You might have heard the term Technology Debt buzzing around, and thought to yourself, well what is that, and maybe even thought, that’s not good. But what exactly is Technology debt? Technology debt is defined as a software problem that may lead to hidden costs, substantial technology failures in the future, or eroding productivity that may not be evident until it is very costly to fix. Like with most things, there are good and bad with technology debt, but regardless of that, it does have an impact on your business.

Types of Technology Debt:

• Intentional: This type of technology debt occurs when a company is trying to move quickly on an IT project. A choice is being made to accept some sort of deficient performance, instability, or unsatisfied user experience. This is a very risky approach to technical debt, but because it is known while occurring, company leaders can track and plan on how to remedy it when it is appropriate.
• Unintentional: This form of technological debt occurs when there is a lack of IT expertise.  This can result in sloppy work or the inability to resolve a complex IT problem. In addition, when company leaders decide to change deadlines, cut corners, or not fully test new products, unintended technology debt is the result.

Let’s talk about the impact of technology debt on your organization. Outdated technology and technology debt will only hurt your organization. It is important to see where you are and what you can do. If you do nothing you are at risk of dissatisfied users, prolonged project completion, inconsistency with data, and a struggle to keep up with competitors. To reduce this, you need to have a plan and implement changes. Not only should you be staying up to date on updates with your technology, but you might also need to make sure you have a plan intact for the future when you outgrow or begin to underperform with your current software.

Some other small but impactful decisions you can make are:

• Avoid sudden schedule changes
• Reward maintenance work
• Set quality standards
• Track technology debt

To learn more about technology debt and how to overcome it, read our complimentary whitepaper HERE or reach out to us at info@polaris-business.com