Fractional What?
A Fractional CIO (also known as part-time CIO) is a role which enables an organisation to source the CIO skill part-time, rather than take on a full time staff member. Typically Fraction CIOs assists an organisation in mentoring, vendor management, and dealing with compliance issues amongst the normal duties of a CIO. For a more detailed discussion on how a FCIO is different to a consultant or full time employee, have a read of our article (here).
The Need
A Fractional CIO makes sense for business owners for a variety of reasons. The fundamental purpose of hiring a Fractional CIO is to assist you in strategic decision-making in the field of technology. It becomes increasingly difficult to keep a pulse on how sales, administration, and finance are all performing as your company expands. A CIO can help you with this, depending on whether a firm hires a full-time CIO or a Fractional CIO.
CIO Value
MaltIQ’s Fractional CIOs have a keen business sense and are well acquainted with how the technology industry works in general. Utilising a Fractional CIO can bring huge value and profit for a business as they will be hiring a professional who has prior skills and expertise in the role. This is your strategic advantage, as your competitors, who might be working with vCIOs (virtual CIO with less experience (typically a tech promoted above their capability) will be left behind by your Fractional CIOs’ expertise and years of experience.
Typical Activities of a CIO
- Lead your digital or technology transformation
- Manage IT personnel and establish departmental objectives
- Prepare and monitor the IT budget
- IT systems and operations planning, deployment, and maintenance
- Handle the company’s software development requirements
- Establish rules, procedures, and best practices in the field of Information Technology
- Keep up with IT developments and new technology
- Establish and implement IT best practices throughout the company
- Ensure IT plans and processes complement the company’s overall business objectives
- Manage vendors, contractors, and service provider relationships
- Describe the advantages and dangers of new IT-related initiatives to the board of directors and senior executives
Savings
A Fractional CIO will save you a lot of time and money compared to full time CIOs. Fractional CIOs do not require the organisation to take on long-term contracts, salary, equity, holiday pay, and other perks that will need to be covered if you choose to bring on a full-time C-level IT leader. Unlike the full time CIOs, fractional CIOs are more flexible to work with. You do not have to coordinate with the CIO regularly; they are available whenever there is some work for them. Once a month or once a week, for example. Depending on the organisations’s requirements.
