Genesis of The CTO
In many older industries (whose existence may predate IT automation) such as manufacturing, shipping or banking, an executive role of CIO would often arise out of the process of automating existing activities; in these cases, any CTO-like role would only emerge if and when efforts would be made to develop truly novel technologies (either for facilitating internal operations or for enhancing products/services being provided), perhaps through "intrapreneuring."
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