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

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

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?

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

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?

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?

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?

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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Open Source Product Innovation and Marketing Collaboration

According to Wikipedia, “Innovation in its modern meaning is a new idea, creative thoughts, new imaginations in the form of device or method. Innovation is also often viewed as the application of better solutions that meet new requirements, unarticulated needs or existing market needs. Such innovation takes place through the provision of more effective products, processes, services, technologies or business models that are made available to markets, governments and society.

Personally, I like the use of the term “more effective” above. It says something important which is often missing in open source products. It’s not good enough to only write beautifully-engineered technology, because that’s often not what counts as more effective in the eyes of those who buy. We need to think through the whole context outside of engineering – the processes, the services, the business models etc – and we need to ensure that the big picture looks and feels more effective overall. Read more