IT debt

A few days before the Chancellor's Autumn Statement, I received this timely reminder from MicroFocus that, while national governments are still having to handle deficits and thus are racking up increasing debt, global companies are cash-rich. The article is US-orientated, but I recall financial commentators pointing out that the same is true of London-quoted corporations.

The article questions the philosophy of building up cash reserves while doing no more than patch up IT systems. This failure to plan and implement change and to train IT staff has been particularly marked in the case of banks, leading to disasters like this.