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Five Reasons Why ISVs Should Adopt Low-Code

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Low-code is a visual application development approach that can significantly speed up the entire development process. Low-code allows users to integrate every step of the application development cycle to speed up the deployment of a wide range of solutions. Furthermore, low-code can empower your organization to develop digital systems that fit the needs of your business by breaking down traditional business and IT barriers.

An ISV (Independent Software Vendor) develops and sells software for one or more operating systems. ISVs typically work with hardware, software, or cloud hosting providers to create and deploy solutions.

Today, low-code is more than just a tool that aids development; it is a key strategy that principally shapes the way that enterprise applications are delivered. A recent study conducted by Gartner reveals that 75% of large enterprises will be using at least 4 low-code tools for IT and citizen development initiatives by the year 2024.  Low-code software platforms can enable ISVs to accelerate their digital transformation strategy at unprecedented speeds.

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How the Banking and Financial Sector Can Get the Most Out of Low-Code

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The banking and financial sector forms the backbone of any economy. It is responsible for facilitating various crucial activities including investment, insurance, banking, etc. In many ways, the banking and financial sector paves the path for development by making funds available for new businesses.

Naturally, financial service institutions serve millions of customers every day, in turn, maintaining and processing millions of terabytes of extremely sensitive customer data. Therefore, their service system hence has to be iron clad in order to be able to handle any attacks and breaches.

The expanding customer base of banks also warrants the need for increased operational assistance. Therefore, banks and financial institutions need technology that can allow them to create a system that is tailored to fit their unique needs. That is where low-code technology steps in.

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How To Use Low-Code For API-Centric Development

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Low-code is defined as a visual software development approach that facilitates faster application delivery with minimal manual coding. A low-code platform’s graphical user interface and drag-and-drop capabilities can help automate various elements of the development process, hence removing dependence on conventional software programming approaches.

An Application Programming Interface (API) allows businesses to expose data and functionality of their enterprise applications to third-party software developers, business partners and various departments within their organization. A visual interface enables services, solutions and data systems to easily interact with one another and leverage organizational data and functionality.

Low-code can enable citizen developers and business technologists with little to no traditional coding experience or knowledge of API solutions to take advantage of the various benefits of API-centric enterprise application development. Studies have shown that approximately 90% of developers are currently using APIs in some capacity. API usage has skyrocketed in the last decade, to a point where citizen developers and business technologists can now take advantage of low-code application development to create high-functioning API-centric solutions.

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

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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 To Combine Low-Code With Agile To Improve Your Business

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Low-code is a visual approach to software development that requires minimal or even no coding to build powerful enterprise applications and process automations. Instead of complex coding languages, a low-code development platform employs the use of visual interfaces with simple logic and drag-and-drop editors.

Agile was introduced several years before low-code. It was such a game-changing approach to application development that it’s no surprise that the core principles of Agile are currently mirrored in low-code platforms.

Businesses that utilize both Agile and low-code have the advantage of implementing new applications and processes quickly, giving them an edge over their competitors by anticipating market trends and demands. A recent study conducted by Gartner reveals that approximately 65% of all application development activity will be a result of low-code applications by the year 2024.

Low-code platforms enable citizen development teams within large enterprises to meet their enterprise application needs without needing to turn to the software developement department, allowing those software departments to complete complex business processes much more quickly and efficiently, thus increasing overall organizational productivity.

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How To Use Low-Code BPM To Overcome Complex Business Challenges

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Business process management (BPM) is an organizational discipline in which a company takes a step back and examines all of its business processes individually, collectively and holistically. It examines the current situation and identifies potential areas for improvement to create a more efficient and effective organization. It is the process by which a company creates, edits and analyzes the predictable processes that form the foundation of its business operations.

BPM software enables organizations to align various business functions with customer needs and assists organizational executives in determining how to deploy, monitor and measure company resources. When properly implemented and executed, BPM has the potential to significantly increase efficiency and productivity, lower overall costs and reduce the risk of human errors, thereby substantially optimizing results.

In recent years, building enterprise applications has become much more accessible due to low-code application development. Low-code application development platforms can enable businesses and citizen developers to create powerful BPM software without extensive coding knowledge or the interference of a skilled software developer. According to a recent study, 84% of enterprises have turned to low-code technology to reduce strain on IT resources, increase speed-to-market and involve the business in overall digital asset development.

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How Can Cities and Local Governments Leverage Low-Code To Overcome Their Biggest Challenges

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Urban technology has experienced rapid change over the past couple of years. New digital systems are constantly being introduced in cities and local governments, and thus consequently being integrated into daily life. The increasingly vast innovations and consistent updates in technological solutions and mobile systems can provide cities and local governments with a wide variety of benefits that can help them overcome their biggest operational challenges. Smart cities can leverage the power of low-code solutions to deal with monitoring issues, analyze data, collect, track and monitor information and systems and establish order in various processes.

A smart city is defined as a geographical area that leverages the power of technological solutions to provide its citizens with the most optimum and efficient communal processes by improving administrative systems, public services and overall quality of life. Recent studies have shown that the revenue from smart city infrastructure is forecasted to grow to more than $100 billion by the year 2025.

Furthermore, low-code application development platforms can enable smart cities to build powerful solutions that can automate various time-consuming and impractical daily processes that cities and local governments are tasked with overseeing.

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

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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 Use Low-Code To Automate Your Business Processes

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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

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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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