Katherine Kostereva is CEO and managing partner of Creatio (formerly bpm’online).
Today’s technology is about the future of application development rather than the past. The shift to modern tools such as low-code is happening no matter the controversies.
But it is so important to keep in mind that an upheaval of an industry does not mean an end of what was built, but rather to build anew as a result of a persistent demand on the market.
What was the norm then, doesn’t necessarily mean it applies to our now. And that goes for most things. For example, where and when we choose to receive our news. How many people now have the time to sit down at a table in the morning before work, sip on a hot cup of coffee and open a freshly printed newspaper? How we get our news has changed drastically over the last 30 years. Social media has definitely outpaced the traditional outlets such as TV and the good old paper.
Change happens, and sometimes we just need to go with the flow
Organizations, too, have changed and evolved and require different tools to keep up with the ever-changing customer landscape. Customer expectations and needs have shifted; companies are expected to deliver faster and better products and service. How are organizations to deliver better and faster when expectations are changing so rapidly that by the time one adaptation is made, a new change is waiting? The answer to today’s fast-paced world is low-code.
Gartner estimates that by 2023, about 50% of medium to large organizations will adopt a low-code platform to face the increasing challenges of application delivery. The challenges include shortages of developers and appropriate skill-sets, as well as the ability to deliver a finished product in a quick and dependable manner.
By adapting low-code platforms, companies are advantaging themselves in three major ways:
- By delivering innovations and changes 10x faster according to Forrester
- By revolutionizing time-to-market
- By leveling up efficiency and productivity of staff
Low-code applications provide many benefits to companies because they require little to no coding. Thanks to powerful and flexible tools, even users without deep technical skills can build new solutions and make changes to existing ones. This includes building user interfaces and business logic, defining data models and setting up machine learning.
The worldwide percentage of low-code developers is only 7.5%, leaving a huge opportunity for growth in this field
Low-code companies outsmart competition by leveraging technologies differently. In reality, who wants to spend years and millions of dollars automating processes? Especially when there are more adaptable technologies available. At this point, it’s just bad business. Research by KPMG shows that the number of executives who named “low-code/no-code development platforms” as their most valuable investment has increased by more than double – from 10% to 26% – since the emergence of COVID-19. KPMG has reviewed over 150 use cases of low-code application in various companies and found the results to be astonishing. There was a 50% reduction in cycle times and an 80% first pass yield rate at a global life sciences company, while a reinsurance company boasted 100% compliance and transparency, and an 80% reduction in errors.
All of this is great news for companies, but what does this mean for developers? There is, of course, a fear of job loss or replacement, but new jobs will also be created to fill a new demand that low-code will create. Although developers will not be building the final product, they will still be needed to build the tools for low-code usage. For instance, creating simple tools to make everyone a developer so that citizen developers can change processes faster.
According to Gartner, the worldwide percentage of low-code developers is only 7.5%, which means there is a lot of room to grow.
A low-code platform is a new way of looking at how technology can become a competitive advantage. The focus of the future is to build a low-code company concept. What this essentially means is that mid-size and large organizations will have tools to accelerate change and automate business ideas in minutes without extra resources or extensive programming background. In keeping with the most recent, devastating global events, the ability to adapt and change processes faster cannot be understated.
Low-code platform Studio Creatio
Truthfully, the best way to become acquainted with the low-code company and get a better feel of where the future is heading is to attend a digital event highlighting the topic.
Accelerate Global is a fully digital 24-hour event, open to everyone. It is intended to be packed with visionaries, experts and leaders from all over the world who will get together to explore what’s next in the software and business world, and how creating a low-code company strengthens resilience and ensures agility, both imperative in the current, changing climate.
Such events are a great way to watch product experts demonstrate how to build domain specific processes using low-code tools, learn about the human components of low-code application development and much more.
The requirements and expectations of business intelligence tools within organizations are increasing every year as they digitalize and rely more on technology to stand out in the crowd. Low-code platforms are expected to revolutionize the way organizations deliver operational excellence. I think it’s time to hop on the bandwagon.
(Disclaimer: The author is the CEO at Creatio)