In a world of evolving technology, we always seek innovative ways to overcome inefficiency in the workplace (and in other aspects of our lives).
According to Digital Authority Partners, Fractional Chief Technology Officers (CTOs) oversee the technological infrastructure of businesses to facilitate smooth and efficient system integration and workflow management.
Their technology-based and data-driven processes and policies align with a company’s objectives, helping improve daily operations. These executives manage the IT and engineering departments and are pivotal in meeting their goals through thoughtful, strategic leadership and the use of cutting-edge technology.
What Is a Fractional CTO (FCTO)?
A fractional CTO is hired by a company part-time on a contract basis and stands in instead of a full-time CTO temporarily. They bring high-level technological expertise to companies, guiding them at critical points. FCTOs tend to come on during periods of growth (especially to help companies scale) and during specific, vital initiatives or projects.
FCTOs are sought after because they have the expertise of a full-time CTO but cost less to employ — employers benefit by scaling their technology resources up or down as required. Their flexibility allows them to freelance and outsource their services as needed. They work with several companies, thus spreading the cost around.
They usually work on short-term contracts, ranging from three months to a year or as long as a company needs them. FCTOs charge between $150 and $500 per hour depending on their experience, qualifications, and other factors.
Services Offered by Fractional CTOs
During their short service tenure at a company, FCTOs can make a big impact. FCTOs have several other services and responsibilities that form part of their portfolio. What they offer varies between companies based on their requirements.
Fractional CTOs tend to be employed by medium-sized companies or smaller or even start-ups with the appropriate funding. These companies require guidance and support navigating new technological processes or taking current projects over the finish line.
Some key responsibilities of FCTOs can include:
Relationship-Based Services
- Close collaboration with stakeholders: Working closely with other business stakeholders to achieve goals and objectives across the board, collaborating on projects involving several departments.
- Assessing suitable vendors: Liaising with third-party vendors to evaluate software and technologies that support and enhance the company’s current technological infrastructure.
- Industry expertise, leadership, and mentoring: Providing technical insight and leadership to their teams and standing in as a mentor, manager, or trainer.
Product-Based Services
- Facilitating research and development: Assisting with technology-based research and development to improve processes.
- Product development: Depending on the stage of business, an FCTO can help with product development strategies and implementation.
Short and Long-Term Planning-Product-Based Services
- Tailored project management: Facilitating specific parts of the tech project for their service duration, ensuring focused and dedicated management throughout.
- Risk mitigation and security enhancement: Mitigating tech and IT-related risks through efficient and effective training and techniques. They implement and oversee strict cybersecurity measures to better protect their client’s systems and information databases.
Technology-Based Services
- Analyzing emerging tech trends: Monitoring tech trends such as AI and machine learning capabilities that help companies improve their processes. They keep their fingers on the pulse of ongoing tech developments.
- Implementing new technologies: Monitoring, evaluating, and testing new technologies to determine their effectiveness and impact on the business. By integrating AI and other new technologies, companies can gain a competitive advantage.
- Identifying and overcoming tech-related problems: Identifying pain points in current systems and processes and establishing roadmaps to overcome them.
- Tech strategy development: Developing strategies to enhance a company’s technological infrastructure using appropriate digital resources.
4 Steps to Become a Fractional CTO for Leaders
Becoming an FCTO requires an in-depth knowledge of technology and a passion to continuously learn about evolving business practices. While some argue that technical knowledge can be taught, having a naturally technical and inquisitive mind is paramount in becoming a fractional CTO.
Some general steps to become one are listed below:
1. Solidify Your Technical Background
Your educational background can influence your decision and likelihood of becoming an FCTO. Look to combine marketing and technology—the best of both worlds. STEM (Science, Technology, Engineering, and Math) subjects form a strong foundation that can be a springboard for later learning.
Learning about computer programming or computer science, as well as marketing and business, can serve you well. Clubs, classes, and, of course, the major or minor you pursue can set you up for success.
Reinforce your knowledge and skill by mastering technology courses to promote a deeper understanding of the various tools, systems, and frameworks available. Participate in software development, cybersecurity, AI, machine learning, and other technical training and workshops to solidify your technical educational background. Certifications are critical. Additionally, look for clubs or academic organizations nearby and attend relevant lectures at your local library or academic institution.
2. Develop Strong Networking and Leadership Skills
Network with industry leaders by attending conferences and workshops and participating in online forums (like LinkedIn). Study their material and engage in conversations to learn more about their success stories and tips.
In forums like LinkedIn, it’s encouraged for people to comment on posts so the algorithm launches people higher. Engaging in public discourse on posts like these is a great way to help an industry leader go viral while getting you “face time” and industry advice.
As a leader, you’re expected to practice effective communication and strategic and critical thinking. Look to current leaders in the field to see what they do well and what they can improve on. Then, integrate their best practices into your approach.
3. Gain Industry Experience
Work in diverse industries to gain a broader perspective so you can advise your clients regarding different technological strategies and solutions. The exposure can position you as an asset to clients seeking industry-specific knowledge and experience. This way, you’ll leverage your value as an expert over time. Freelancing in fields like technical SEO, on-site dev work, and more can provide paid opportunities to fine-tune your skills while also building critical business relationships.
4. Keep Up With New Technology
With the increasing use of artificial intelligence (AI) to enhance systems and promote seamless operations, it’s crucial to stay updated about ever-changing market trends.
By being proactive and seeking innovative solutions to evolving technological challenges, you’ll gain credibility as a trustworthy and forward-thinking industry leader.
Choose a Top-Quality FCTO to Streamline Your Tech Processes
Finding a highly qualified and skilled fractional CTO can be daunting with so many available. Depending on your company’s needs, you’ll need one to tick all the required boxes. FCTOs can help your business achieve a high return on investment by streamlining and optimizing tech processes.
At Digital Authority Partners, we work with the best fractional CTOs who bring you the same powerful tech strategies used by top Fortune 500 companies. We’ve seen what fractional CTOs do for our clients, and we are ready to talk about what you need to take your business to the next level.
External sources:
Five-Step Guide to Networking | Center for Career Development Princeton University
