Charles Crouchman, the Chief Product Officer of Redwood Software, discusses the trillion-dollar problem of tech debt, which has nearly doubled from 2012 to 2023 across industries and regions, with global tech debt estimated at $6 trillion. The increase in tech debt can lead to decreased organizational agility and control, leading to higher errors and noncompliance. Tech debt arises when companies layer multiple platforms and automation solutions onto an already complex tech stack, failing to connect critical processes end-to-end or integrate seamlessly with their enterprise resource planning tools. This issue can be resolved through a thorough audit of existing tools and a phased roadmap that allows gradual consolidation while avoiding disruption. Once processes are consolidated, automation fabrics can unify disparate systems and offer more seamless data flow.
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