Is digital debt derailing your business potential?
With digitalisation occurring at breakneck speed and new technologies emerging, businesses are often left playing catch up. They lack the infrastructure, tools and skills required to perform optimally, leading to outdated systems, poor performance and overburdened workers.
This is known as digital debt (or sometimes referred to as technical debt), and it can bring significant losses to your business, including hindering growth, eating into the budget, reducing productivity and weakening security. But by acting now, you can limit the impact of your digital debt before it gets worse.
Download the guide to uncover the extent of your digital debt, the losses you face and how to address it before it snowballs further.
What's in the guide?
Understanding what digital debt means_
Discover what is defined as digital debt and why it has become so prevalent for businesses in the last few years.
The impact on your business_
Learn the common implications of digital debt on your business, including financial losses and staff burn-out.
Uncover the extent of your digital debt_
Spot the tell-tale signs of digital debt within your business and understand how much of a problem it’s causing you.
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Steps and solutions for eliminating debt_
Gain practical tips for alleviating digital debt, with recommendations of modern solutions that will drive rewards.
Frequently asked questions
Should I really be worried about digital debt?
Yes. Even if modernising your systems and processes doesn’t seem like a priority right now, it can have hidden impacts on your operations. This includes reducing cost-efficiencies, straining resource and increasing staff stress.
Moreover, digital debt can make your business vulnerable to cyber attacks, bringing greater financial and reputational loss.
How significant an impact does digital debt have?
The significance of digital debt will vary depending on its extent in your business. However, it can have a far-reaching effect. The stats speak for themselves:
- 64% of staff report not having the time or energy to do their job to the best of their ability
- 69% of IT leaders see digital debt as a threat to performance and innovation
- 60% of CIOs feel that their debt is rising
- 82% of leaders feel their staff lack the skills needed for the digital age
Digital debt can reduce your business’s ability to perform efficiently and grow. This has knock-on effects for costs, staff, customers and growth.
What is the cost of digital debt?
Depending how significant it is in your business, digital debt can cost you greatly.
Outdated systems often reduce productivity, leading to higher costs associated with your daily operations. On top of this, many businesses report their budget being absorbed having to fix emergencies related to digital debt, such as system repair and maintenance.
The longer digital debt is left unaddressed, the greater the cost will become. By addressing it now, you can limit the investment required and the financial impact on your business.
Are digital and technical debt the same thing?
Digital debt and technical debt are related but separate concepts.
Technical debt refers to the internal issues within a system, like outdated code or bad design choices. These things may be functional for now, but expensive and difficult to fix later.
Digital debt, on the other hand, focuses on missing opportunities in the digital landscape and the opportunities it brings.
Both can hinder your success, so it's important to address them.
