Whenever you are thinking about financial strength of your firm, there is something more for you to think about, other than the profit and loss margin. You have to think beyond this profit loss report and the balance statements. You have to consider two important debt entrepreneurs, who are prone to ignore. The first one is associated with technology debt, and the second one deals with hidden costs of the high maintenance customers or people. You have to manage these costs in a proficient manner and let your firm’s profitability and growth soar. There are some instances, when you might even have to address the present cost of proficiently maintained people. You can further help in eliminating and finding insidious costs of the current tech debt.
Dealing with Technology Debt
Technology debt is mainly termed as a factor emerged in the field of agile methodology for maintaining your company. There, the agile principles are used for proficient leadership and operational functions. According to the experts in this segment, the technology debt primarily takes place, when companies are mostly engaged in poor form of programming practices and patches. Such tech debt is also related to those firms, which fail to maintain their present technical assets, and isolate the current product or technology from the compatibility with rest of world. If you fail to keep up with the technology needs and universal products, then tech debt can be one situation for you.
Dealing with Corner Cutting Code
Most of the companies create their own versions of tech debt, while writing corner cutting codes. These codes are used for using any particular product to market in a quick manner or just send products over wall to testing departments with high expectations. This testing is mainly done for eliminating any kind of risk factors and makes the product acceptable to ship. These tech debt issues can further be applied to some of the none technical sectors too.
Making Some High Revenue
The firms are likely to make some higher revenue by hitting the present aggressive deadline. However, the additional revenue further comes with cost of high returns, unhappy clients and escalating the present customer supportive costs. These organizations are known for offering product, which is known for carrying technical debt. The programmers and testers are likely to propose in better manner. They can replace the development and testing paradigm, with single premium quality development procedure. They are likely to close the testing department on a present rate.
Ways to Eliminate Technical Debt
There are multiple templates available, which are used for eliminating current technical debt. You have to start your work by currently identifying the debt areas. You can easily call team meeting and brainstorm the present result. The employees are known for helping you out with the areas, where the inefficiencies lie. You have to take the feedback well and work on it hard. However, you need to be aware of credit card consolidation, to work in this sector, as well. You have to start thinking in terms of products, and do not focus towards projects.