If you still think that low code is only used to build simple applications, you have a major misconception. There is so much an organization can do with the power of a low code application development platform. The tool is ideal for highly scalable applications, the kind that can support your organization’s digital transformation initiatives.
A study by Forrester anticipates the low code development market to exceed $21 billion by 2022 and experience a 50% annual growth rate in the next five years. This proves that a low code application development is definitely not a fad and is here to stay.
Low code application development is not new. What’s new is that leading enterprises today have realized that they can go the low code way for faster innovation. Low code has become the go-to choice for its visual development environment, point-and-click user interfaces, drag-and-drop control, automation capabilities, and workflow management.
But do you know all that you can build with a low code platform?
Honestly, a whole lot! Professional IT developers and business users can collaborate on numerous projects with a low code platform.
Here’s a glimpse into the 4 use cases of low code application development platform:
Content-driven workflow applications
Low code platforms can enable businesses to automate their end-to-end content-centric processes/applications–such as customer onboarding, claims processing, and online account opening–ensuring that the right content is available at the right time to the right people at appropriate stages of the process.
Mobile app development
Businesses can rapidly design and develop responsive mobile applications with point-and-click and drag-and-drop functionalities in a well-abstracted low code application development platform.
Customer-facing and customer support portals
With low code, an organization can develop customer-facing portals such as customer self-service or agent portals that can easily be integrated with existing systems. Businesses can also leverage a template-based user interface development interface to design these portals for faster, simpler, and more efficient ways of interacting with the customer in real-time.
Modernization of legacy systems
Low code can help enterprises extend their legacy systems. By leveraging the low code application development platform, businesses can support core systems and develop applications that can easily integrate into the existing system.
These are just a few of the numerous use cases on how low code application development can drive up productivity, revenue, and customer experience. To learn more about how low code can help your enterprise, read the case study on how National Commercial Bank Jamaica Limited leveraged a low code application platform to centralize its loan underwriting service and decrease turn-around time for loan applications.
As a business leader, you must always look for new and innovative ways to bring speed and agility into your processes. Lengthy turnaround times are no longer an option, and a low code process automation software ensures a flexible and agile operating environment that can quickly respond to dynamic market requirements.
Advantages of Low Code Process Automation Software
By leveraging low code, your enterprises can:
Achieve Faster Go-to-market
Low code helps to significantly cut the time it takes to design business applications. Its user-friendly and intuitive drag-and-drop functionality and reusable application components fast-tracks the application design process. This enables you to rapidly develop and bring to market complex business applications in a short period.
Reduce IT Shadow
Low code process automation software empowers your users with a collaboration-driven work environment and helps eliminate the reliance on third-party applications for quick IT fixes. It provides you the governance capability and guardrails (set by IT) without hindering innovation, thereby helping remove data, process, and security vulnerabilities.
Optimize IT Cost
You can leverage low code to seamlessly integrate on-premise systems with modern cloud-based applications, thereby reducing the upfront migration costs. Furthermore, the platform offers scalability and fosters innovation in less time through an optimum IT headcount.
Oversee Efficient App Governance
Low code will allow your IT and DevOps teams to manage a portfolio of apps with complete compliance and governance capabilities. It will help reduce a significant amount of time spent in application and data governance activities, thereby boosting productivity.
Deliver Delightful Customer Experiences
With low code, you will be able to seamlessly integrate multiple services and deliver continuous improvements to end-users. This results in significantly improved and consistent experiences across several channels.
“By 2024, low-code application development will be responsible for more than 65% of application development activity.” – Gartner
By investing in a low code process automation software, you can optimize your existing enterprise-wide resources, foster a conducive environment for continuous innovations, and sustainably drive digital transformation to achieve your long-term strategic objectives.
One size fits all approach doesn’t necessarily work for organizations in today’s dynamic business environment. An ideal digital transformation platform gives you the flexibility to smoothly cater to your business requirements. Therefore, it is important for you to understand your customer requirements and evaluate how digital transformation platforms fit in.
Digital transformation, if done correctly, dramatically changes the competitive landscape by unlocking simplicity in how business is conducted and how customers experience it.
Choosing an Ideal Digital Transformation Platform-Six Considerable Criteria
1. Intelligent Business Process for Connected Enterprises
You should look for a platform that can bridge organization silos while connecting your processes, people, and content via low code process automation
2. RPA with BPM for a Holistic Customer Journey
You should choose a digital transformation platform that automates end-to-end customer outcomes with customer-centric processes leveraging robotic process automation (RPA). It helps you identify, analyze, classify opportunities and complaints, make intelligent decisions, and strengthen customer relationship
3. Omni-channel and Cross-channel Engagement for Enhanced Experience
You need to look for a platform that has cognitive intelligence, natural language processing, machine learning (ML), and digital sensing capabilities which provide human experience to employees, customers, and partners. It can predict future actions enabling omnichannel and cross-channel engagement, with smart, speedy, and contextually accurate responses
4. Contextual Content Service for Informed Decision Making
You must choose a platform that enables you with contextual content services capability, thereby creating a workplace without boundaries with anytime-anywhere content access and document management
5. Analytics for Continuous Process Improvement
You must choose a platform that deploys cognitive bots and content analytics to process all incoming contents, understands customer behavior, converts them into actionable insights, and facilitates continuous process improvement
6. Low Code for Rapid Application Development
Per Forrester, low-code development platforms have the potential to make software development as much as 10 times faster than traditional methods.
