Opportunities For Increasing The Business Digital Footprint With Low-Code
There’s a common misunderstanding that low-code systems are best suited for simple, stand-alone, bespoke apps. Nothing could be further from the reality. Such applications might be the sweet spot of certain no-code platforms, however in the enterprise low-code space, it’s a different story altogether. What, then, are the main uses of such systems in real-world businesses like banks, insurance companies, and other financial services companies?
Here will be the top three. As financial services companies proceed using their digital transformation initiatives, software becomes more and more pervasive and tactical – this means they need more of it. The demand for new and updated software and applications infrastructure, as well as individual features and features, is exploding. Yet, every such company is reference constrained, as experts who are able to build and run such software are an issue. In the meantime, however, such businesses have little choice but to add to their comprehensive software to-do lists.
These backlogs, because they are called by the industry, can get long and unmanageable – and the pressures of digital change combined with the perennial shortage of skills only makes this issue worse. Furthermore, traditional hand-coding backlogs tend to concentrate on individual features and tasks, while the lines of business who drive the creation of the backlog concentrate more on applications. As a result, there is often a disconnect between what the business wants and what the application form development teams can deliver. With improved productivity comes faster completion of applications in the backlog, and thus many firms are finding that low-code is essential to reducing the size of the backlog, or eliminating it altogether.
In truth, low-code users were 12% much more likely to state that their backlog experienced improved in the last year, when compared with people who weren’t using low-code, based on the continuing state of Application Development statement from OutSystems. Most large and many midsize financial services companies have formal processes for establishing certain requirements for new applications and calling upon IT to provide on those requirements.
However, in many cases, these processes date from the last hundred years – and are agonizingly sluggish and bureaucracy-laden thus. From your perspective of line of business executives, lots of the applications they might need don’t lend themselves to this onerous, time-consuming process. The necessity is too immediate Perhaps, or in other instances, the fundamental security or integration intricacy doesn’t warrant following traditional application development procedures. Before, such business/IT misalignment has led to shadow IT: lines of business taking it upon themselves to make applications from the radar of IT. However, shadow IT leads to a true amount of systemic problems, including redundant applications, low quality, and security and conformity breaches.
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Business low-code platforms like OutSystems can solve this dilemma, giving lines of business an elevated ability to call for new applications without needing IT to check out every step of now-obsolete software lifecycle processes. This approach, however, is not the shadow IT of old. The ‘business’ part of the enterprise low-code tale targets security, compliance, and integration – those areas where IT must still intensify to the dish to ensure that such core non-functional requirements remain being met. The bigger the financial services organization, the much more likely it’s burdened with a diverse collection of monolithic legacy applications.
Furthermore, modernizing such legacy systems while changing massive program portfolios with new, versatile applications is a priority for such organizations – but a goal that has mainly been out of reach. Low-code systems like OutSystems can make this goal possible. Moving from legacy, monolithic applications to today’s app portfolio takes a rethink of its architecture.
“If you want agility, you will need to break your architecture into smaller, more agile parts,” said Paulo Rosado, CEO of OutSystems. How, then, will a low-code development team modernize a monolithic legacy application? By focusing on specific efficiency changes that end-customers replacing and require that efficiency with modular software. Modularity has been a software best practice for decades, and the modern implementation of software modularity is microservices in containerized deployment environments.