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4 reasons why your business need an open-source support contract

The benefits of having a support contract for open-source software go beyond fixing issues. It also provides strategic support for your digital transformation.

Nine out of ten the world’s businesses now use open-source software. However, when people think about the open-source licensing model, the first thing that typically comes to mind is that it means free software. In reality, the benefits of open-source go far beyond that. These include a complete lack of vendor lock-in, community-driven support and maintenance, and end users having a stake in the direction of the software’s continued development.

When combined with the low-code approach to software development, open-source becomes the foundation of data democratization and technological innovation. The ultimate goal is for everyone in an organization to have equitable and timely access to the data they need to carry out their day-to-day roles, while giving business leaders the means to control and govern their digital assets in full.

It would be naïve and wholly misleading to claim that all these benefits can be realized without spending a single cent. While reduced costs are an undisputable benefit of the open-source model, getting the most out of it requires a certain degree of expertise and people power. After all, all software needs maintenance, and every solution must be tailored to the unique needs of individual businesses. That includes low-code development platforms (LCDPs).

Taking out a support contract for open-source software might not be necessary for everyone, but in this article, we’ll explore some compelling use cases to help you make a more informed decision.

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What Do You Need For Successful Process Mining

Process Mining is defined as a process analysis method that aims to identify, observe and modify day-to-day operations by extracting knowledge from available event logs in the data and information systems of an organization. According to a recent study conducted by Gartner, the process mining market will cross the $1 billion mark, growing by approximately 40 to 50% by the end of 2022.

Process Mining is quickly crossing the bridge to the business sector and is currently being employed in a much more functional and consistent fashion than ever before, thus making it almost effortless for business owners to constantly monitor and optimize their daily business processes. Being an advanced and innovative technology, process mining can substantially enhance efficiency, improve productivity levels, increase customer satisfaction levels and ultimately lead to significant savings in the long run by steadily redesigning business processes.

Therefore, enterprises will be able to cut costs, increase customer satisfaction levels, improve employee engagement levels and run the organization much more efficiently every day. Moreover, process mining can help ensure that your organization’s business processes are fast, accurate, data-driven and complete by utilizing intelligent data transformation and powerful algorithms. Process mining can act as an advanced X-ray in finding discrepancies in daily procedures and scaling up efficiency, learning and adaptability across the organization.

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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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How Financial Services Can Use Low-Code To Overcome Market Challenges

Financial services comprise a wide range of activities that help an economy function smoothly. Functions of the financial services sector include deployment, raising, lending, and borrowing of funds, monitoring credit ratings, underwriting, merchant banking, and much more.

Financial institutions follow rigid operational structures and have many security measures in place. However, the dynamic nature of the current global business landscape and changing consumer demographic for banks continue to bring new challenges to the financial sector.

Therefore, the financial services industry needs to constantly evolve and develop to tackle various market challenges. Low-code platforms allow finance officials to build applications that can help them tackle challenges like security breaches, dynamic compliance procedures, changing business models, customer retention issues, and the need for continuous innovation.

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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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What Types Of Apps Can You Build With a Low-Code Platform?

Custom-made applications are all the rage in the business world right now. Instead of going with standard fit-for-all software, companies now prefer tailor-made applications that suit their needs. It stands to reason, then, that the creators and contributors of these apps should be the very people who will be using them. This is where low-code platforms come in.

A low-code development platform, or LCDP, allows people with minimal training and coding knowledge to create function, complex apps. Various sectors have now adopted LCDPs to create industry-specific management software.

Low-code platforms can be used to create almost every type of organizational application including process management, human resource management, customer engagement, customer relationship management, security systems, operational efficiency apps, and more.

From improving day-to-day operations to optimizing the standard processes of the workplace, apps made through low-code can significantly help in increasing the overall efficiency of an organization.

Let us discuss a few popular use-cases of low-code in various industries today.

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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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What are the three steps of low-code app development?

Gone are the days when traditional coding was the be-all and end-all of app development. Today, with low-code, anyone can build apps from scratch with just a little coding knowledge.

Low-code is a visual app development technology that uses pre-built modules and drag-and-drop editors to facilitate app development. Low-code reduces the time it takes to develop a platform by letting developers focus on complex coding areas.

Low-code platforms can potentially bring down development times by almost 90%. Low-code also encourages citizen development which is a low-cost alternative to traditional app development.

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How to choose a rapid application development platform

A rapid application development (RAD) platform should support visual software development, easy maintenance, and facilitate seamless team collaboration.

There are two main factors that drive any successful digital transformation: adaptability and speed. Most organizations need custom software to tackle the need for adaptability since off-the-shelf software is rarely likely to address the unique needs of individual enterprises. At the same time, software development is, traditionally, a slow and cumbersome process, where projects can take months or even years to complete, hence the need for a faster solution.

The need for speed goes hand-in-hand with the need for adaptability in an era of rapid change, where technology is constantly evolving and the demands of employees and customers are evolving with them. These factors combine to make rapid application development, or RAD a necessity in today’s enterprises. In this article, we will explain what RAD is (and what it isn’t) and how to choose the right platform for your organization’s needs.

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How iPaaS bridges the gap between low-code and professional development

How integration platform as a service (iPaaS) offers a comprehensive and standardized way to develop and integrate business-critical applications.

Every business technology system consists of multiple subsystems working together to form a cohesive environment that can handle mission-critical operations and workflows at the speed and agility demanded by today’s market. Running a business also demands the collaboration of people and systems from across a wide range of operations, such as sales, marketing, and customer support. Each of these departments uses different apps and systems, which all need to work together to achieve smooth operations. If they do not, each department will operate in a silo, to the detriment of customer and employee experience alike.

Among the most pervasive challenges facing today’s enterprises is the need to integrate new apps and functions into increasingly complex and disparate technology environments. Further adding to this overarching challenge is the fact that developing and integrating new software is often a lengthy process fraught with myriad difficulties of its own. These include addressing the demands of information governance, security, privacy, and availability, to name a few. This is why organizations need integration platforms to build more efficient and scalable technology systems that can easily adapt to ever-changing business needs.

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