How can CFO help in leading their company away from the field of technical debt? For the first step, you have to work on quick definition on present bad business technical debt. This is the way of using money and resources for your products. However, this monetary investment will not help in improving the value of your product in lasting way. It will not even help in improving the chances of getting your market quicker for some of the futuristic projects. Bad technical debt might come across from some projects with higher supportive costs, which will again consume technical budget.
Areas to find technical debt
There are some particular areas of your business areas, where you will come across technical debts. It can be found in end of life systems, in areas with little investment plans and in multiple systems, which help in managing the same old data. You can even find technical debt in aftermath of acquisition and areas, where you will find poor alignment between business and technology. A CFO needs to be aware of these places first, before working on current technical debt. The strong tie over here lies between CIO and the current business leaders, to ensure that your firm is said to make proper investments in right places.
First point to consider
To ensure that you make proper investments, it is vital to align the business and IT in a proper panel. For that, you need a group, within your organization, working on catalogue projects within your firm. They must know the targeted audiences, who will be directly impacted with this change and what systems can interact with their plans. They must even need to be aware of the purpose of this said plan. This can further help in allowing you to keep the investment of companies in line with one another.
Focus of a CFO
It is the duty of a CFO to work on the company’s investment strategy. Here the focus lies towards actual impact and not on any short term survival list. To ensure that your firm is moving towards proper direction, the CFO must know that the investment is not just for avoiding a system to crash; but to increase value of company and customers. If you ever come across the vicious cycle of avoiding system failure by spending a lot, then you must require a way to get out of this shackle ad onto actual path of growth.
Partnering with other executives
This seems to be the easy way to get rid of technical debt of any company. Here, the main debt ridden firm needs to come in partnership with another firms, for minimizing the on-premise advantage and take cloud actions. This high cost is required for maintaining hardware and software on premises systems, which is quite the worth of trouble, you need to undergo. Working with the cloud can further help in reducing the support costs, and stay ahead in this competitive market. If you want to learn anything about debt consolidation loan rates, you better ask CFO for some help.