Should an organization has both a CIO and CTO?  are these roles overlapping and conflicting or there are benefits of having both roles?

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Sr. Director, Head of Global MCM IT in Manufacturing, 10,001+ employees
No. They serve different purposes. 
COO in Healthcare and Biotech, 5,001 - 10,000 employees
If designed properly, they are different. Many organizations define different responsibilities for each (especially the CTO). Consumer technology product companies also often look at CTO and CIO roles differently.
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Assistant Director IT Auditor in Education, 10,001+ employees

Can you elaborate a little more on these roles an how they function in the organization? i.e., how these roles aligned with the corporate strategy, specifically, the direction of IT mission and execution of the IT roadmap?

CIO in Consumer Goods, 11 - 50 employees
Not exactly, going by fundamental description both position are driving two different mandates CIO being process transformation centric and CTO focuses on product.
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Assistant Director IT Auditor in Education, 10,001+ employees

How about the reporting structure? does both CIO and CTO report to the CEO? and are there infighting with IT strategy?

CIO in Transportation, 1,001 - 5,000 employees
It depends on size of the organisation. Though there is a lot of overlap, if the two roles are divided into Information & Technology it may greatly help an organisation.
VP of IT in Manufacturing, 1,001 - 5,000 employees
Not all companies need both roles, it will depend on the size and nature of the "product(s)" of the company.  There are many definitions of these roles, and they will again vary by company.  I have seen many variations in the companies I have worked for.

If both roles are available, it is important to clearly define roles & responsibilities so there is no turf wars or disputes, they are just too toxic and very unproductive.

My company has both roles and its very clearly defined what each role's responsibilities are. 
Director of IT, Self-employed
As these roles are different in nature & make sense to have it separated. However it depends on the nature of the company & its business. 
Of course the responsibilities needs to be clarified in various levels
CIO in Education, 1,001 - 5,000 employees
There are benefits in having both roles. The CIO can focus on the strategic elements and business relationships, and the CTO can keep the operations running in a perfect scenario.
CIO & Digital Transformation Advisor - Independent Consultant in Software, 2 - 10 employees
I strongly believe that an organization need both the roles. It also requires good amount of Org Structure strategy by the C-circle in this. One could face internally and the other could face externally. Examples of industry leadership on digital transformation, competitive advantage building, etc requires enormous effort in looking from outside-in whilst CTO loos from inside-out. Both the efforts of CIO and CTO will hands-shake / overlap to some extent which should intersect with strategic circle of company's direction of business plans, growth plans, service plans, business development plans, financial initiatives, etc. etc. This would be a great topic for further discussion with other CIOs and CTOs and I am all available for such a critical discussion...

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