What is Technology Debt?

What is Technology Debt? 

Technology debt refers to the cost of maintaining and updating existing technology systems, including hardware, software, and infrastructure. It can also refer to the cost of fixing or replacing systems that are out of date or no longer efficient. This can occur when a system is developed quickly and without proper planning, or when a system is not maintained or updated regularly. Technology debt can also be incurred as a result of using outdated or inefficient technology. It can have a negative impact on a company’s operations and bottom line.

It is important to audit your technology debt every year to make sure it is inline with company goals and budget. There should always be a plan in place to eliminate unnecessary technology debt even if it is multiple years always.