In this day and age, technology is becoming an essential tool in scaling businesses. Still, some haven’t explored its full potential. Technology runs the digital world, from eCommerce software and orders to the SaaS that helps in sales automation. Technology runs machines that manufacture products, and it is through technology that the modern business world runs.
More so, technology adoption in businesses is increasing in speed as infrastructure gets cheaper. Technology influences effectiveness in all business aspects, including decision making, quicker processes, and marketing. And with more people becoming tech-savvy most firms are striving to keep pace with the changing dynamics. Here is how you can use technology to drive value in a firm.
Developing a Technology Vision & Strategy
Your CTO needs to develop a vision and strategy to build a solid competitive advantage to generate value in a firm. They need to visualize what they are trying to solve, create a competent technical team to help develop and structure the unit for maximum effectiveness. They will have to design a pragmatic operating model.
You must govern technology investments, set policies and principles, and adequately manage resources.
If you are a CTO, you will need to manage a portfolio of projects and balance various stakeholders. At the same time, you will need to build an inspiring technology roadmap.
Architecture is a core part of using technology for developments, and this, combined with policies and principles, forms the foundation for the company’s technology governance.
You could also add to the firm’s value by using the existing technology to create new ones. Using technology also helps researchers find ideas on product development.
It would help if you kept an eye on emerging technology trends, use customer intelligence, watch competitors and the external market. You could use this insight to drive business model innovation well before competitors can disrupt the company.
Creation is essential for attracting talent, getting the best from vendors, and driving value with investors and analysts Product.
Product development is encouraging innovation in business. You can help a firm grow by constantly building new and developing technology products for customers to make their lives better.
In addition, you should expect them to work as the technology partner to the Chief Product Owner (CPO) to develop new technology-enabled products. Doing so will improve revenue and sales opportunities while also enhancing the company’s brand.
It would help if you were well versed in UI/UX design, user research, agile, DevOps, and cloud-based software development methods.
Business IT/ Infrastructure
Business IT is about driving core technology investments that underpin business operations. It is also about managing budgets and systems well.
Managing business IT systems/ infrastructure such as ERP, finance, and CRM will make you valuable technology to the firm. For decades businesses have depended on enterprise core systems to run and operate their businesses.
As businesses look for efficiencies, the role of Robotic Process Automation (RPA) and other process digitization has become a core and influential part of business IT.
A crucial part of this area is working with software vendors and partners to maintain service levels and deliver any new features safely. If you properly maintain the infrastructure, you can provide continuous service to clients.
CTOs are the best people in an organization to drive change using technology. Some of their skills include Software architecture, Leadership, IT management, Product development, and project management. One of the most elite CEOs is Arif Harbott. He specializes in combining strategy with cutting-edge technology to deliver impact at speed for the modern business world.