Amid the global artificial intelligence (AI) surge, Singapore's ambitions to become a leading regional AI hub are quickly gaining momentum. Businesses in the nation now boast the highest rate of generative AI adoption worldwide (59%), beating the global average of 45%.
As organisations hope to catch the next technological trend, many companies find it challenging to fully integrate these technologies into their operations. A recent Deloitte survey found that 68% of respondents revealed that their organisations have moved fewer than 30% of generative AI projects into full-scale production – driving home the need for strong, visionary technology leadership to ensure that these solutions work in harmony.
Enter the Chief Technology Officer (CTO) – a figure responsible for guiding organisations to bridge the gap between innovation and practical application. At Heidrick & Struggles, we have already conducted three times more CTO placements in Southeast Asia from the previous year, a clear sign of the growing demand for such all-rounder technology leaders.
The evolving role of the CTO
No longer just a steward of IT, today's CTOs are expected to take on a much more strategic role and ensure that decisions on technology align with broader business objectives. A successful CTO must not only be technically adept but also possess a deep understanding of the business landscape, including its nuances and the broader market forces at play.
This requires experience in managing diverse teams and the ability to operate across different regions and industries.
See also: Why companies are turning to CISOaaS
A case in point is a leading Singapore financial firm that we supported recently in identifying the right CTO. The company proactively acquired new technology platforms but soon recognised the challenge of integrating them to effectively support long-term business objectives.
In response, we took on a "best-of-Asia" approach in the search, focusing on candidates with the right combination of regional experience and technology expertise. Ultimately, we identified a candidate with experience in areas like engineering and entrepreneurship, and even had a hand in managing diverse, international teams. This combination of skills and cultural fit allowed the company to bring in a CTO who could effectively integrate its technology investments.
The time for deep tech experience is now
See also: Reforming the workplace
Despite high demand, companies face a significant shortage of candidates possessing both business acumen and technical prowess. This challenge is compounded by the ongoing tech talent crunch in Southeast Asia.
Yet, the rise of AI is reshaping talent requirements. Traditional roles, once reliant on large teams of engineers and programmers, are increasingly being automated. This shift calls for a smaller, more specialised workforce, where top-tier talent is not just technically proficient but also adept at working with emerging technologies like AI.
We have seen the Singapore government’s strategy reflecting this change. Focusing on developing elite AI talent locally, plans are already in place to triple the AI workforce to 15,000 in the next few years, showing promising signs that this talent gap will narrow over time.
However, companies must consider that the fast pace of technological advancement means that the time for experienced CTOs is now – leaders with deep global or regional experience, especially one who can navigate the increasingly complex IT and data regulations across multiple jurisdictions.
The challenge, then, lies in balancing the immediate need for seasoned CTOs with the long-term goal of nurturing local talent.
Mastering the search for the right technology leader
To achieve a balance, companies must adopt a global lens in their search for the right CTO – tapping into deep experience that is unmissable in today's interconnected business environment.
To stay ahead of the latest tech trends, click here for DigitalEdge Section
Take for example a leading engineering firm in Singapore which also recently worked with Heidrick & Struggles to find the right CTO candidate. While the company had previously relied on a Chief Information Officer (CIO) for internal operations, it recognised the need for a CTO to spearhead AI integration and digital transformation across its projects.
Like the previous example, we looked beyond considering candidates with diverse backgrounds and experiences. The successful candidate brought a wealth of experience from both mature and emerging markets, and the result was a win-win situation: the company secured a CTO with a robust background, while the candidate was eager to join a firm that was committed to investing in new tech and infrastructure, including AI.
Success in both searches lay in the companies’ willingness to embrace more creative approaches in finding the perfect CTO candidate – going beyond conventional options and taking a chance on individuals with unique, cross-regional backgrounds.
Ultimately, adopting a global search strategy for CTOs will allow companies to not only address the immediate need for experienced leadership but also contribute to Singapore's burgeoning technology ecosystem through fresh perspectives that will benefit the young talents in development.
The onus is on companies to think outside the box when it comes to finding the right fit for the CTO and recognise that the CTO of tomorrow is not merely a ‘tech expert’ but a strategic business leader capable of catalysing transformation from within.
John Young is a principal in Heidrick & Struggles’ Singapore office and a member of the global Technology & Services Practice.
