Addressing Technical Debt: Balancing Growth and Stability
An employee experience platform, based out of North America, had an audacious goal of serving 40,000 customers worldwide. This meant analyzing and benchmarking employee engagement scores from nearly 16 million employee records. Despite its groundbreaking mission, the homegrown platform faced challenges due to its limited scalability and hefty maintenance costs draining the IT budget.
This is a classic case of technical debt—a trade-off where quick wins clash with long-term efficiency.
According to a McKinsey CIO survey, companies could spend up to 40% of their IT budget by 2025 simply to maintain technical debt. Actively managing technical debt is crucial to avoid future setbacks in time and resources.
Understanding the magnitude of your technical debt and committing to resolving technical debt will allow companies to regain their innovation momentum, accelerating product releases to market swiftly and within budget.
Watch our Power Hour to delve into the intricacies of technical debt and learn how to resolve it effectively. Hosted by Shrikant Pattathil, President & CTO, this insightful session will feature industry experts.
Key Takeaways
- Learn how to identify technical debt and create technical debt roadmap
- Know key areas to focus on to get started with resolving technical debt
- Explore strategies and framework to systematically address technical debt
- Understand financial and other impacts of technical debt on business
