In today’s fast-paced business environment, making the right decisions is critical to maximizing productivity and efficiency.
CTOs and other C-suite managers need to be ever present. Not just exploring external trends but scrutinizing the impact these trends will have on the internal budget, and the company as a whole.
The responsibility and results end right there. Between customer expectations, go-to-market challenges, and software delivery quality and speed, CTOs need a 360 vision.
Through collaboration with other senior leaders, they need to predict the outcomes and success of their initiatives. Here are a few ways CTOs are leveraging smart decision-making to maximize budgets with minimal spend.
1. Cut hardware infrastructure costs with cloud migration
Cloud solutions are proving a win-win situation for most software companies. Making the switch not only reduces hardware infrastructure costs, but also moves expensive processing power from devices to the cloud – for faster, more efficient connectivity.
Before cloud migration, a key consideration for CTOs is ensuring the necessary levels of talent, processes, and technology are firmly in place. Find the tech partners who offer you flexibility from beginning to end, and work with you to meet your strategic goals, as well as your budget.
2. Boost cybersecurity to keep company systems safe
CTOs who successfully maintain a secure environment are those who adopt a proactive mindset. As cyber threats become more and more advanced, all departments must work together towards the same goal.
It’s important for the CTO to have control over security initiatives by concentrating the acquisition and renewal of licenses to one team that then serves the others. This involves having a constant inventory, consistent benchmark on tools and ensures good practices are solidified across all departments when it comes to security and GDPR.
3. Outsource software production
With the impact of inflation, investing in full-time technology professionals may neither be possible nor profitable. However, IT outsourcing is proving an affordable and trusted solution for many CTOs.
IT Outsourcing vendors have unbeatable staffing strategies, saving CTOs time, money and the significant pressure of recruiting or retaining tech talent.
If you haven’t used an outsourcing provider before, some vendors provide special consultancy where other senior CTOs will take you through the processes and guide you on your outsourcing journey. These services include CTO Coaching, CTO Mentoring, or CTO as a Service. Some CTOs even hire a VP of Engineering with experience in outsourcing and let them handle the outsourcing mission.
If you’re a CTO that has already an outsourcing strategy, it’s in your best interest to choose a vendor who provides constant evaluation related to pricing, ability to scale the team, contractual flexibility, and the quality of the delivery.
Negotiating with vendors in this way can often enable CTOs to secure better prices to help offset the impact of inflation.
4. Monitor performance and measure outcomes
Point 4 brings us back to that 360 vision. CTOs who have full visibility of their tech teams and departments are much better placed to see how their initiatives are paying off in real-time. By keeping a close eye on performance of both internal and outsourced talent, CTOs can clearly see where progress is being made.
With implementation and priority strategies in place, CTOs can measure and track the impact and value, and consolidate performance over time. All results can be consulted with senior stakeholders to ensure a constant alignment towards strategic business goals.
5. Evaluate your team and vendors for best in class
Any CTO knows that best in class tech talent is in high demand and finding individuals that can seamlessly fit into an existing team and the organizational needs is crucial.
There are a number of digital-talent platforms and services that can help with evaluating talent or outsourcing it. The talent of full-time team members can be tracked via individual growth roadmaps, which a CTO can delegate to a member of middle management like the VP of Engineering or, in some cases the Scrum Master.
In the case of outsourcing services, choose reputable vendors who pre-vet their talent across skills and experience levels before bringing them onboard. As the hirer, this means the CTO knows they will always get talent they can trust to get the job done on time, every time.
6. Focus on automation
Investing in automation tools can reduce the workload on employees as well as save time and money. In fact, it’s one of the most effective ways for CTOs to increase productivity and efficiency.
The first step towards automation is identifying processes that can be automated and implementing technology solutions that fulfil them. This will not only reduce the time and effort required to complete tasks but also minimize the risk of errors.
With all these points in mind, to stay competitive in the market and produce more with less, CTOs must embrace technology solutions that keep an organization ahead. Solutions such as automated processes, cloud migration, and collaborative talent tools that enable tech decisions to be made in real-time for improved performance and efficiency.
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