Gone are the days of relying on your technology team to only fix a printer, set up a new wireless router or update Windows. Small to mid-sized companies are leveraging technology to increase profit and productivity at a fraction of the cost.

One popular way is through capitalizing on ‘software as a service’ (SaaS) offerings. Some companies have CRMs for Sales, Marketing Automation, Financial Management and Reporting, Applicant Tracking and Performance Management for HR, and Collaboration tools for Operations, just to name a few. Moreover, the popularity of mobile devices has increased, along with affordable data plans offering power and functionality comparable to a laptop and desktop.

Meanwhile, the devices being used to access sensitive corporate data are not necessarily company-owned assets, leading to an array of security threats. With more reliance on the cloud, the rise of social engineering—amongst other difficult to combat techniques—has allowed hackers unprecedented access to information ranging from credit cards numbers to electronic medical records and beyond.

Fortunately, it’s not all doom and gloom. Opportunities to differentiate with technology are also more plentiful—with near and offshore development, innovation can now be the purview of the small and mid-sized company. Artificial Intelligence can tease out industry trends and spot new markets, improve offerings and markedly increase customer retention and lifetime value. Creating and executing a mobile strategy can create a massively improved customer journey and drive efficiency throughout an organization.

With the endless opportunities available in technology, there are two critical questions to consider:

• Who is currently tracking and mitigating the critical risks for you?
• Who is ensuring your organization takes advantage of transformational and ever-evolving opportunities?

If you answered, “Our CEO/CFO/COO,” ask yourself, honestly: “How’s that self-dentistry working out?” With this much potential loss—and gain—on the table, how can you afford NOT to engage an expert?

All this considered, if you’re still not quite sure you need a full-time CTO yet, or aren’t prepared to make the investment, you do have options.

A Fractional CTO can assess your technology landscape to highlight the risks and opportunities relevant to your business, create your technology roadmap (complete with technology initiatives that align with your corporate strategy), and help ensure they are delivered in a timely, cost-effective manner. Even better, these benefits can be achieved at roughly 25% of the cost of a full-time CTO.

Here are the top 5 reasons we find companies approach us to engage a Fractional CTO:

1. The CEO, CFO, or COO responsible for Technology is overwhelmed with multiple vendors, is unclear on a technology direction, has failed projects, or is experiencing challenges making decisions.
2. The company is considering developing and/or implementing software, or has issues developing/implementing software.
3. The company is considering a sale or acquisition of new business.
4. Business leaders feel the company is being outpaced by competitors, or there is a desire to optimize the existing Customer Technology Journey.
5. The technology roadmap, if it exists, looks more like an over-crowded parking lot than a freeway.

Doesn’t your business deserve true technology leadership to help take it to the next level? The Future is Fractional!

By Scott Krawitz, CEO of PDSI