Per McKinsey survey, July 2020, “CIOs of 50 financial companies estimated that tech debt amounts to 20 to 40 percent of the value of their entire technology estate before depreciation.”
Technical debt accumulates over time. As organizations keep adding point applications to tackle isolated challenges, they end up creating a complex web of siloed technologies that the organization cannot do without, nor can they make changes to upgrade with changing business requirements. It is a significant roadblock that impedes agility and competitiveness.
The Cause and Effect Relationship Between Technical Debt and Productivity
Many causes can be attributed to the creation of technical debt that leads to dwindling productivity. It can arise from
- Business Team: Business teams increase delivery pressure to meet the timeline, underestimates the importance/suggestions of the technical team, incomplete/inadequate briefing
- Changing requirement: Change in business context and technology leads to previous requirements becoming irrelevant
- Software development process: Poor designing and coding, inadequate performance testing
- IT team: Resource crunch or staffing mismatch
How Low Code Platforms Can Help Tackle Technical Debt
Low-code platforms can help address all three components of technical debt – design, code, and infrastructure. It reduces manual coding and brings agility to the development and deployment cycles.
By leveraging low-code platforms, enterprises can:
Modernize Legacy System
Changing business environments demand agility in the development and deployment of business applications. Organizations can leverage low code platforms to extend the life of existing legacy systems and enhance their functionality to quickly launch products and services.
Choose a Platform Approach
Multiple point solutions lead to the accumulation of technical debt over time. On the other hand, a platform approach with a low code solution has a single technology stack that reduces the technology burden and aids innovation by rapidly developing applications. This helps in deploying tailored solutions and allows quick adaptability to changing market scenarios, with fewer integrations and low implementation and maintenance costs.
Reduce IT Dependency
Low code brings business users and developers to the same platform. The platform’s point-and-click configurability empowers business users to become citizen-developers and reduce the dependency on high skilled IT professionals.
Make Your IT More Efficient
Many IT teams today spend a significant amount of time in IT hygiene maintenance activities, including security certifications, continuous upgrades, performance measurements, and compliance checks. Needless to say, it hampers productivity. The technical debt that organizations accrue is a significant contributor to the increasing technical burden. IT overheads can be deftly done away with low code platforms and enable developers to focus on rapidly building applications that can bring in higher business value.
Improve IT Governance
Low code platforms offer a standard modeling environment that promotes IT governance and do away with data, process, and security vulnerabilities. Also, the reduced dependency on quick-fix third-party applications and collaborative work environment helps prevent shadow IT.
To Conclude
Money spent over technology modernization, update, and repair needs are the sophisticated terms given to technical debt. Almost every enterprise has some amount of technical debt. It is crucial to realize, recognize, and remove it before it gets too late by investing in a robust low code platform.
Read this whitepaper to know more about low code platforms and how it is instrumental in removing enterprise technical debt.
