Challenges which a SME CTO or CIO faces
Lack of continuous innovation : Unlike larger MNCs, SMEs understand the pulse of their target audience and can deliver customized and tailor-made goods and services. “In order to differentiate themselves from the pack or competition, SMEs have to continually focus on creating value for the customer to buy or deliver an experience that an established player cannot create. This is the challenging task, as this is continuously evolving
Inconsistency in customer experience : Lack of an organizational culture or a well-defined structure might not seem to be an important area to focus on when a business is in the early years; however, as the number of customer and employee count increases, absence of these two can have adverse effects on the customer experience and product quality. When aspects like marketing, operations and finance rank high in the priority list and leads to compromising on the quality of the service it will eventually lead to a decrease in customers.
Lack of finance : Most SMEs are a result of their founders’ personal savings and loans taken-up against property and assets. While this kind of capital is a good starting point for any business, the challenge arises when one wants to scale up and diversify. Most SMEs find it difficult to raise adequate funds from banks especially for high risk projects. “SMEs don’t have deep pockets unlike bigger players. SMEs need smarter ways to capture market and build brands without burning hole in their pockets.Some of these may include use of social media, website, blog, community-connect and various unconventional tools and method .
Scaling-up : The challenge of expanding and growing is dependent on a number of features like access to the right technology, substantial funds, structured planning, divided focus and training and mentoring the employees . Many such potential market-fit products are doomed to fail if SMEs do not pay due attention and deserved focus.
Adopting changing regulations : With so many to dos’ and exemptions and in the absence of proper centralized information centers, it becomes difficult for the MSMEs to comprehend the complexity. Businesses today have various regulations to comply with which include regulations, taxes, environmental and certain sector specific regulatory laws and licenses .
Role of CTO in a growing Organization[embeddoc url=”https://startuppitamah.com/wp-content/uploads/2019/12/rsmithctoposition-1215092744408789-9.ppt” download=”all” viewer=”microsoft”]
Role of Chief Information Officer[embeddoc url=”https://startuppitamah.com/wp-content/uploads/2019/12/oloralf05g4.ppt” download=”all” viewer=”microsoft”]
Broader Things a Part time CTO should do
- Design Top-Level Tech Strategy
- Manage a Growth Roadmap
- Be the Public Face of Tech
- Coach/Mentor Tech Talent
- Backbone of Tech Culture
- Discuss Feasibility at Micro/Macro Levels
2 month engagement plan for a firm taking CTO on Hire
A SME can hire a CTO who handles its project remotely and has the requisite Skills, Competency, and Experience to take it to the Next Level of Technology Development, but most importantly at an affordable cost.
An SME can now get CTO by customizing its CTO Cost, CTO Time and CTO Engagement Methodology as per its needs. Our “PART TIME CTO”[embeddoc url=”https://startuppitamah.com/wp-content/uploads/2019/12/Office_Of-CIO.pptx” download=”all” viewer=”microsoft”]