The banking industry faces numerous challenges when it comes to risk management. With complex regulatory requirements, growing customer expectations, and the need for efficient processes, banks are constantly seeking innovative solutions to streamline their operations. One such solution is low-code automation, a technology that can revolutionize bank risk management. This article aims to explore the benefits of low-code automation in the context of risk management and provide a step-by-step plan for implementing it effectively. Read more
In today’s fast-paced business landscape, staying ahead of the competition requires efficient and streamlined processes. Enterprise systems play a vital role in managing various aspects of an organization, including customer relationship management (CRM), enterprise resource planning (ERP), supply chain management (SCM), and human resources management (HRM). This article aims to explore the importance of these four key enterprise systems and how low-code automation can enhance their effectiveness, enabling businesses to stay ahead in a rapidly evolving market.
The healthcare industry is constantly striving to improve efficiency and enhance patient care. Hospital workflows play a crucial role in achieving these goals, but they often suffer from manual processes, disjointed systems, and data silos. To address these challenges, more and more hospitals are turning to low-code automation and integration software. Continue reading to explore the benefits and potential applications of such software in optimizing hospital workflows.
As current business landscape continues to become more and more complex, it can be extremely difficult to keep track of various complex business processes using traditional methods. Manual business processes can be extremely time-consuming and repetitive. Therefore, this could potentially cause unforeseen delays and bottlenecks in organizational operations.
Business process automation is defined as the use of digital technology to automate various repetitive, time-consuming business processes. Business process automation can help make current organizational operations much more efficient, increase profitability, improve productivity levels, minimize human errors, standardize various complex processes, simplify regulatory compliance and much more.
Therefore, business process automation can be extremely beneficial for streamlining and optimizing various day-to-day organizational tasks. A recent study has found that 97% of organizations believe that business process automation is crucial for digital transformation.
With rapid changes in our current business landscape, modern businesses are constantly looking for new ways to optimize and improve various business processes. One of the most effective and efficient ways to improve existing business processes is through process mining.
Process mining refers to a subsect of business process management that involves capturing, analyzing and leveraging data from day-to-day business activities to develop detailed event logs. These event logs are then further analyzed to obtain valuable insights into the current performance of various business processes. Process mining can help businesses identify inefficiencies in day-to-day business processes and develop comprehensive and holistic strategies to address them.
A recent study conducted by IBM has found that process mining can increase process automation rates by 75% and process conformance rates by 67%. Therefore, your business must understand what process mining is and how it can transform your current business process management strategies.
Recent developments in digital technology have not only resulted in more efficient and productive business processes but have also resulted in a proportional increase in security and encryption threats and vulnerabilities. However, as security threats and risks continue to become more and more sophisticated, it can become extremely expensive for modern businesses to implement numerous different expensive and time-consuming security solutions.
Low-code security automation is the answer. Studies have shown that 66% of businesses view increased responsiveness as their primary motive for adopting and integrating low-code platforms. Low-code security automation involves integrating low-code automation into various security and encryption business processes to enhance enterprise applications and security workflows as well as expedite development cycles.
This can be extremely beneficial for helping your business not only automate various time-consuming and repetitive aspects of organizational security processes but can also increase cross-departmental collaboration as well as empower citizen development initiatives.
KYC is defined as a ‘Know Your Customer’ or ‘Know Your Client’ process that involves verifying a user’s identity as well as the suitability and potential risks involved with maintaining a business relationship. KYC procedures are especially crucial for financial institutions to understand the nature of a customer’s activity, verify their identity, confirm the legitimacy of a customer’s financial history before providing loans and evaluate potential risks.
It is an essential tool for helping to protect organizations across numerous industries from fraud and other illegal activity. As business processes become more and more complex, modern organizations across all industries such as insurance, banking, retail and much more must closely monitor KYC compliance. However, KYC compliance can often be extremely time-consuming if performed using manual processes.
Low-code is a visual approach to software development that requires almost no traditional coding to create powerful enterprise applications and business processes. These platforms enable citizen developers with little to no traditional coding experience to leverage the power of low-code automation to eliminate various time-consuming, impractical aspects of KYC compliance. Recent studies have shown that 26% of executives believe that low-code platforms are the most critical investment in automation.
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.
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%
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.