Technology is a vital component of any modern business regardless of industry but managing it effectively can be challenging and costly. While you could attempt to maintain and manage your systems yourself, if you are not an expert you can do a lot more harm than good. A second option is hiring a full-time Chief Information Officer (CIO). While this can be an ideal solution for some it does come with a hefty price tag and a limited perspective. That is why many businesses are turning to fractional support in the form of a virtual or vCIO services. vCIO services offer a flexible and affordable alternative to bringing on expert IT guidance and support.
A vCIO, or virtual Chief Information Officer, is a technology consultant who works remotely or part-time with your business, providing strategic IT advice and management without the overhead of a full-time executive. A vCIO can help you optimize your existing IT infrastructure, recommend new solutions, implement cybersecurity measures, and identify opportunities for innovation.
One of the main advantages of vCIO services is that they are far more cost-effective than hiring a full-time CIO. According to the latest salary reviews from ZipRecruiter, the average annual salary of a CIO in the US is $173,500. This, however, does not factor in things like benefits, bonuses, and other expenses you will incur, which could account for an additional 40% of that salary.
A vCIO, on the other hand, charges a fraction of that amount, depending on the scope and frequency of their services and will not also require benefits. This reduction in cost in both salary and benefits frees up capital for other services or projects.
Another benefit of vCIO services is that they give you access to seasoned professionals who have extensive IT knowledge and experience across various industries and domains. Thus, a vCIO can bring a fresh and objective perspective to your IT challenges and opportunities, leveraging best practices and innovative technologies to help you achieve your business goals. In addition, a vCIO can leverage their experience with other clients seeing technology trends or hurdles sooner, enabling you to stay ahead of the technology curve.
A CIO’s primary role is to align your IT initiatives with your overall business objectives and a vCIO is no different. A vCIO works closely with your executive leadership, understanding your vision, mission, values, and goals, and developing a customized IT roadmap that supports them. A vCIO can also help you measure and monitor your IT performance, ensuring that you are getting the most value out of your technology investments.
With cyber threats on the rise, cybersecurity support is no longer a nice to have but a necessity. A vCIO will be able to help you implement the robust security measures a Chief Security Officer or CSO recommends, keeping your sensitive data and systems safe and your company’s reputation intact. When a CSO assess your current security posture, identifies risks, and determines your ability to comply with relevant regulations and standards, they typically turn to a CIO to plan out the implementation of any technical recommendations needed to be configured. This team of technology experts ensures that any cybersecurity recommendations align with the overall goals of your organization while still reducing your risk of a cyber breach.
A vCIO can help you leverage technology as a source of competitive advantage and innovation. As we have seen in other articles one of the newest drivers of employee turnover is the company’s technological experience. From outdated and slow technology, to misaligned or improperly configured solutions, having the wrong tech in place cannot only cost you new business but also the invaluable staff you currently employee. A vCIO can help you identify and exploit new opportunities for growth, efficiency, and differentiation, using technology to create value for your customers and vCIO can help you foster a culture of innovation within your organization, encouraging creativity and collaboration among your teams. This culture can not only help you retain your employees but recruit new employees to your business.
How can Summit help?
The vCIO and Managed services offered by Summit Business Technologies offer a wealth of advantages for businesses looking to optimize their IT operations and performance. From cost savings and expert knowledge to strategic alignment and innovation, our vCIOs can help you transform your IT function into a strategic asset for your business. If you are interested in learning more about vCIO and other services and how they can benefit your business, contact us today.