The new normal in the next decade will be very different than the bygone era. COVID has impacted the world in a way seen only as recently as a century ago. It was different then and it is different now.
Businesses are finding new ways to reach customers, supply chains are inventing new ways to operate, industries are innovating all-around to remain relevant in the new normal. Customer behavior is also changing and digital has found a new acceptance with evolving technology.
This new normal can unlock significant value in the digital space. Applications and platforms need to be developed at a velocity faster than changing habits of consumers.
A recent study by McKinsey predicts a trillion-dollar cloud industry, which I believe will be driven by the billion-dollar low-code industry! Low-code is also contributing to making life better and easier. Think of how low-code is powering automated drug discovery pipeline, helping pharma’s with accelerated research and production of drugs in pandemic like situations, and banks supporting government initiatives to roll out social measures to its citizens. Reaction time to global situations is key.
Low-code will generate value across three dimensions, and bring a different meaning to R.I.P - Rejuvenate, Innovate and Pioneer!
• Rejuvenate IT landscape with digitization, cost reduction and risk reduction
• Innovate with speed and elasticity
• Pioneer new technology opportunities
The three dimensions will be driven by not just deploying more software engineers to build platforms and applications, but by empowering ALL, across business and IT, to build their own software applications. Think of a Roblox like ecosystem where prosumers can build their own games and applications without any knowledge of coding. This is an immensely powerful tool to create an asset powerhouse of applications and solutions for an organization.
The new decade will be powered by low-code, and organizations must adopt it at all levels to accelerate their transformation. Business ROI justification will be easy with adoption of low-code platforms which deliver value with velocity!
R.I.P has a new meaning that will define the new decade. In a way, it is also the death nail for legacy apps.
Take the case of a leading financial and investment organization in North America, which embarked on their application modernization and digitization across multiple business functions using the Appian low-code platform. The first app went live in 8 weeks. The organization was able to predict an accelerated timeline for their modernization that translated into a cost savings of 20%. The adoption of the new platform among business was higher, which led to new opportunities across different lines of business. This is a classic case of evolution from one project to enterprise scale adoption, that we often see with Appian.
In another case, a leading financial organization was able to build their onboarding and servicing platform using low-code and define an innovative way of engaging with customers. This not only helped with reducing the overall onboarding time by 60%, but also increased degree of self-serviceability.
Cases like these are becoming more common by the day. Organizations are re-imagining the way they operate with low-code adoption, and generating significant business ROI. Self-funded initiatives are becoming more prevalent, thanks to the acceleration that low-code provides. This frees up capital to invest in new frontier.
As we step into the new decade, humans and organizations are striving to become resilient using technology and platforms that drive automation. I believe significant investments will be made in low-code to rejuvenate, innovate and pioneer opportunities.