What Automation Capabilities Should You Look For In A Low-Code Platform?

A low-code automation platform is defined as a solution that enables citizen developers with little to no traditional coding experience to easily and effectively automate various manual business processes, application development tasks and workflows. Low-code automation platforms can enable users to build complex and powerful digital architecture using visual development strategies.

Recent studies indicate that 83% of IT decision-makers believe that workflow automation is essential for organizational digital transformation. However, many users may find traditional automation platforms to be extremely complex and difficult to implement practically. However, as low-code technology continues to evolve, modern businesses can leverage the power of low-code automation capabilities to make enterprise application development and overall business operations much more efficient, accurate and profitable than ever before.

Low-code automation can help your business significantly decrease costs associated with long-term digital transformation, increase organizational productivity, improve customer experiences and satisfaction levels, optimize risk management strategies and much more. Therefore, your organization must choose a low-code platform that is equipped with the necessary automation capabilities to optimize and streamline business processes.

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How Financial Services Are Using Low-Code to Automate Their Businesses

As digital technology continues to evolve, market trends and consumer preferences are increasingly shifting towards online business processes. Furthermore, many financial institutions may find it extremely difficult to keep track of and manage day-to-day organizational tasks using traditional application development and manual procedures.

Low-code development tools can help financial services integrate and implement automation into processes that would have otherwise had or have been performed manually by an employee. Low-code automation is defined as the use of visual development platforms that enable citizen developers with little to no traditional knowledge of code to easily automate various manual business processes.

The rise of low-code technology in recent years has empowered modern financial institutions to innovate and transform enterprise applications and financial services. Research indicates that the financial services application industry is forecasted to reach a market value of approximately $164.01 billion by the year 2025, with a Compound Annual Growth Rate (CAGR) of 7.89%

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Why SMBs should use low-code to automate their processes

Today, new methods and business practices replace old ones at lightning speed. Advancements in technology change the operational scenario of offices practically every day.

It is thus imperative for businesses to step up their game and progress in sync with the technology surrounding them. However, not every business has the resources to deploy a team of coders toward creating and maintaining new software technology to cater to its evolving needs. Small and medium businesses or SMBs need a cheaper, more viable solution to their problems.

That is where low code development platforms or LCDPs step in. Low code allows for visual-based development with the help of drag-and-drop editors and pre-built modules. The best thing about low code is that a high level of professional coding knowledge is not required to create apps through it.

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What are the Top Benefits of Workflow Automation and How to Harness Them

Businesses everywhere are looking for efficient solutions to their problems. When the problem takes the form of tedious business processes, the solution comes up as workflow automation

Workflow refers to the series of activities lined up to successfully complete a task. Workflow automation enables businesses to identify tasks that could be effectively carried out by a machine and assigns a predetermined set of rules to perform the function. It consequently removes manual involvement from the equation. Automating the workflow would optimize business processes by efficiently replacing humans with automation software that accomplishes all or part of a task.

Workflow automation is usually employed in business processes when tasks involved are repetitive and redundant and usually do not require skill-intensive involvement. Automating workflow provides a boost in time efficiency and significantly decreases the probability of human error. Using workflow automation, businesses can achieve optimum performance with lesser effort.

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Low-Code Automation vs. iBPM: Which Should You Use For Your Business?

Business process management is defined as a set of organizational activities and processes which are undergone with the ultimate goal of tracking, analyzing, optimizing, automating and improving the overall functioning of various day-to-day business processes.

Business process management can be an extremely tedious, time-consuming and impractical process if not monitored by a digital solution. However, as the number of digital platforms and mobile solutions available to businesses increases exponentially, many businesses are unsure about what type of solution they should use to optimize their business processes: low-code automation and development platforms or iBPM playtforms.

Low-code automation solutions allow users to automate various business processes using a drag-and-drop app builder, a visual workflow builder and a scripting engine. This allows citizen developers and business technologists with little to no traditional coding knowledge to effectively and efficiently automate complex business processes. At the same time, it allows developers with coding experience to create process workflows and build apps in a fraction of the time it would take with traditional coding.