Increasing demand for application development while trying to manage inadequate IT resources is a perennial business challenge. You need to look at a low-code development platform that empowers your users to develop applications within the IT guardrails. It should provide low code/no code facility for developing mobile apps, process automation, straight-through processing, collaboration, business rules configurations, easy customer communication, and contextual content services
Organizational leaders who think they’re done with digital transformation and is a dusted thing for them, it certainly means they did not understand what it really means. To stay ahead of time, it is significant for you to keep innovating and be at par with the changing expectations of your customers and the competitive marketplace.
The Struggle with Digital Transformation (DX) is Real
Digital transformation offers an opportunity for every industry and business to thrive. Change is happening rapidly today, pushing enterprises to seek, embrace, and effectively manage digital transformation. But the reality is that most of these efforts struggle to succeed. Research by McKinsey & Company indicated that less than 30% of organizations were able to achieve their stated objectives as they embarked on transformation efforts. Some of the common roadblocks they have faced include inadequate strategic planning, poor time management, and lack of right talent.
Digital transformation can be complex, and this complexity only increases if organizational systems are not in sync.
Upending DX Challenges: Low Code Platform is the Answer
To succeed with DX initiatives, enterprises need to break down their larger digital transformation objectives into smaller and manageable goals. And then deploy technology or tools that can optimize their systems and processes.
Low code platforms offer the perfect opportunity for companies to manage complexities and put the wheels of DX in motion. To break it down, low code software development necessitates minimal coding and resorts to visual application development. It can automate the most complex of business processes and digitally transform them in the shortest possible time. Low code platforms are a true game-changer for many companies because it offers rapid application development, flexible integration, and quick innovation for all.
To learn more about the capabilities of a low code platform, here is an interesting podcast by Newgen Software’s Global Head of Marketing, Hemant Makhija. He decodes digital transformation and provides actionable insights on how companies can consider jumpstarting their path towards DX. He also shares an interesting success story of how a leading health insurance provider developed and launched a core health insurance system using Newgen’s digital transformation platform with low code capability within eight months.
By 2023, over half of the medium to large enterprises will have adopted low code as one of their strategic application platforms – Gartner
By 2024, more than 65% of application development will be done on low code platforms and 75% of large enterprises will be using at least four low code development tools – Gartner
A market study by Forrester expects the market for low code development platforms to increase to $21.2 billion by 2022, up from $3.8 billion in 2017 – Forrester
What stands out in the above data points is that low code is an opportunity you simply cannot miss!
As a business leader, you deal with evolving customer expectations and changing market needs. This requires you to be faster than your competition and respond to dynamic business requirements with speed and agility. So, the time to embrace low code is now!
And if you are still deliberating, here are the five key business values you can unlock by investing in low code:
Achieve Faster Go-to-market: Low code helps slash enterprise application development time significantly. Reusable application components and web-based drag-and-drop features of low code speed up the application designing process. This ensures that you bring your application faster to market and incorporate changes at the shortest notice!
Make Your IT More Efficient: Don’t make janitors out of your IT workforce! Most IT teams today spend a significant amount of time in maintaining IT hygiene—continuous upgrades, compliance checks, security certifications, and performance measurements—thereby hampering productivity. Technical debt accrued by organizations is a major factor that increases the technical burden. Low code platforms can significantly reduce these IT overheads and enable your developers to rapidly build applications that can bring in higher business value
Lower IT Costs: The traditional way of developing enterprise applications is on its way to becoming obsolete. Low code not only enables organizations to keep up with the fast, digital times but also offers significant cost reduction in the long run. With low code, you get faster innovation in lesser time and without adding to your IT headcount
Delight Customers: Today’s digital native customers’ expectations keep changing rapidly and they want organizations to respond quickly to their changing needs. This is where low code comes as a savior by enabling faster responses and easier change management per market and customer needs
Improve IT Governance: Shadow IT continues to be a pain point for enterprises. It not only accrues technical debt in the organization but also affects overall risk monitoring. Low code deftly handles shadow IT by reducing dependency on quick-fix third-party applications and enabling a collaboration-driven work environment. The standard modeling environment of low code boosts IT governance by doing away with data, process, and security vulnerabilities
In a nutshell, low code provides a lot more than just speed and agility