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Transforming Financial Services with Low-Code Innovation

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In today’s digital age, the financial services industry is experiencing a growing need for innovation and digital transformation. To meet the ever-evolving demands of customers and stay competitive in a rapidly changing landscape, financial institutions are turning to low-code innovation.

Low-code development is revolutionizing the way financial services operate by providing a rapid and agile approach to application development. In this article, we will explore the roldise of low-code in financial services, highlighting its key benefits, impact on customer experience, operational efficiency, regulatory compliance, and security. We will also discuss the challenges and adoption considerations associated with low-code implementation. Furthermore, we will delve into the future potential of low-code innovation and its ability to shape the future of financial services. Let’s dive in and discover how low-code can transform the financial industry.

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How low code is reducing costs and empowering innovation in healthcare

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Healthcare providers must deliver modern, digital services, but many are held back outdated legacy systems. Here’s how low code can help close the gap.

Electronic health records (EHR) and the exchange of digital information underpin the delivery and management of any modern health service. Yet despite recent advancements, especially in the wake of the coronavirus pandemic, many of today’s EHR systems are outdated, existing on legacy architecture that results in delays in – or even a lack of – the exchange of essential health information between services.

Addressing these issues has long proven extremely challenging and expensive, with projects frequently going over budget and taking much longer than anticipated. For example, in 2013, the UK’s National Health Service (NHS) abandoned patient record system was described as the biggest IT failure ever seen, ultimately wasting approximately £10 billion. The cause of the debacle was put down to the government’s inability to successfully manage large IT contracts.

Cases such as these are why the healthcare sector has been relatively slow to innovate over the past decade. However, a lack of innovation is not the answer to mitigating risk and enabling better patient outcomes. If EHR and other vital healthcare systems aren’t kept up to date, they will be unable to keep up with demands and expectations that set the standards for a modern healthcare service. After all, in healthcare, time isn’t just money – it can also be the difference between sickness and health.

While there are many potential barriers to innovation in healthcare, arguably one of the biggest is the shortage of specialized IT skills, which has also led to a significant increase in the costs of IT projects. This results in delays and inadequate technical solutions that fail to meet their goals.

Low code solutions aim to address the technical barriers by making development much more accessible, more affordable, and much faster. By reducing the engineering effort required, the low-code approach provides an easily scalable architecture that can integrate with numerous data sources, thus facilitating seamless transactions of EHRs and other healthcare data. An open-source solution goes even further by allowing healthcare organizations to preserve total control over how they govern and protect sensitive data like patient health information (PHI).

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How nonprofits can use low code to drive innovation

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Nonprofits face a growing demand for digital solutions that help them expand their missions. Here’s how low-code platforms can help them do just that.

Low-code software development is often praised for facilitating the rapid delivery of enterprise apps at a time when digital transformation must be agile and continuous. However, although nonprofits share these same challenges when it comes to digital innovation, they also face some unique challenges of their own.

Chief among the challenges is the fact that NGOs and nonprofits rarely have the same degree of financial backing that major enterprises have. Hiring talented software developers to build applications from scratch, in a way that incorporates privacy, security, and data sovereignty by design, is often far beyond what their budgets allow.

At the same time, the philanthropic space is entirely built on trust. Donors and regulators alike expect complete transparency into how and where their budgets are spent. What they do with donor information is another key area, especially in the case of nonprofits that operate across borders, where concerns about digital sovereignty factor in. These factors are much harder to address if digital innovation results in heavy overspending, lengthy delays, or vendor lock-in.

Low-code promises to make software development more equitable, but the truth is that most low-code development platforms (LCDPs) are tailored for business use. These platforms tend to serve specific target markets, such as sales and marketing teams in traditional enterprises – areas that have very different needs and priorities when it comes to nonprofit organizations.

Fortunately, open source is a natural fit for low code, as well as a natural fit for nonprofits. By empowering data equity and sovereignty, open-source low-code platforms give nonprofits the opportunity to leverage the inherent benefits of low code, albeit without the risks of sovereignty and vendor lock-in concerns.

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How To Use Low-Code To Speed Up Innovation In Financial Services

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Financial services form the backbone of the world economy. Most organizations require the assistance of banks to launch and carry on their operations.Ensuring efficiency and accuracy in all operations of finance services hence becomes imperative not just for individuals but for the economy as a whole.

As rapid innovations in digital technology and low-code solutions continue to evolve at an exponential rate, it is crucial for modern businesses to understand the significance of speeding up innovation in various financial services.  It has been proven that organizations that prioritize the acceleration of software development and innovation have been proven to experience significantly higher competitive advantage over their counterparts that don’t.

