In the post-pandemic "normal," terms like "enterprise innovation" and "digital transformation" are now ever-present mantras for business success. More business enterprises are now innovating through digital technologies.
An SAP study found that 93% of companies agree that innovative technologies are critical for enterprises to achieve their digital transformation goals. However, McKinsey has previously reported that the success rate for digital transformation is about 30%.
The solution to these business challenges lies in smart technology and sustained innovation. This paradigm is paving the way for growing business adoption of popular low-code development platforms (LCDP), which can help business enterprises:
- Develop the best business applications quickly with minimum coding.
- Automate business processes.
- Build business agility and flexibility for changing market needs.
According to a Gartner estimate, 65% of app development by 2024 will happen on low-code development platforms. Forrester Research estimates that enterprise spending on this technology will touch $21 billion by the end of 2022.
So, can low-code platforms drive the next wave of enterprise innovation? Let's explore this possibility.
5 Ways in Which Low-Code Can Drive Enterprise Innovation
Among the multiple benefits, low-code development platforms provide a fast and cost-effective mode of application development. As per recent research, low-code platforms can reduce development time by 90%.
An example of this is that of New York City's IT and Telecom Department. To provide real-time information about COVID-19, the department used LCDP capabilities to create and go live with an information portal in less than 72 hours.
Here are five ways in which an LCDP can transform business enterprises:
1. Business Innovation
Managers looking to innovate in their organizations are facing a host of challenges. Here are some of them:
- The complexity of adopting modern technologies
- Dependence on legacy applications and architecture
- Lack of resources
As it stands, low-code technologies are being considered the "game changer" for business innovation. Low-code platforms can boost business innovation by:
- Building business applications with minimum coding knowledge
- Implementing low-cost innovation programs
- Involving business and non-technical stakeholders in the application development process
With low-code development tools, business executives and non-technical teams can develop innovative solutions themselves without being reliant on experienced developers and programmers.
2. Customer Experience (CX)
Low-code development does not simply impact application development. It can also render a superior customer experience for enterprises. With the low-code approach, organizations can adapt quickly to changing customer expectations and market trends.
It delivers "multi-experience," or the ability for customers to interact with the business through multiple touch points. Enterprises can now deliver a truly omnichannel experience through LCDPs without large budgets and development teams. Enabled by low-code tools, multi-experience development is centered around:
- Pre-built templates
- Automatic code refactoring
Thanks to these capabilities, enterprises can provide customers with multiple modes of engagement and interaction without the need for relearning and duplication.
3. Business Agility
Business agility is critical for achieving enterprise innovation in the modern corporate environment. In the post-pandemic phase, companies continue to face disruption from:
- New industry players
- Changing market trends
- Customer demands
Low-code development increases the agility and flexibility of enterprises to respond to these disruptions. Additionally, customer-facing companies can respond to fixing customer issues and pain points faster, thus further unlocking business agility and enterprise innovation.
For instance, low-code applications can be easily deployed on the cloud or integrated with legacy applications. In the age of mobile apps, application developers can dynamically add new capabilities or improve app functionalities across multiple devices.
4. Democratization of Innovation
In today's times, enterprise innovation cannot be the sole responsibility of business leaders and executives. Democratization means that employees can also participate in the innovation process. Low-code platforms enable the democratizing of business innovation across the organization.
70% of organizations have democratized the application development process through citizen (or non-technical) developers. This means that app development is not "siloed" within the IT or development team. Low-code tools are dissolving organizational boundaries and enhancing collaboration among various teams.
Effectively, democratization empowers business users and employees to innovate and solve their problems. For instance, subject matter experts or SMEs can now collaborate and build customized apps using low-code platforms.
5. Regulatory Compliance
Many industries are impacted by regulations and restrictions, which are more stringent than ever before. Non-compliance can seriously damage their brand reputation, besides attracting heavy fines and penalties. In this age of strict regulatory compliance, innovative companies must be agile to respond to fast-changing regulatory requirements.
Low-code development platforms can enable them to make quick code changes to meet industry regulations. For instance, low-code developers can keep their applications secure and compliant by:
- Masking any personally identifiable information or PII
- Separating runtime security from application development
- Localizing software for use in different countries
- Reusing low-code application code, thus avoiding any duplication or inconsistency
Low-code development platforms are critical for organizations to pursue digital transformation and enterprise innovation. The current global economic situation makes it imperative for enterprises to build agility and flexibility. Low-code platforms can effectively help them achieve this objective.
As a valued partner for OutSystems, Novigo Solutions has enabled enterprises to innovate using low-code development platforms. With our expertise in low-code platforms, you can develop innovative business applications to gain a competitive advantage in your industry domain. Here is an explanation of what happens after business users build low-code apps.
If you are looking for enterprise innovation using low-code technologies, we can help you. Get in touch with us.