Proper Management Of Tech Debt Is Necessary For Successful Business

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Small Business

Published on: 11 January 2017 Last Updated on: 17 August 2019
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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

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