Why Companies Should Go For Low-Code Development?
According to Gartner, more than half of medium and large businesses will use low-code development platforms for one or more of their core application platforms by 2023. The primary driver for this choice is the need to accelerate and simplify the creation of enterprise-level solutions that are easier to integrate, adapt, and enhance, allowing businesses to respond more swiftly to changing market conditions and legislation, as well as customer expectations.
The trend has been hastened by the disruption produced by COVID. Companies that didn’t employ low-code platforms before were unable to adjust their ERP systems quickly and readily to the demands of remote operations. Businesses that used a low-code platform, on the other hand, were able to change far more quickly.
According to KPMG research, the number of company leaders who say low-code or no-code development platforms are their top automation investments has doubled from 10% to 26%.
The market for low-code development platforms is expanding, and BFSI is one of the fastest-growing industries. Over the forecast period, this market is expected to develop at the fastest CAGR. Low-code platforms are the result of new rules as well as new services that businesses provide to their clients, such as enhanced customer support. Companies are using low-code development platforms and services to automate customer service operations since customer service is regarded as one of the most important criteria in attracting clients and loyalty in the BFSI sector.
The case study that Brisk Logic provides, an effective solution to deliver rapid and efficient credit services is an example of successful low-code utilization in the financial industry.
According to Markets, this company is continually introducing new and enhanced services and financial products to increase the efficiency of its business operations and attract organizations that provide low-code development platforms to provide high-end solutions.
Low-code application development is becoming increasingly popular and for good reason.
Using Appian, the leader of Gartner’s Magic Quadrant for Enterprise Low-Code Application Platform, IDC conducted a study on the business benefits of low-code development and intelligent process automation.
The Following are the Results:
- The repayment duration is seven months.
- The development lifetime is 62-72 per cent shorter.
- 25 per cent more efficient
- Business process teams are 123 per cent more productive.
- In a year, each firm generated $14.80 million extra revenue.
- Return on investment of 509 per cent after five years
Businesses are migrating to low-code development tools because they offer several advantages over traditional development tools and enable the creation of high-end, enterprise-grade software.
Let’s take a look at some of the benefits that low-code platforms provide.
1. Improved Time-to-Market
The time to market is the length of time it takes to go from an initial concept to a finished product, whether it’s a website, an app, or an app.
The key advantage of low-code development is the ability to accelerate app development. Full enterprise-grade apps could be produced in days rather than months using low-code platforms.
Low-code platforms, according to Forrester, make software development up to ten times faster than traditional methods.
Low-code platforms include pre-built UI templates and data models, as well as drag-and-drop functionality. They can help you save a lot of time when it comes to developing an app.
2. Productivity is Rising
Businesses can use intelligent automation solutions to control and automate operations, needing minimal engagement from humans. Companies can also use automation to create automated workflows by linking people, technology, and data in one place. This leads to better environmental governance, which improves efficiency, reliability, and operational performance.
Teams in charge of business processes may now handle more than twice as much work as before, allowing them to devote more time to business development and other duties.
Costs are reduced as a result of the ability to create multiple apps in a shorter amount of time. This isn’t the only reason, though.
Low-code allows businesses to develop apps in less time and with less work, which can help reduce operating costs and expenses. Furthermore, low-code apps are easier to create than traditional programming. As a result, organizations are less reliant on software engineers, and the demand for more developers is reduced, lowering the cost of hiring. All of this lowers the company’s costs and increases the efficiency of everyone who works there.
Furthermore, the right low-code technology can improve efficiency across the board, not just in IT.
4. Innovation that is Speeded Up
Innovation based on technology is becoming more crucial to modern organizations. In the process, there is a raising need for software that can operate in quickly changing environments and also keep up with consumer demands.
The complexity of the systems and IT environment as well as the lack of development capabilities make it difficult to meet these increasing expectations.
Low-code development platforms employ visual methods to facilitate the development of software using models instead of conventional software code writing. This does not only speed up the development process and decreases times to commercialization, allows time for professionals with the right skills and helps make software development more agile and accessible to business.
5. Simple Maintenance
The cost of maintaining software is determined by changes made to the program after it’s been handed to the user. The software doesn’t have an expiration date, but it will become less valuable with age and there will always be issues with the program.
- Increasing software performance by reducing mistakes.
- Unnecessary code lines are removed.
- Using the most up-to-date development approaches.
- The cost of software maintenance accounts for about 75% of the total cost of ownership.
If the application was built using an open-source platform when the application is launched, it will automatically include the most current interface and security standards. It also runs on the most current cloud and mobile devices and reduces the necessity to modify apps for different operating systems and settings.
The latest apps do not add to the mountain of technical debt that burdens IT departments. Upgrades, security certificates regulatory inspections, upgrades, and performance issues are taken care of through the platform automatically which makes maintenance simpler.
6. Customer satisfaction
The significance of Low-Code to the consumer experience is rapidly being acknowledged by businesses. Market share and customer satisfaction are crucial to a business’s growth. The satisfaction of customers and the improvement of their experience is a must for all companies. Utilizing the Low-Code platform, it is possible to implement a variety of methods to ensure maximum customer satisfaction through technological means.
Platforms for development that use low-code make it easy for businesses to design user-friendly applications and accomplish difficult tasks more quickly. Low-Code allows for coding to be easier and lessens the burden of software developers. Apps for companies were designed to keep pace with the pace of customers and employees.
The company will be able to be more attractive to customers by adjusting quickly to changes in the market and keeping clients with the latest trends, which can improve customer relations with the business.
Low-code platforms offer frameworks and tools that allow creating a fast, innovative and effective method to develop applications. With the improvements in performance and the maturity of these platforms the quality of developed apps is growing every day.
Before you can begin using low-code, it is essential to select the best platform that meets the requirements of your company.
Here are some of the most popular reasons to choose a low-code development platform
- Time-to-Market Expansion
- The market is rapidly evolving, as are the needs of the users.
- Business procedures that need to be automated are complex.
- Increasing the code’s security and quality
- Multiple data sources must be merged without the data being moved in and of itself.
- Market legitimacy is crucial, as is a swift response to market changes.
- Reduced time spent on system maintenance, allowing more time to be spent on designing and developing new technologies.
Businesses will be able to develop applications that are ready for production in months or days if they have the right platform. Low-code platforms look to be in high demand, and this trend is expected to continue in the coming months.
Brisk Logic team’s knowledge, combined with the most up-to-date information and the fact that we’re partners, allows us to take full advantage of low-code platforms’ development capabilities. If you’re considering using a low-code platform and would like additional information, please contact us.