Articles | December 28, 2020

What is a Virtual CIO? And Might You Need One?

A virtual CIO (vCIO) is a person, or team of people from one company, who serves as a Chief Information Officer (CIO) as and when you need them.

Your vCIO will help set strategic IT goals and then manage your IT strategy and budget. 

From small companies to multiemployer fund offices, a range of organizations are turning to vCIOs as a way to nimbly manage IT resources and keep current with an everchanging landscape. 

Benefits of a virtual CIO

For small teams, which may not have budget for a dedicated IT function, virtual CIOs can provide a range of benefits.

Save on labor costs

An experienced CIO, hired full-time, will likely command a six-figure salary with benefits on top. Your virtual CIO, by contrast, can provide a similar level of service without the additional costs a full-time hire brings.

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What virtual CIO services usually include

You'll work with your vCIO to determine how often, and for how long, you want to engage their services every quarter. 

Over that period their services include will usually include: 

  1. Helping set strategic priorities and key initiatives for IT
  2. Identify return on investment (ROI) for software and systems purchases
  3. Considering new IT processes 
  4. Making sure your compliant in areas like cybersecurity and personal data storage
  5. Evaluating your team's skills
  6. Maintaining relationships within any other IT vendors you may need to use. 

Depending on the arrangement, they may also manage IT, technology and software for you day to day. 

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Questions about hiring a virtual CIO?

We have experience placing virtual CIOs in a range of organizations and multiemployer fund offices.

If you're considering a vCIO, get in touch to discuss the benefits and drawbacks. 

 

This page is for informational purposes only and does not constitute legal, tax or investment advice. You are encouraged to discuss the issues raised here with your legal, tax and other advisors before determining how the issues apply to your specific situations.