Today’s IT executives are becoming more and more aware of their own elevated status inside the C-suite. Technology is already at the core of contemporary civilization, but pandemic-accelerated advancements have increased its impact even further. Organizational leaders depend more than ever on specialists in tech strategy, architecture, and operations, providing Chief Technology Officers (CTOs) increased authority and responsibility that will only increase in the coming years.
Adopting new technology by itself doesn’t always yield the best results. However, applied deliberately, efficiently, and often in tandem, technologies like hybrid cloud, AI, and automation may help contemporary businesses convert significant change into positive outcomes. How can I lead the IT department successfully and efficiently? The CEOs we spoke with kept coming back to the same subject: teamwork.
Some people might find it surprising that the CTO has evolved into one of the most crucial positions inside a business, yet this posture has been in the works for years. A new “Virtual Enterprise” model is evolving, driven by a post-digital perspective on economic potential, and CTOs are positioned to lead it.
Curiously, our research finds that CTOs and CIOs frequently operate alone, despite what seems to be commonly acknowledged as the optimal scenario. Only 45% of CTOs report regular communication with their CIO colleagues. Similar to this, just 41% of CIOs mention regular engagement with CTO counterparts.
5,000 C-suite technology executives, including Chief Technology Officers (CTOs) and Chief Information Officers, were polled by For Business Value (IBV) (CIOs). In-depth qualitative interviews with a chosen set of CEOs were conducted in order to get insights into their practical leadership experience during a time of unprecedented upheaval. This survey is our first substantial examination of the changing importance and duties of the CTO post, with respondents covering 29 sectors and 45 locations globally.
The expanding influence of CTOs
Technology CEOs and the companies they oversee are under the limelight as businesses reinvent themselves to survive in a post-pandemic economy. The Chief Technology Officer (CTO), who is relatively new to the C-suite, and the Chief Information Officer (CIO) are increasingly sharing the responsibility for technology leadership. The rise of the CTO is significantly changing how choices about technology are made, how quickly new ideas are developed, and how new solutions are found. CTOs are also advocating co-creation and collaborations that are motivated by shared ideals and open standards more frequently.
The Responsibility for a Better Future
Technology has essentially impacted every business activity inside today’s firms, and as a result, the complexity, influence, and significance of the work of technology executives have all increased significantly. CEOs concur. CTOs and CIOs jointly rated in the top 3 behind CFOs and COOs when we recently asked 3,000 CEOs to select the C-suite executives most crucial to their organizational performance. Technology leaders were second only to CFOs among CEOs in the top 20% of firms based on financial performance.
