waiting for? Contact us today to take your business to exponential heights with us!
FAQs
What is a fractional CTO?
A fractional CTO is like having a part-time technology expert for your company. Instead of hiring a full-time Chief Technology Officer (CTO) with a big salary, you get an experienced tech leader who works for you only when you need them.
Is being a CTO easy?
Being a CTO who is relevant in an ever-changing tech scene is not an easy job. Not only should one be well-rounded with both hard and soft skills but also be able to manage stress and time with immense workload and unpredictable emergencies like data breaches and server crashes.
What are salaries like of a fractional CTO?
Usually, the salaries of CTOs are high because of the stressful nature of their jobs. The compensation of a fractional CTO depends on the project they are working on. The market-competitive hourly rate ranges somewhere around $100-$300 but factors such as experience, location, and scope of responsibilities influence the salary compensation.
Can CTOs predict the future of tech?
Yes and No. CTOs have a pretty good grasp on what’s coming however no one can accurately predict the future of tech but they are adaptable to the change and learn quickly.
How do fractional CTOs measure success?
They measure success by KPIs (Key Performance Indicators), project milestones, efficiency, and client satisfaction scores.