Intelligent Business Process Management (iBPM), on the other hand, involves the integration of artificial intelligence, machine learning and robotic process automation to automate various business processes using data analysis. iBPM solutions usually incorporate visual interfaces and a responsive software design.

But first, what are the benefits of automating your business processes?

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How To Set Up Strong Business Processes

A business process is the basic building block of a business function. It is a set of tasks that a group of individual stakeholders must perform to reach a specific goal. The main advantage of having business processes is the optimization of resources.

A business process gives direction to simple tasks and helps individuals streamline their activities. It ensures that the tasks are being performed in the most efficient way possible.

Business processes help stakeholders focus on long-term business goals along with short-term business goals. Business processes also improve communication between departments and help establish clarity regarding the objective of the tasks.

Business process management is hence an integral part of modern businesses. It focuses on the overall improvement of all end-to-end business processes in an organization.

Setting up strong business processes is essential. A strong business process framework ensures that all the resources in the organization are used to their full potential and in the best way possible. It also helps in unifying teams and increasing the efficiency of cross-functional teams.

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How Standardization And Automation Can Drive Your Company’s Success?

As digital technology and modern organizational structures continue to evolve and progress at an exponential rate, many businesses must begin to look towards standardization and business process automation to facilitate and foster company success.

Business Process Automation is defined as the utilization of technology to automate various time-consuming and complex business processes. Studies have shown that 97% of IT decision-makers believe that business process automation is crucial for digital transformation.

Standardization involves developing and implementing standards for business processes as well as ensuring that all organizational functions are held to the same standards.

Therefore, your business must understand the various benefits of business process automation and standardization so that you can leverage them to drive organizational growth and long-term success.

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How To Use Low-Code To Automate Your Business Processes

A business process is defined as a set of activities and procedures undertaken by an organization to achieve short-term and long-term goals and objectives. The structure and efficiency of your organization’s business process can significantly impact the productivity and profitability in the long run.

Well-managed business processes can help your business establish a benchmark for quality standards, reduce potential risk, avoid damaging human error, improve opportunities for cross-departmental collaboration and implement effective communication. Research has shown that effective business process management can improve customer satisfaction levels by up to 30%.

However, many business processes can be time-consuming, repetitive and tedious which can lead to employee dissatisfaction and disengagement. It may be difficult to effectively and accurately monitor and keep track of manual business processes. Therefore, many businesses are beginning to leverage the power of low-code solutions to automate various manual business processes.

Low-code automation is a visual approach to automating business processes that requires little to no coding and instead focuses on graphic on-screen guidance and drag-and-drop tools. Studies have shown that 49% of organizations that use low-code solutions have stated that they have the greatest ability to automate business processes.

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How To Use Low-Code To Eliminate Manual Processes In The Banking Sector

With evolution in digital technology and mobile solutions, it is crucial to modernize various processes in the banking sector. Although many processes may require human interference and supervision, many manual processes in the banking sector may be repetitive,  time-consuming and can hence be automated. Automation can help streamline various tedious processes that would have otherwise had to have been performed manually by an organizational employee.

Performing certain tasks manually may increase the risk of human error. Although human error is almost unavoidable in certain situations, the potential risk associated with handling large sums of money, maintaining customer databases and monitoring client relationships should be avoided at all costs.

Therefore, it is greatly beneficial for banking institutions to eliminate certain manual processes that may result in these errors. Recent studies have shown that 66% of employees view automation as being instrumental in reducing data errors.

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Top 10 benefits of business process automation

Companies all over the world continually try to achieve efficiency. All the processes in a company contribute towards one goal – an optimal business design that best solves all the organizational problems while yielding the highest results. One of the most efficient tools to achieve that level of optimization is business process automation.

Automation has become an integral part of every business. According to McKinsey, approximately 31% of businesses have fully automated at least one business function. Therefore, with the growing integration of automation into various business processes, modern organizations must understand the advantages of business process automation.

Business process automation is defined as the incorporation of certain types of digital software and tools that can automate certain time-consuming and repetitive organizational tasks that would have otherwise required human intervention.

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