Technology is moving away from physical assets and moving toward virtual assets using cloud technology, big data and the internet of things. Responsibilities of the Chief Technology Officer While research and development has been a component of businesses for many years, the rise of information technology IT and computers has increased the importance of the chief technology officer.
Technology is focusing more on integrating applications, processes and data. In this role, a CTO will act as a liaison between the customer and the business by taking on the responsibilities of customer relations, getting a grasp on the target market and helping deliver IT projects to market.
The title was popular with dot-com companies in the s and then expanded to IT departments. Rapid advancements in business solutions, and growth in mobile device usage and cloud computing usage, have also contributed to the expected increase in job openings.
Bureau of Labor Statistics predicts that job openings for CTOs are expected to increase between and This kind of CTO will help set up the corporate strategy and fuel technological infrastructure, and will analyze target markets, and create business models.
But the responsibilities and role of the CTO also depend on the company. To become innovative and stay competitive, CTOs must keep abreast of big data, streaming analytics and cloud technology. The CTO also develops strategies to increase revenue and performs cost-benefit analysis and return-on-investment analysis.
This CTO will also look at how to further implement new technologies within the company to ensure its success. The continued growth of business conducted over information systems is the main cause of employment growth in this role.
He develops policies and procedures and uses technology to enhance products and services that focus on external customers. Companies focusing on scientific and electronic products employ CTOs who are responsible for the oversight of intellectual property and have backgrounds in the industry.
A CTO is the highest technology executive position within a company and leads the technology or engineering department.What is a 'Chief Technology Officer - CTO' A chief technology officer (CTO) is the executive in charge of an organization's technological needs as well as its research and development (R&D).
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meaning the equity should be allocated based on the value that each partner brings to the table in each of these dominant variables. A chief technology officer (CTO), sometimes known as a chief technical officer or chief technologist, is an executive-level position in a company or other entity whose occupation is focused on scientific and technological issues within an organization.
A business plan is a written description of your business's future, a document that tells what you plan to do and how you plan to do it. If you jot down a paragraph on the back of an envelope.
A chief technical officer or chief technology officer is a business executive position whose holder is focused on technical issues in a company. It emerged in the United States in the s as a. Definition of CTO in Business & Finance.
What does CTO stand for? Printer friendly. Menu Search. New search features Acronym Blog Free tools What does CTO stand for? Meaning; CTO: Chief Technology Officer (corporate title) CTO: Chief Technical Officer (corporate title).Download