Proper Management Of Tech Debt Is Necessary For Successful Business

Published on: 11 January 2017 Last Updated on: 17 August 2019
debt-1376061_960_720

The word debt in the term technical debt may compel you to think that it is just like any other debt which has to be cleared at the earliest. Well, it is true that tech debts are just like any other debts and it is also true that a little bit of tech debt is also useful just like any other debts. Moreover, it is also true that just like any other debts you must manage it properly to enjoy the benefits and keep your business running. Therefore, you can cut the corners while designing software provided you do not let the debt accumulate and pay it off timely.

Various Debt Issues

You and your technical team may have various reasons to cut the corners while designing your projects like lacking proper skills, laziness or due to the time pressure and willingness to release code within a specific time frame. These reasons can lead to various debt issues as these debts can accumulate over time creating a huge backlog and cause technical inefficiency. The issues can also arise due to the faulty code base, environment of the development of the project, the operating platform, test coverage and automation programs, program designs and libraries and much more.

Addressing The Debt

As the issues of debt can result in defects which can reduce the velocity of the codes it must be maintained properly and regularly to increase the productivity of the codes. You must have a specific and positive attitude while you address the tech debt always. Be vigilant always towards your codes so that you can manage it whenever necessary. You must also use easy and simple designs in your codes so that anyone of your team can understand, identify and make the necessary changes in it. Avoid using shortcuts to achieve a design in time. Track the velocity of it regularly and ask your team to refactor it as soon as detected to increase the velocity.

Service Your Debt

Proper debt management means proper and regular servicing of it. You must also refactor your debt relentlessly and regularly to keep it in check. Once you give up it will start to pile up and the cost of paying off would increase as compared to the reimplementation. No matter what others think about code servicing, you must do it regularly to have a good return. Use various tracking tools and techniques for reworking on your defective codes as you will also come to know how much debt you have currently with the help of it. Identification and registering is the first step of proper management of debt.

Evaluate And Prioritize

Once identification is done you must start working on it by evaluating and prioritizing your debt so as to decide on which you want to work first. During this prioritization process, the factors which you must consider apart from the cost of the debt are the frequency, justification for rework and the economics behind. Check online to know more about prioritization. Consider paying those debts first which are about to expire and then those which have a higher rate of accumulation and keep your debt within manageable limits.  Do not forget to check out for bill consolidation loans which are much popular these days and can be of great help.

Read More: Top 5 Types Of Startup Business Loans

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

View all posts

Leave a Reply

Your email address will not be published. Required fields are marked *

Related

coronavirus

Have You Been Laid Off Because Of Coronavirus? Here Are 5 Income Earning Opportunities For You

Have you been recently fired from your job because of the Coronavirus problem? Are you looking to sustain yourself by earning during the lockdown period? Do you know of certain high-paying and profitable opportunities, which you can take up? With global economic losses crossing the $2 Trillion mark, Coronavirus is jeopardizing millions of livelihoods. According to financial experts, we are going to witness a period of global financial recession.  In these testing times, we have two options in front of us- We can either mope or blame our destiny for all the bad that is happening. Or,  We can put ourselves together, invoke our entrepreneurial spirit and work our way out of the problem.  You might have heard the proverb, ‘when God closes a door, he opens a new window.’ In this article, we are going to open five windows for you.  5 ways to earn income during the Coronavirus lockdown: The List 1. Start a News Blog on Coronavirus or COVID 19- You do not need a flair for creative writing if you are looking to start a news blog. All you need to do is create a simple WordPress website for your news blog and start a social media page. Publish five to ten 500 word articles every day and see the traffic flowing.  People are interested in knowing about everything related to the Coronavirus. This is a good time to look up government sources, Reuters and different news publications and collate them all in one place. Once you get decent site metrics and traffic, you can earn income through Ad displays, guest posting, and other ways.  2. Take up Cryptocurrency trading in a major way- Did you know that you could easily earn hundreds of dollars every week by just trading cryptocurrencies? With the rise of cryptocurrency trading platforms, you can easily become a trader. All you need to do is open account and start trading.  The technologically advanced software of the platform is going to guide you when it comes to making the best trades. By investing a small sum of money, going for low-risk trades initially, you can become a seasoned and experienced cryptocurrency trader in no time.  3. Get paid by signing up for Surveys and Options Sites- There are many survey sites, businesses and companies, which pay up to $10 USD per survey. This is a great sum of money when you consider that you can easily do a minimum of five surveys per day. This is not only going to help you earn, but also explore new opportunities.  Big businesses work with market research firms to find out about the opinions of consumers. By signing up to such platforms, becoming part of interviews and focus group discussions, you can earn close to $3000 USD per month.  4. Food or Grocery delivery agent in your neighborhood- Almost all nations around the world have exempted online companies from the lockdown. This means that these companies are hiring aggressively as more and more people are ordering things while sitting at home.  If you have a bike, you can easily sign up with one of the major players in your neighborhood and start delivering to people. This is not only very profitable now, but also very humane. You are going to help someone get their medicines and other essentials on time.  5. Start your own Freelance Gig- If you are good at writing, start bidding for content writing jobs on freelance websites. If you are good at cooking, you can start your own food delivery gig. No matter what your passion, you can always make it into a fully income-generating opportunity.  As more and more companies are looking to cut costs by firing people, they are not going to stop their operations altogether. Approach them as a freelancer and offer your services for an attractive fee. You will be surprised to see the results of your outreach.  Conclusion In this article, we have listed five great income-earning opportunities for people who have been laid off because of the Coronavirus. All these opportunities do require time and effort. However, if you are able to do them right, you will see cash flowing into your account.  Can you think of some similar opportunities to earn cash? Let us know in the comments section below. Read also: The Top Benefits of Using an Insurance Broker Is an online degree in business management worth it?

