Company leaders recognize how critical technology is for meeting their strategic goals: as much as 71 percent of the value from business transformations across sectors depends on technology. But technical debt—or the “tax” a company pays to address existing tech issues—can stand in the way of modernization. According to senior partner Aamer Baig and colleagues, tech debt accounts for approximately 40 percent of IT balance sheets.
Image description:
A radial bar chart contains 7 bars, with each bar representing a different sector and depicting the percentage share of value from business transformations across these sectors that was enabled by technology. The top-2 sectors are financial services (71%) and telecommunications, media, and technology (71%), and the bottom-2 sectors are global energy and materials (15%) and advanced industries (9%).
End of image description.
To read the article, see “Breaking technical debt’s vicious cycle to modernize your business,” April 25, 2023.