If you had any experience in IT, you have probably heard of technical debt but when Product Management is something you are unfamiliar with, there’s a significant quantity of new things for you, especially if you’ve never been engaged with the IT industry.

If you’ve been closely linked with software development, you’re surely aware of this subject. But if you’ve come from a sales department or any other non-tech department, you might be confused.

I assume that this is the main reason why you have found this article! So let us dive you into the world of Technical Debt.

How can technical debt be defined? ‘Technical debt’(also known as tech debt or code debt) shows what happens when software engineering teams rely on straightforward solutions that can help to reach fast project delivery in the short-term; nevertheless, in the long-term, these approaches do not represent the best possible solution––thus causing technical debt.

Basically, Technical Debt is the expenses obtained by the Company because the software developers decided to build a software by choosing the shortcut, taking a simpler and faster way for on-time delivery rather than a detailed, advanced, and an excellent one. The Company incurs this cost at a later stage once the software has been developed. Therefore, it is a debt for the Company, which can be accounted for beforehand. It pays later debt that a Company has to pay in the long term to comply with the actual business requirements.
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