COMMENT: Although the role of chief technology officer is becoming more important, the rush towards an effective digital strategy is missing out a crucial step of evolution: a change in culture, writes Ryan Masiello, co-founder of VTS.
The chief technology officer role is one of the least defined and understood C-suite roles and differs depending on company size, industry or corporate culture. Within the property industry this role is gaining prominence owing to the rise of proptech, the influence of the US real estate landscape and the increased importance of understanding and utilising internal and external data streams.
Essentially a chief technology officer is responsible for the transformation and utilisation of capital – whether financial, political or intellectual – into technology that will further a company’s long- and short-term business goals.
However, we would argue that merely appointing a chief technology officer does not achieve this. A business needs to understand that in order to integrate a successful digital strategy, there needs to be a cultural shift within the company, and this does not come from one person. Procurement processes need to be addressed to keep up with the fast-paced changes in the tech world, staff need to be educated to become champions for change, and the traditional C-suite roles need to buy into a directional shift.
It is not enough to create a new role, or to try simply to attract talent – an all-too-common phrase that holds little strategic direction. What is needed is the right type of talent for the right role, someone who can build a culture and generate buy-in throughout the company, whether this is in accountancy, legal, at the coalface or with C-suite roles.
Perhaps most importantly, companies must have a keen understanding about how these changes benefit their customer success and not just their internal company structure. The role of the chief technology officer should not be used as a sticking plaster, but rather as a reaction to a wider sea change.
A chief technology officer can be an incredible addition to a team if done correctly, but the role must not be added simply to follow the current trend. Attracting the right type of people for the right roles throughout a company should be the goal, not using an umbrella title to try to attract talent for the sake of doing so.
Do we need to fill the chief technology officer role with hires from high-flying tech companies or could we bring in a strategic thinker with an eye for detail and success in company change management?
As the property industry shifts in focus towards data, we must try not to be in such a hurry to just attract new talent from “sexy” industries. Perhaps instead we should nurture and shape and ultimately retain the roles and people that we already have. Much like building a successful proptech company, a balance of talent from inside and outside the property industry is essential.
