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The fast-paced and flexible culture of product-based startups is making them the go-to choice for fresh talent entering the workforce. Startups are ever-transforming, with a strong emphasis on digital growth. According to a Deloitte report on Workforce Transformation, a global survey revealed that 22% of organizations are using artificial intelligence (AI) either partially or extensively.
The decision to go digital and employ AI comes with the need to close the gap between conventional and innovative practices. This is where the need for hiring a Chief Technology Officer (CTO) or CTO services arises.
The role of a CTO in product-based startups is essential for success. CTOs are in charge of developing technological processes, setting the technical direction of product development, creating and executing strategic plans, managing teams of developers and tracking performance. Let’s further analyze how CTO services are predicted to propel product-based startups to success in 2023.
Carves out the company’s tech direction and future strategy
According to Christopher Mims, a tech columnist from Wall Street Journal, “every company is now a tech company.” For early-stage product-based startups, even if they’re not affiliated with the IT industry, the team member with technical skills or a technical founder takes on the role of de facto CTO. If none of the team members have the required experience or skills, then startups often outsource CTO services, which are usually equally effective.
They help develop and execute the company’s long-term technology strategy and vision. They’re also responsible for ensuring that this strategy aligns with the company’s overall goals and mission. As the start-up grows, it’s likely that the company will hire someone permanent with expertise in the IT field.
Oversees everyday operations and provides guidance
A CTO or similar CTO services can be beneficial to the company’s day-to-day operations. In startups, especially, CTOs take on a more hands-on role. From leading teams of developers and technical staff to day-to-day planning and resource allocation and even monitoring system software and hardware updates, startups rely on CTO services for all of this. They offer technical support and guidance to employees as well, making sure that everything is on track and operating smoothly.
Helps the startup in keeping up with the competition
CTOs are essentially digital business leaders. An IBM survey of 5000 C-suite executives showed that 29% CTOs expect their next role to be a CEO. The role of a CTO is no longer managerial but visionary now, and the job description involves staying up to date with the latest technological trends and keeping an eye on competitors to see how they’re making use of that tech.
A CTO or CTO services help startups leverage these technologies for their own benefit so that they’re not left behind. With companies riding the AI wave due to the launch of generative AI programs like DALL-E and ChatGPT, the need for such services in startups is more urgent than ever. Technical prowess is required to understand and unleash the full potential of these tools, and that is exactly what CTO services bring to the table.
Ensures smooth product planning and development
CTO services have a big role to play in the planning and execution phases of any new product that is being launched. In startups, especially in tech-based ones, the CTO is the key player in the success or failure of a product. They’re responsible for product planning, reviewing their feasibility, development, and testing as well. CTO services also help with debugging the product and identifying potential flaws or mistakes during the testing phase.
In startups, due to funding constraints, CTOs often take the role of a DevOps engineer as well to create an agile framework for work that is able to be delivered in a timely manner and without compromising on its quality.
When do you need CTO services
An increasing number of startups are starting off digital and need a reliable person to handle IT operations. You may need to invest in CTO services if you have a great idea but lack the technical expertise to execute it or if you’re a startup that is looking to scale. If you’re facing difficulties with internal infrastructure or want to integrate the latest technologies into your business, then hiring CTO services would serve you well.
With the help of CTO services, startups can have the right resources, strategies, and people to create a product that delights end-users. By taking advantage of the CTO’s unique set of tech and business-oriented skills, a startup can benefit from the CTO’s expertise and experience to fuel the company’s explosive growth and drive to success.
Key Takeaway
For product-based startups, CTO services are the key to leveraging the latest technologies and succeeding in the digital world. They help startups establish a strong technical direction, carry out day-to-day operations, stay up-to-date with the latest trends, and plan and develop products. They’re predicted to act as a catalyst for the success of digital startups this 2023