However, innovation in financial services can be an extremely difficult process due to a lack of financial and human resources, competent digital systems and time. Furthermore, many financial institutions are often so focused on meeting short-term goals that long-term innovation seems impractical and unrealistic. However, low-code technology may be able to help financial institutions speed up innovation in financial services.

A recent study conducted by Microsoft anticipates that 450 million out of the 500 million applications that are expected to be developed and distributed over the course of the next 5 years will be created using low-code platforms. Therefore, the rise of low-code technology presents an extremely valuable opportunity for modern businesses.

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How enterprise software teams are unlocking the value of low code to adapt and scale

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Internal low-code development platforms empower collaboration at scale, accelerate software delivery, and establish an enterprise-wide culture of innovation.

Change is the only constant in the fast-paced world of enterprise technology. Businesses face growing pressure to innovate and adapt as customer expectations evolve and disruptive new solutions enter the market. Thus, agility has become a necessity in everything from software development to digital transformation.

Most IT and business stakeholders are well aware of this fact. 95% of business leaders believe that technological innovation in strategic business initiatives add value. They realize that IT is no longer a mere cost center, but a key driver of revenue and growth. They understand that being able to respond quickly to change is vital for staying relevant in today’s market.

Unfortunately, there remains a serious misalignment between perception and reality. Almost two-thirds of business stakeholders claim that their IT departments implement fewer than half of their proposed solutions. Solutions that are implemented tend to go over budget and over time which, in turn, has led to a significant rise in uncontrolled shadow IT.

This begs the question of how many potentially value-adding innovations never saw the light of day because software teams lacked the technical skills and budgets to develop them. After all, traditional software development is costly and time-consuming and requires technical expertise across a broad range of domains from coding to user experience design.

Business processes need to be regularly modified and customized to best respond to change, which means that software teams need to be flexible and agile. They must be able to work quickly to keep up. But rather than face the constant risk of burnout and rising technical debt, they must be empowered by agile leadership, the right tools, and a collaborative company culture.

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What Are Common Healthcare Consulting Services & Solutions?

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Healthcare consultation is defined as the process of providing advice and guidance to healthcare organizations. Healthcare consultation can help organizations identify and address certain difficulties or issues within their industry.

Healthcare consulting can significantly improve organizational efficiency, productivity, and overall management in the long run by helping to facilitate more informed decision-making.

Recent studies have shown that the healthcare consulting industry is expected to reach a market value of approximately $20 billion by 2025, with a Compound Annual Growth Rate of 6.71%. Therefore, adopting certain healthcare consulting services and solutions can prove to be extremely beneficial for your organization’s overall productivity.

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How Can Low-Code Development Bring Data Science To People

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Data science is defined as an interdisciplinary field that leverages the power of large amounts of complex data to uncover valuable insights, which consequently aids in decision-making processes. It has traditionally only been accessible for trained or highly skilled software developers with a deep understanding of coding and analytic software.

However, with the rise of low-code and no-code application development platforms, data science has become a much more accessible tool that can be leveraged in modern organizations with citizen developers with little to no traditional coding or application development experience. According to Microsoft, approximately 450 million applications will be created in the next five years using a low-code application development platform.

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What Is a Content Tracking?

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With the rise of digitalization and its integration with various business processes, companies have turned towards digital marketing to make online content visible to target consumers.

However, it is also extremely essential for businesses that produce digital marketing content to practice digital content tracking. Digital content tracking is defined as tracking the performance of content after the production and distribution process.

Content tracking has a wide variety of benefits, such as helping businesses find new ideas for potential content, monitoring a brand’s online presence, measuring the performance of individual pieces of content, and more.

Therefore, many businesses take advantage of content tracking software solutions that can automatically collect, track and analyze marketing campaigns and produce valuable insights.

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Is Low-code Made For Lazy People?

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According to Gartner, low-code platforms will be responsible for more than 65% of all application development by 2024. Low-code development is defined as software that allows users to use visual editors such as drag-and-drop editors to create complex, high functioning enterprise applications without having to write long, repetitive lines of code.

Low-code application development is an easy alternative to traditional, time-consuming application development methods. Therefore, many may mistake low-code technology as a lazy approach to application development. However, low-code software platforms are actually an extremely smart tool that businesses can use to increase their organizational efficiency and overall productivity.

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What Is the Difference Between Open-Source and Open-Core?

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The rise of open-source software platforms has completely revolutionised the rate at which enterprise applications can be produced. In fact, over 78% of companies run either part of or all of their operations using open-source software.

Open-source software is an all-encompassing term used to define any publicly accessible software application that is entirely available for free. Open-source software can then be modified and reviewed by users according to their specific needs and requirements.

Open-core is a specific business model strategy used to monetise the use of open-source software. However, ‘open-source’ is often confused with ‘open-core.’ Nevertheless, there are several key differences between open-source software platforms and open-core business models.

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