How To Reduce Tech Debt In Your CRM Operations?
What is meant by tech debt?
In the fast-paced software industry, development teams are often racing against time to deliver new features and meet business needs. In this rush, they may compromise on code quality, opting for a quick fix over an optimal solution. This leads to what is called technical debt, a concept akin to financial debt in the software engineering world. Just as financial debt accumulates with interest when not managed properly, technical debt accumulates when quick and dirty solutions, or suboptimal code, are implemented instead of the best solution. This is often a trade off to meet short-term goals, but, unlike financial debt, tech debt can have a significant impact on the long-term health of a software project.
Is tech debt good or bad?
Tech debt isn’t inherently bad; it’s often an essential part of the development process. There are situations where accruing technical debt makes sense – it allows the business to move quickly, test new ideas, and adapt to changing markets. However, problems arise when tech debt is not addressed. Bad code, hastily written due to time constraints, becomes part of the code base and makes future changes more challenging and costly. Over time, as debt accumulates, the amount of maintenance work grows, leaving less time for feature development and increasing the overall cost. Therefore, tech debt is a trade off, and like monetary debt, it needs to be managed with care.
What is tech code debt in banks?
In the banking sector, tech debt is especially critical. Banks have legacy systems with tens of thousands of lines of outdated code. As the industry undergoes digital transformations and technology changes, the issues associated with old code and legacy systems are exacerbated. Moreover, regulations demand a high level of code quality, and poor compliance can lead to additional tech debt, creating a vicious cycle. For banks, high-tech debt loads can translate into a higher cost of operations and, ultimately, a risk to business goals. We have seen successful banks building tech like Goldman Sachs for trading apps, Lombard Odier with G2… but they have trade offs and have to constantly make sure that dev stays… many developers will leave a project after 3 years on the same project.
How InvestGlass is the Best Solution?
InvestGlass offers an innovative and comprehensive solution to address technical debt in your CRM operations. Built with good practices in software development at its core, InvestGlass prioritizes high-quality, clean, and maintainable code. This design focus reduces the likelihood of accruing technical debt from the outset, setting it apart from other CRM systems that might be burdened with hastily written or outdated code.
The InvestGlass engineering team understands that managing technical debt is a continuous effort. Regular audits of the codebase are conducted to identify and address tech debt issues, ensuring the system is always operating at the same level of excellence. Unlike a hastily assembled patchwork of quick fixes and patches, InvestGlass’s approach means fewer problems down the line, saving businesses both time and money in the long run.
InvestGlass also aids banks and other departments in avoiding the trap of accumulating more tech debt by offering a highly adaptable and customizable CRM solution. It caters to evolving business needs, enabling banks to seamlessly update and align their CRM system as regulations and technologies change. This ensures that the CRM operations remain current and avoid the pitfalls of becoming a legacy system burdened with design debt.
The Pitfalls of a Homegrown CRM Solution!
Embarking on the journey to develop a homegrown CRM might seem like an appealing endeavour for many businesses, especially when considering the customisation it can offer. However, it is important to understand the technical debts that this decision may incur. When a development team takes on the monumental task of creating a CRM system from scratch, tech debt arises almost as a natural byproduct. To save time, developers might cut corners, writing new code hastily. This hastily written code, while solving immediate issues, can soon become a legacy code that poses significant challenges for future modifications.
Moreover, managing technical debt becomes a focal point of concern for the software team, as poorly written code not only increases the debt load but complicates tech debt remediation. Such a scenario is the epitome of why tech debt is bad; it consumes development time that could be spent on creating new features, instead forcing engineering teams to revisit and repair old issues. In addition, technical decisions made in haste, without considering the future operating system or the entire codebase, often need to be reevaluated and revised, further inflating the cost and time required to maintain the system.
Furthermore, the task of explaining technical debt to stakeholders who aren’t familiar with the software development process becomes an ongoing challenge. To them, time spent on addressing issues in the same way, repeatedly, may not clearly translate into why technical debt is important to manage, making it difficult to secure necessary resources for tech debt remediation.
In summary, while a homegrown CRM solution might initially seem to be the perfect answer to a company’s unique needs, it carries the serious risk of increasing the company’s technical debt to unmanageable levels, potentially resulting in a scenario where the costs far outweigh the benefits. It is a trade-off that demands thorough consideration by all involved parties.
In conclusion – avoid technical debt like your would avoid financial debt
In conclusion, technical debt is an unavoidable reality in the software engineering landscape, much like financial debt in the business world. However, when managed properly, it can be a strategic tool allowing for rapid response to market demands, rather than a hindrance. It is vital for development teams, particularly in highly regulated industries like banking, to make addressing tech debt a regular part of their development process. InvestGlass stands out as an exceptional partner in this regard, providing a solution that aligns with the long-term vision of an organization, while diligently minimizing and managing technical debt, ultimately leading to significant cost savings for the business.
With InvestGlass, you’re not just investing in a CRM solution; you’re investing in a strategy for managing your tech debt efficiently and effectively, thereby ensuring your operations are as smooth and profitable as possible.