Technological advancements evolved over the years, giving Global Inc. an opportunity to embrace the era of change and development. To gain a competitive edge, growing enterprises needed new software applications and faced a classic dilemma—build or buy. They could either ‘build’ a new software in-house with the help of developers or ‘buy’ it off-the-shelf from external vendors. However, building an application in-house meant that they could create a solution tailored specifically to the business requirements.
This sounded ideal at the time, but it often came with hefty costs and extended software development cycles. Alternatively, purchasing off-the-shelf software solutions was cost-effective and quicker to implement. However, these pre-built solutions often lacked the flexibility to fully meet an organization’s unique requirements. The build versus buy dilemma troubled business leaders, who needed customization while balancing budgets in time constraints. This was only until recently when low-code platforms emerged in the technology world.
Low-code Platforms: The Best of Both Worlds
Low-code platforms are fundamentally shifting the game. These platforms empower users with minimal coding experience to create powerful software applications quickly and efficiently. The Gartner Digital Markets’ 2024 Tech Trends research revealed that around 60% of the surveyed businesses are looking to spend more on software in 2024.
These platforms effectively address the typical build vs. buy challenge. They are integrated with pre-built templates, point-and-click configurability, and intuitive drag-and-drop interfaces, making it easier to build software without requiring deep technical expertise. You no longer need a crew of developers or a long duration to get that perfect software solution.
The Low-code Promise
According to a recent report, the global low-code development platform market is expected to reach $45.5 billion by 2025. Another research stated that around 70% of new business applications will utilize low-code technologies, and 80% of non-IT professionals will participate in app development by 2025.
Evidently, the tech world is swiftly moving toward low-code, paving the way for almost anyone to develop applications on the fly—a term commonly known as democratization.
Unveiling the True Magic of Low-code Platforms
One of the core benefits of low-code technology is the democratization of software development to a broader range of business workforce. In addition, these platforms help significantly slash development costs and IT burden, enhancing workforce productivity and maximizing operational efficiency. Here’s how low code is enabling this transformation.
- Robust Integration: Business processes and workflow optimizations are areas where low-code tech becomes more advantageous than custom-tailored solutions. Low-code platforms facilitate smooth connections of external systems or third-party services using diverse application-specific connectors or application programming interfaces (APIs). For example, a hospital might leverage a low-code platform to integrate its patient management system with electronic health records (EHR), using custom APIs. Custom integrations enhance the capabilities of low-code platforms, fast-track the development cycle, and facilitate a seamless exchange of information and data flow in the organization
- Modern User Experiences: With low code, users can modernize experiences by configuring only the front-end interface of applications without touching back-end systems. This offers a simple, powerful, and hassle-free approach to managing existing databases while developing new, user-friendly interfaces in tandem
- Specialized Departmental Workflows: Following the previous point, low-code platforms can create specialized workflows that integrate with existing departmental systems. For instance, finance teams can leverage low code to develop and deploy onboarding processes customized to each new hire, while sales teams can build custom dashboards to gather real-time insights and measure performance
- Data Analytics: Speaking of insights, low-code platforms also empower users with real-time analytics and collaborative tools. As in the above example, the sales team can gain timely insights and make data-driven decisions on the go. Furthermore, with features like event-driven architecture, scalability, and artificial intelligence (AI)/machine learning (ML)/generative AI (GenAI) integrations, these platforms enhance predictive analytics
- Cloud Scalability: Low-code tools can also be used to develop simple interfaces, administrative tools, or reports on public cloud services. Building workflows on the cloud offers several benefits, including scalability to handle heavy loads, cost efficiency, and accessibility for remote work. Additionally, the cloud provides fortified security with data and compliance, enhances collaboration, and frees up internal IT resources
The Final Word
The magic of low-code platforms is in their ability to translate ideas from conception to implementation effectively, ensuring businesses are primed to meet future demands. As businesses look for various ways to stay current and competitive, the ability to rapidly develop and deploy applications will be extremely crucial. With ongoing advancements in new-age technologies, including AI/ML, low-code platforms are likely to become even more powerful. AI-driven features—growth intelligence, data science, predictive analytics, and customer churn reduction—will be implemented with almost no coding knowledge. In a nutshell, low code will enable organizations to harness the full potential of their data, set them apart from their peers, and drive substantial business growth.