READ MOREDetails
Expedited Shipping

Fast Freight Solutions: Why Expedited Shipping Is A Game-Changer

Logistics providers must prioritize efficiency if they wish to be successful. Consumers want goods immediately, and any delay can lead to losses. Time is of the essence in this industry, so business owners constantly look for ways to streamline their operations and optimize their shipping processes. Expedited shipping is one method they may use to achieve this goal. Speed and time sensitivity are prioritized when this shipping option is selected, and it can be used for less-than-truckload freight and full truckloads. Using this option gives a business a competitive edge by ensuring goods arrive at their destination promptly. With the help of expedited shipping, companies can meet the urgent demands of their consumers quickly and reliably. What Is Expedited Shipping? Expedited Shipping is a kind of specialized service that is based on improving the speed quotient of deliveries. Indeed, it is faster than traditional shipping services. But what makes up for the additional speed? Expedited Shipping uses direct routes whenever possible during any transportation project or logistics delivery. As a result, the transit times are reduced by 50 to 60%. Estimating the layovers and cutting off any other unnecessary delays is also easy. It is the best option for you if you need a time-sensitive delivery. Some orders that badly need Expedited Shipping are urgent posts, delivery of perishable goods, priority shipments like meds, etc. Separating Standard From Expedited Shipping The prime difference between standard and Expedited Shipping is in the delivery speed. The former follows the general delivery schedule and timeframe. However, that might be a few days and, in odd cases, a few weeks But the scenes are different if you’ve booked Expedited Shipping. It assures faster delivery. The maximum time frame is 3 days. However, more than 70% of deliveries take only 24 to 48 hours. You may receive Some of the consignments within 12 hours, too. However, the cost is higher when you expect such fast transit. So, choose Expedited Shipping whenever you need to make an urgent shipment. The Benefits Of Expedited Shipping This shipping option allows goods to reach their destination in less time. Most businesses opt for standard measures whenever possible because they are cost-effective and reliable. However, there are times when shipments must arrive quickly, typically within a day or two after placing the order. Many industries benefit from offering this option. Medical supplies can arrive at their destination rapidly, which is essential because it could be a matter of life or death. Just-in-time production methods are becoming more common in manufacturing, so expedited shipping ensures operational efficiency while minimizing downtime. The company can meet customer demands, giving it a competitive edge. When customers receive their goods on time, they may become loyal clients of the business. In addition, they may leave a positive review and tell their family and friends about the company. Expedited shipping allows the business to stand out and increase its market share. Consumer demands change rapidly. A company must be ready to provide customers with what they want and need. Expedited shipping allows the business to become more agile. It can quickly adapt to seasonal peaks and fluctuating demand. Business owners know the importance of being flexible and nimble, as they saw the importance of having these capabilities during the global pandemic.  Lead times lessen when expedited shipping is used. The business can fulfill customer orders quickly while improving its inventory turnover. The short transit times result in cost savings and higher profits.  Improved Inventory Management Expedited Shipping can subtly improve inventory management. Firstly, it can reduce the level of stockouts. At the same time, it ensures that the products are available timely. Consequently, the supply chain keeps moving fluidly, and goods reach each touch point promptly. Hence, such moves can reduce the risk of lost sales due to lack of availability. Added Competitive Benefits Imagine any crowded marketplace. If you choose Expedited Shipping there, your business will surely stand out. Often, you will find that customers prefer companies like eBay offer faster delivery than Shein and others. So, standard deliveries are gradually going out of vogue. Meanwhile, Expedited Shipping is taking charge. Most importantly, the advantage is all yours if you’re an ecom company. Most customers (over 90%) expect faster deliveries and quicker checkouts. So, Expedited Shipping has become unmissable, speaking of e-commerce customer satisfaction. What Methods Are Commonly Used The commonly used methods are air freight, dedicated trucking, courier services, express delivery networking, etc. However, the names I mentioned are the prime methods. Air freight out of the four is most helpful for international deliveries or supply of perishables over a short distance. On the other hand, courier companies specialize in using direct local networks for the fastest deliveries. Keeping Costs Down Business owners must know when to use expedited shipping and when other methods serve as the better option. Expedited shipping comes with higher fees to ensure the speed of the delivery. The business may choose to bear these costs or pass them on to consumers, thereby raising the price of the goods.  A  company might offer tiered shipping levels, allowing customers to choose the level that meets their needs and fits their budget. In addition, the company might decide to collaborate with one or more carriers to negotiate better rates and service-level agreements. This arrangement helps to guarantee consistent performance.  Nevertheless, the shipping carrier is only part of the equation. The business must also optimize its order processing workflows. Technology solutions can help the company achieve this goal. It must also manage customer expectations and be transparent throughout the order fulfillment process, from when the order is placed until the goods are delivered.  The Bottom Line! Expedited shipping has numerous benefits, but it is wrong for every situation. A business owner must know you need speed and flexibility in shipping to meet customer demands. The customer is always the top priority, so exceeding these expectations will lead to increased loyalty and positive reviews, which every business needs. Read Also: List of Basic Shipping Documents you should be aware of The Importance of Packaging Design in Small Business Success Corporate Hackathon: Benefits To The Employees

