The 'buy versus build' is a common challenge faced by industry leaders embarking on digital transformations. The decision between purchasing ready-made, off-the-shelf products or developing custom solutions from the ground up can be daunting, often dependent on factors such as time constraints, budgetary considerations, and the availability of IT resources.
However, the advent of low-code and no-code platforms has introduced a viable third option for reshaping the digital transformation landscape.
The emergence of low-code and no-code platforms
A new powerful force has recently entered the scene, offering a compelling alternative to the traditional "buy vs. build" dilemma: low-code/no-code platforms. These innovative platforms empower businesses to build custom software applications without extensive coding knowledge.
The low-code, no-code market, especially within the banking, financial Services, and insurance sectors, has experienced exponential growth, reaching over $50 billion, and is projected to hit $70-80 billion by 2027.
Traditional 'buy or build' approaches can lead to improper use of technologies, ineffective utilization of technical resources, and, ultimately, failed projects. Statistics show that only 30 percent of digital transformation projects achieve their intended value.
The transformative power of low-code/no-code platforms
Imagine building intricate structures with pre-fabricated building blocks. By doing so, you can eliminate the complexities of traditional brick-and-mortar construction, which is the essence of low-code/no-code platforms. They provide users with a visual drag-and-drop interface, allowing anyone, regardless of technical background, to assemble pre-built functionalities to create custom applications.
The emergence of low-code/no-code platforms marks a significant shift in the digital transformation landscape. Let's delve deeper into how these platforms can revolutionize your organization's journey:
1. Accelerated Time to Market:
Traditional software development can be lengthy and resource-intensive. Low-code/no-code platforms significantly reduce development time by eliminating the need for extensive coding and complex integration efforts. Businesses can launch new applications and features faster, gaining a competitive edge in the ever-changing market.
2. Enhanced Agility and Flexibility:
Business needs constantly evolve, and traditional software solutions often struggle to keep pace. Low-code/no-code platforms offer the flexibility to modify and adapt existing applications as requirements change easily. This empowers businesses to respond more to market demands and adapt to unforeseen challenges.
3. Democratizing Development:
IT professionals have traditionally confined software development to their realm. Low-code/no-code platforms break down this barrier by empowering citizen developers – individuals within the organization with domain expertise but limited coding experience – to participate in the application development process. This fosters greater collaboration between business users and IT teams, creating solutions better aligned with specific business needs.
4. Reduced Costs and IT Dependency:
Developing custom software solutions from scratch can be costly and resource-intensive. Low-code/no-code platforms offer a more cost-effective alternative by reducing the need for extensive coding and specialized IT expertise. Additionally, the ease of use of these platforms allows for reduced dependency on IT teams, freeing up valuable resources for other critical initiatives.
The rise of low-code/no-code in financial services
The financial services sector (BFSI), with its complex regulatory environment and constantly evolving needs, presents a perfect use case for low-code/no-code platforms. These platforms enable financial institutions to:
- Streamline internal processes: Automate routine tasks and workflows, improving efficiency and reducing errors.
- Enhance customer experience: Build custom applications that cater to specific customer needs and preferences.
- Comply with regulations: Develop solutions that adhere to strict financial regulations and reporting requirements.
Kissflow: Simplifying the "messy middle layer"
Kissflow is a leading low-code/no-code platform that addresses the challenges employees face with the "messy middle layer" – a term that describes the multitude of informal and often inefficient processes between core enterprise systems.
Kissflow empowers citizen developers to:
- Build simple and efficient solutions for daily tasks without relying heavily on IT teams.
- Customize existing workflows to meet their specific department's needs.
- Collaborate effectively with colleagues throughout the organization.
Kissflow offers a comprehensive suite of features to empower businesses in:
- Configurable Case Management: Streamlines complex workflows and approval processes.
- Process Automation: Automate repetitive tasks and eliminate manual errors.
- Low-Code App Development: Build custom applications without writing code.
- Reporting and Analytics: Gain valuable insights into process performance and identify areas for improvement.
- Integration Tools: Connect seamlessly with existing systems and data sources.
- Collaboration Widgets: Foster effective communication and collaboration within teams.
- Seamless Deployment: Cloud-based platform eliminates the need for complex infrastructure setup and
