Enterprises constantly face the twin pressures of rapidly evolving customer requirements and emergent competition vying for the opportunity pie, and hence need to fast-track the process of taking products to market quickly. Low-Code promises to equip enterprises with capabilities to achieve higher degree of agility and time-to-market for products and solutions.
Businesses face a flurry of events at the macroeconomic, competitive ecosystem, and customer layers, each presenting a unique set of demands and challenges. A new regulation or a directive by the Insurance Regulator may come up with foreign direct investments in some segments of the Insurance industry- this may lead to the new entrants flooding the market with newer products. The government may launch an agriculture insurance scheme thereby prompting Insurers to launch products to mee this demand. Customers may be demanding newer facilities and products from Banks and Financial Services firms. Modes of customer experience and engagement are constantly evolving - enterprises may be egged on to modifying their existing application suites to cater to the changing requirements.
In all of these situations, a critical success factor is how quickly can IT enable the provision and sustained delivery of these new products and solutions.
Adopting a traditional application development approach defeats the vision of launching a solution into the market with speed.
A low-code solution provides the necessary ammunition to develop and deploy applications (and capabilities) at a fraction of the resources needed for traditional application development.
Organizations can also experiment at scale and fail quickly, leading to a rise in the organizational capacity to innovate. Pilot projects can be quickly launched and tested through Low-Code- this takes days and weeks (instead of months through traditional application development approaches) and limited developer resources thereby cutting down time and costs. Costs of failure for enterprises (in case pilots have to be shelved) are also reduced drastically.
Faster iterations, and high velocity feature (and application) deployments are possible through Low-Code Platforms, thus enabling organizations to take products to market at breakthrough speed.
In addition, applications developed through Low-Code are scalable and with proper governance mechanisms, they unburden organizations of legacy and shadow IT.
Since Low-Code allows a templatized approach for a variety of use cases, assets developed could be reused and repackaged to build applications in the future as well.