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69% of IT Leaders Consider Technical Debt as One of the Biggest Threats to Innovation

IT Spending, Technical Debt

Modern application platform developer OutSystems reported that 69% of IT leaders identify technical debt as a major threat to their companies’ ability to innovate, as seen in its latest report, “The Growing Threat of Technical Debt.” With COVID-19 exposing vulnerabilities in organizations around the world, this latest industry survey from OutSystems examines the cost of technical debt facing businesses across industries and geographies. And this impacts IT spending and budgets.

Key findings

Impact on IT Spending

“Technical debt can be particularly costly in the financial services industry, where companies thrive on their ability to innovate while providing fast and reliable services,” said Izak Joubert, JTC Group CTO“Within JTC Americas, we’ve worked with OutSystems for years to develop software products that streamline financial transactions for our customers. They’ve helped us move beyond concerns about technical debt so we can focus on creating software that is predictable and secure as well as quick and easy to update.”

“For years we’ve seen the negative impact of technical debt on businesses’ ability to prioritize innovation and flexibility, which are critical elements to gaining and maintaining a competitive edge,” said Rui Gonçalves, Partner at KPMG in Portugal. “Through the longstanding partnership between KPMG and OutSystems, we’ve witnessed the significant capabilities that modern application development offers in terms of eliminating technical debt as well as empowering businesses to shift their resources toward innovation in a meaningful, successful way.”

Methodology

Findings in “The Growing Threat of Technical Debt” are based on a global survey of 500 IT leaders spanning enterprises, commercial companies, and small businesses around the globe. Fielded in partnership with Lucid, the online survey was conducted in May 2021 across the United States, Australia, the United Kingdom, France, Germany, Portugal, India, Brazil, the United Arab Emirates, and Singapore. Respondents span industries including finance, retail, healthcare, education, business services, government and public administration, media and telecommunications, utilities, and real estate.

To find out more about how and where technical debt is affecting business and IT leaders around the world, visit stoptechdebt.com or download the full report here.

OutSystems

OutSystems was founded in 2001 with the mission to give every organization the power to innovate through software. The OutSystems modern application platform’s high productivity, connected, and AI-assisted tools help developers rapidly build and deploy a full range of applications anywhere the organization requires. With more than 435,000 community members, more than 1,500 employees, 350 partners, and active customers in 87 countries and across 22 industries, OutSystems has achieved global scale while helping organizations change the way they develop applications.

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