The Role of Fractional CIOs in IT

However, if you don’t need a full-time CIO – or can’t afford one – consider a fractional CIO as a cost-effective and flexible solution that still meets your company’s IT needs.

Read: 3 Ways a CIO Aligns IT and Business Strategies

What Is a Fractional CIO?

A CIO is an experienced C-level technology leader responsible for shaping and managing a company’s digital strategy, ensuring data security and leveraging the right IT systems to drive innovation and growth. They also help businesses stay competitive, innovative and productive.

A fractional CIO does all of that but only provides their expertise and guidance on a part-time or project-based basis; think of them as a freelancer for your company. They offer tailored strategic advice and leadership in various technology-related areas and act as an extension of the executive team when it comes to IT, although they are not permanently part of it. You’ll often see fractional CIOs work with multiple clients simultaneously as they stay aware of the latest IT trends and best practices, making them a must-have commodity.

Over the years, fractional CIOs have become a resource for modern businesses looking to harness the power of technology without the commitment and pay of a full-time CIO. Small businesses often can’t afford a full-time CIO but need expert advice to make IT-related decisions before the competition edges them out.

What Do Fractional CIOs Do?

• Technology strategy development: The most significant responsibility for a fractional CIO is to help develop and execute a comprehensive forward-thinking technology strategy that is aligned with the company’s business goals. They assess the current technology infrastructure, identify areas for improvements and then devise an IT roadmap for future technology initiatives. In other words, if your company is unsure of where to go with its IT or is currently experiencing a massive technological change, a fractional CIO can help get you on the right path.
• Digital transformation: Digital transformation is essential for businesses to stay competitive. Fractional CIOs can guide organizations through the process and offer critical industry insights, as they can identify opportunities to leverage emerging technologies and streamline processes to drive growth and scalability. They can also help improve efficiency and performance, lower IT costs and enhance customer experiences.
• Budget and cost management: Another essential duty for a fractional CIO is to aid with technology spending. They will analyze your IT budget – or help create one – and find areas for cost savings, as well as recommend strategies to maximize ROI on technology investments and eliminate IT surprises and wasteful spending.
• Cybersecurity and data protection: Ensuring the security of sensitive data, be it customer or company data, is vital for any business. Fractional CIOs establish robust cybersecurity measures to reduce the chance of cyber attacks and vulnerabilities. They create risk assessments, data backup and protection strategies, incident response plans and disaster recovery plans.
• Leadership and mentoring: Fractional CIOs often work closely with your existing IT team, providing leadership, mentorship and guidance to enhance their skills and capabilities, especially for staff who hope to become IT leaders one day. A fractional CIO is the way to go for companies experiencing a leadership gap and needing some assistance filling it. Please note that although fractional CIOs oversee your IT team, they don’t typically handle day-to-day tasks and issues; that’s for your internal or outsourced IT team.
• Project management: Fractional CIOs oversee and manage a variety of technology projects, ensuring they are completed on time and within budget. Projects can include software development, infrastructure upgrades, selecting new hardware, implementing new security initiatives or systems, identifying outdated technology, moving the company to the cloud or utilizing AI.
• Vendor management: Fractional CIOs can help select and manage technology vendors and suppliers, negotiate the contracts and ensure the vendor relationship is aligned with the company’s objectives.
• Communicate with stakeholders: Effective communication with stakeholders, executives, board members and staff is another crucial aspect of being a fractional CIO. They should be able to translate technology jargon on IT trends, risks and opportunities into easy-to-understand business terms, ensuring that everyone is on the same page.

Benefits of Hiring a Fractional CIO

As you probably guessed, many benefits come with hiring a fractional CIO:

• Cost-effective: Hiring a full-time CIO can be expensive, especially for small-to-medium-sized businesses. Fractional CIOs offer access to high-level expertise and knowledge without the hefty price tag and overhead. They often charge by the hour or a flat monthly fee.
• Access to expertise and knowledge: Fractional CIOs have a wealth of knowledge, experience and skills across various technologies and industries. Your company can access that when you hire them.
• Competitive edge: All that experience and knowledge at an affordable price can elevate your competitive advantage and credibility, beating out other companies and gaining customer trust.
• Flexible work schedule: Companies can hire fractional CIOs on a part-time or as-needed basis, making the role adaptable to the company’s specific requirements and budget constraints.
• Objectivity: Since fractional CIOs are not fully embedded into your company, they can offer unbiased, objective viewpoints and suggestions, especially when you need to make a strategic decision but don’t know what to do.
• Quick deployment: Fractional CIOs can be onboarded faster than a full-time employee, allowing companies to quickly address urgent technology challenges and issues. Also, since they don’t have all day or week to handle your concern, they work quickly to resolve your problem.

Thriveon Offers Fractional CIOs for Your Technology Needs

As part of our managed IT, cybersecurity and project services, Thriveon offers every client of ours a fractional CIO to align your technology needs with your business goals. Our fractional CIOs offer top-notch guidance and leadership at a fraction of the cost of a full-time CIO.

Schedule a meeting with us today to get more information on how a fractional CIO can implement a new IT strategy for you.