READ MOREDetails
manage Anxiety

5 Surprisingly Simple Ways to Manage Anxiety at Work

Anxiety is a common factor that one gets due to various experiences in life. Work anxiety is anxiety that occurs in the workplace due to various workloads. Work anxiety can cause negative effects both on the employees and the organizations in various ways. Work anxiety can also cause some disorders. Work anxiety can hinder one’s performance at work, relationships with colleagues at work. 5 Surprisingly Simple Ways to Manage Anxiety at Work Here are 5 simple ways to manage anxiety at work: 1. Get away from the computer: In today’s world, most people sit in front of the computer in order to finish their daily works without even blinking their eyes and moving around. This can increase the level of anxiety in an individual at the workplace. To avoid this, one should set a timer to oneself to get up from the place and walk around at least once in half an hour. This can help in reducing the level of stress in an individual at the workplace. 2. Communicate with the people: Communication in the workplace is a very important factor that can help in reducing anxiety. There should be someone to express one’s feelings related to the workplace. Anxiety gets relieved when one speaks it out. There are chances of anxiety getting worsened due to confusion or mixed emotions. So it is very important to have communication with the colleagues around you. One can also try self-improvement courses like those offered by Landmark Forum (formerly, Landmark Montreal) and others. 3. Don’t overthink stressors: Sometimes, one can increase one’s anxiety by thinking about stressors. Some of the jobs can cause more stress for people. Thinking more about stressors can increase the level of anxiety. One should think or change their way of routine which causes stress. There is no help to oneself in thinking about stressors. 4. Create a balanced schedule: If one gives too much value to what happens in the workplace then it can cause a lot of anxiety. To enable us to live a great life at the workplace then the working environment must be good enough for that. One should find a balanced schedule by analyzing one’s responsibilities, schedule, and daily tasks and try to find some healthy balance. 5. Take a deep breath: When one feels that the stress level has increased in one’s life then just meditate for 3 minutes or just take a deep breath and evaluate within yourself throughout the day. Taking a deep breath is one of the other ways that can help in reducing stress levels. It sends some signals to the brain when the anxiety level is high. Anxiety is the factor that will be present at each and every point in one’s life. Anxiety can be considered as an unpleasant emotion. It can be considered as an opportunity to have career growth in one’s life. Improving one’s relationships, improving communication, asking for assistance in the workplace can help in reducing anxiety without any difficulty. Work anxiety in one’s daily life can never help in enjoying one’s profession. Just try fighting against anxiety and keep treating oneself with respect. Read also: Effects of Anxiety on Heart Disease 7 Ways to Reduce Test Anxiety

READ MOREDetails