Nortal HQ, May 11, 2023
Technical debt can become a major financial burden for finance chiefs, as its accumulation can put unnecessary strain on IT resources and budgets, writes Nortal’s Chief Product Officer Jon Stephens in CFO.com.
While there are many types of tech debt, Stephens argues via CFO.com that the problem is relatively straightforward and affects every company that builds or modifies software. As companies add features or develop IT systems, they often take shortcuts instead of a better approach that would take more time. The shortcuts can lead to subpar system performance, vulnerabilities, and outages. And that’s how “debt” builds up over time, much like credit card debt.
Read the piece on CFO.com, what are the consequences and solutions to settle the technical debt.