14 Amazing Benefits of Hiring a Fractional CIO
Hiring a fractional CIO (chief information officer) has several potential benefits for a company. Understanding benefits are as important as understanding the differences between the CIO and your Manage Services Provider, as they are different and should be distinct. Some of the most significant benefits may include the following:
” The Fractional CIO Becomes You Corporate Partner, focusing on the day-to-day operations and helping senior management understand the challenges of the rapidly changing technology and how to incorporate emerging technology at the right time”
- Cost efficiency: A fractional CIO can help a company to achieve cost savings while still benefiting from the expertise and knowledge of a CIO. Hiring fractional CIO services can be more cost-effective than hiring a full-time CIO since the national average for a CIO’s salary is over $250,000 plus benefits; smaller companies may need more money for a full-time executive. Hiring a fractional CIO on a part-time or project basis allows a company to access C-level technology leadership and support without the commitment and expenses of a full-time hire. Hiring a fractional CIO can help the company reduce personnel costs, avoid additional office space and equipment, and minimize the need for other benefits and perks. Additionally, fractional CIOs often bring a wealth of experience and knowledge, allowing the company to benefit from their expertise and achieve better results with fewer resources. As a result, companies that hire fractional CIOs can achieve high technology leadership and support while maximizing cost efficiency and the return on their technology investments. Fractional CIOs typically charge an hourly rate or a flat fee for their services, which can be less expensive than the salary and benefits required to hire a full-time CIO.
- Flexibility: You can engage with a fractional CIO on a part-time or as-needed basis, which allows the company to access a CIO’s expertise and guidance without the commitment of a full-time employee. Because fractional CIOs are only on an as-needed basis, organizations can scale their technology support up or down as needed, potentially resulting in cost savings.
- Specialized expertise: Many fractional CIOs have extensive experience and knowledge in specific areas, such as digital transformation, cybersecurity, data analytics, or cloud computing. This experience can significantly benefit companies needing help within a particular area but needing in-house expertise.
- Access to expertise: Fractional CIOs often have a wealth of experience working with various organizations and technologies, which can benefit companies that may need more resources to hire a full-time CIO with such a broad range of expertise.
- Specialized skills: By working with a fractional CIO, organizations can benefit by getting access to these skills temporarily without having to hire a full-time employee with those skills. Hiring a fractional CIO can be more cost-effective than training current employees or hiring new ones.
- Objectivity: A fractional CIO, because they are not an in-house employee, companies can benefit from a fresh perspective and are less likely to be influenced by company politics. A new outlook can lead to more objective decisions and recommendations in the company’s best interest rather than being controlled by personal or departmental agendas. The fractional CIO can also provide an unbiased assessment of the company’s technology needs and help it make decisions that align with its goals and objectives.
- Time savings: Having a fractional CIO can save time for the company’s leadership team, as they can rely on the CIO to handle specific technology-related tasks and projects, freeing up time to focus on other priorities.
- Scalability: Hiring a fractional CIO allows you to increase or decrease the level of support as needed without having to commit to a full-time hire. This scalability enables the business to adjust its technology resources to accommodate growth or changes in demand without incurring additional costs or inefficiencies.
- Focus on core business: a benefit of hiring a fractional CIO refers to the ability of a company to concentrate on its core operations and leave the management and strategy of its technology to the fractional CIO. Doing this allows the company to delegate the time and energy required to effectively manage technology to a professional, freeing up resources and allowing the company to focus on its core competencies and goals. With their specialized knowledge and experience, the fractional CIO can provide the technology the company needs without diverting resources from its main objectives.
- Access to the latest technology: A company can leverage the fractional CIO’s expertise and knowledge to keep up with new and emerging technologies. Due to their experience and involvement in the technology industry, the fractional CIO can provide valuable insights and recommendations on the latest technology and help the company make informed decisions about implementing new technology solutions to improve business operations and increase efficiency and competitiveness. This access to the newest technology and expertise can help the company to stay ahead of the curve and remain relevant in a rapidly evolving technological landscape.
- Improved risk management: The fractional CIO can help a company to mitigate and manage technology-related risks more effectively. With their experience and knowledge of technology and risk management, the fractional CIO can help the company identify potential risks and implement strategies to minimize or mitigate them. Risk Management can include data security, business continuity, compliance with regulations and standards, and ensuring the reliability and availability of technology systems. Improved risk management can lead to a more secure and stable technology environment, reducing the potential for costly disruptions or data breaches.
- Improved service levels: The fractional CIO, with their technical expertise and experience, can help to improve the design, implementation, and management of technology systems, leading to more efficient and effective technology services. Enhanced service levels can lead to increased productivity, reduced downtime, and better customer satisfaction, among other benefits. Additionally, the fractional CIO can help the company prioritize technology initiatives, allocate resources effectively, and ensure that technology investments align with the company’s overall goals and objectives.
- Access to a broader pool of talent: A company can tap into the expertise and knowledge of a more comprehensive range of professionals in the technology industry. As a consultant or part-time employee, the fractional CIO can bring in outside talent or resources to address specific technology needs and challenges, providing the company access to a larger pool of skills and experience. Tapping into a bigger talent pool can benefit smaller companies needing more resources to build and maintain an in-house technology team. The fractional CIO can also help the company to build relationships with technology vendors, service providers, and other industry partners, further expanding the company’s access to talent and expertise.
- Improved governance & compliance: A fractional CIO can help a company to better adhere to relevant regulations, standards, and best practices in the technology industry. With their knowledge and experience, the fractional CIO can help the company understand and comply with legal and regulatory requirements and industry-specific standards and guidelines. Governance & compliance can include data privacy, security, governance, and compliance with standards such as ISO, PCI, and others. Improved governance and compliance can lead to a more secure and trustworthy technology environment, reducing the risk of legal or regulatory penalties and protecting the company’s reputation. It can also help the company to build trust with customers and other stakeholders by demonstrating a commitment to responsible and ethical technology practices.
It’s important to note that while there a be cost savings associated with hiring fractional CIO services, there may also be additional costs involved, such as the fees for the fractional CIO’s services, the cost of any additional technology or resources needed, and any other expenses related to any projects.
JAYCO CIO Services, founded in 2018, services clients nationwide and offers various services designed to help businesses improve their technology capabilities and move forward, such as Digital Transformation, Block Chain, and ERP migrations. We Provide education, mentorship, and training on new technologies that can be valuable for organizations looking to stay competitive and streamline their operations. It is essential for businesses to continuously learn and adapt to keep up-to-date with the latest technologies and best practices, and the services you offer can be helpful in this regard. If you want to meet our CIOs, click here to read their bios.
At JAYCO CIO Services, We have a holistic approach to working with executive officers, stakeholders, and IT teams to understand the current state of a business’s technology and identify areas for improvement that can be an effective way to help organizations move forward and achieve their goals. JAYCO CIO Services can provide an assessment and follow up with a report detailing the assessment findings. This can be a valuable tool for helping businesses understand where to focus their efforts to make progress.
Do you have more questions or want to talk to someone about how Fractional CIO services can help your company?