A Chief Technology Officer needs to stay up to date with any industry and technology advancements or changes to make sure that they are actively aware of the company’s technology demands- both today and in the company’s future.
A CTO is responsible for making sure that any technology that the business is using is corresponding to the company’s growth objectives and there will usually be a need to upgrade and evolve their tech stacks to meet new business needs. CTOs need to be prepared to adapt to change if it happens and be agile and responsive with new technology, especially if the C-suite team decides to pivot or go in a new direction.
Below are three considerations a Chief Technology Officer needs to keep in mind when evolving technology stacks in operation at multinational organizations.
Technology vision and strategy
A Chief Technology Officer must make sure that their technology plan is in line with the company’s objectives & strategic direction, and also to check if anything is coming down the line that may require a change in approach to technology stacks or existing digital platforms. This connection between the company’s technological plans and its general growth and objectives, is an important factor in any business. A chief technology officer should not only have an understanding and knowledge of technology, but of global business as well- so that any technological decisions that are made, are broadly in line with the company’s goals and business strategy.
Furthermore, a CTO must monitor their current technical systems for any potential improvements- and ask questions like do specific departments, such as human resources, finance, and payroll, require a digital transformation? As chief technology officer, being able to tell when your current technology software is becoming outdated is hugely important. Signs that the technology is beginning to decline, such as a slow response time or specific tools becoming obsolete, are things that a CTO should try and look out for to assess if the technology stack needs an upgrade- sometimes, implementing a new technology may be best for your business goals.
A CEO may need to be persuaded when it comes to a new tech stack being required. Putting this need for the right tech stack in terms of the company’s overall goal, instead of arguing it from the point of view of a specific department, may be the approach that a CTO needs to take in order to make the necessary changes to their company’s technology and business operations. A technology stack rewrite is always a possibility and CTOs will be required to take ownership of this should it be required.
It is also important as CTO, to examine any existing technology infrastructure and see if it is in line with industry and competitor best practices and standards. It is also a good idea for a chief technology officer to look at where they can introduce time saving automation- what legacy manual processes could be improved with automation, departments such as HR, payroll, and finance invoicing could be obvious candidates here. Assessing the operating system in these departments to see if they still meet business requirements is important.
The balance between infrastructure and innovation
Innovation is an important element to pay attention to and spend time on, as innovation has the power to move a company ahead of the competition. With innovation, thinking about where it can be applied and what quick wins can happen versus what is a long-term project, are all important questions to think about when considering where innovation could be applied within the company.
Furthermore, as CTO it is important to identify whether new technology assets are appropriate for the company to use. Considering connected departments is a good starting point when it comes to this issue. Areas such as human resources, payroll and finance are all departments that need connected data flows- so looking at this could prove useful when it comes to attempting to determine exactly which new technologies, if any, are best. Making sure that connected areas of the company have the right standard of functionality and helpful systems integrations is important.
When it comes to infrastructure, an important factor to always consider is security. Focussing on cybersecurity measures will be invaluable when it comes to protecting data and client information. When it comes to the evaluation of your current infrastructure, it is worth asking if the current security levels are meeting modern data security and information protection requirements. Cyberattacks and data breaches are a common concern of tech executives- if your company suffers from a data breach, it will reflect badly on the company and damage its credibility. As well as this, if it has been a breach of a client’s private information or customer data has been leaked, it could result in financial penalties from regulatory bodies and potential future clients will have well-founded concerns. As Chief Technology Officer, security should be a priority and this person has a role to play in making sure that information protection and data security infrastructure is always as strong as possible. When it comes to innovation and infrastructure, as CTO, it is about taking charge of the company’s overall technology roadmap.
Getting the most out of technology for the business
As CTO, it is important to monitor key performance indicators- consider whether the performance is worth spending money on or is now perhaps the right time for a change. When it comes to the technology within the company, it is critical to make sure that it is meeting company standards and facilitating long-term company goals. It is important that the money a company is spending on technology is justified and is not being spent on a product that is not performing effectively- it is also valuable to make sure the technology’s pricing is appropriately matched to its value. Being able to optimize new technology and fit it in with your workflow is crucial.
Additionally, when making any purchasing decisions that are based on company strategy and future direction- it is best not to be swayed by the latest technology trends if they are not suitable for the business model that is in place at the company.
When considering if you are getting the most out of your technology, use stakeholder views & feedback when considering changes and improvements. By talking to key stakeholders and getting their opinions on what technology they want could prove to be very useful when making any major decisions on a technology purchase. Furthermore, it offers an insight into what other important individuals within the company think of the technology’s value and if it meets the required standards for daily operational use. By doing this and by evaluating the quality of the technology, what it offers and what the provider offers, a CTO can get a clear view on the right direction for the company to go in.
When it comes to evolving technology stacks for any business needs, the three topics outlined in this article could prove to be helpful considerations. As CTO, considering factors such as innovation, strategy, and specific technology for your business, are all important elements when it comes to an accurate determination of which technologies are best suited for your business.
For information on the Payslip Platform contact us today.