As the global economy experiences a slow growth rate of 2.9% in 2023, down from 6% in 2021, organizations are facing immense pressure to cut costs. IT departments are no exception, as they struggle to keep up with stakeholder demands due to a shortage of developers and technical specialists. In fact, IDC predicts that 750 million new apps need to be developed by 2025, but there aren’t enough skilled professionals to meet that demand. To address this challenge, low-code platforms are gaining traction.
A recent survey conducted by Edelman Assembly on behalf of Microsoft, which included more than 2,000 IT CIOs and pros, highlights the benefits of low-code platforms. It reveals that low code can help IT departments build technical solutions quickly, streamline data insights, and lower costs.
Before we delve into the benefits, first it is important to know what a low-code platform is all about.
What is a low-code platform?
A low-code platform is a software development platform that enables the creation of software applications with minimal coding effort. It utilizes a visual development interface to simplify the coding process, allowing even non-technical users to build applications. With a low-code platform, users can drag and drop pre-built components to create functional applications, reducing the need for manual coding.
Low-code platforms also typically offer built-in features for security, scalability, and integration with other systems. They are often used to streamline the development process, accelerate time-to-market, and reduce costs associated with traditional software development methods.
Low-code platforms are becoming increasingly popular due to the shortage of skilled software developers, the need for faster innovation, and the growing demand for digital transformation. They can be used to create a wide range of applications, from simple data entry forms to complex enterprise systems. Overall, low-code platforms offer a simplified and efficient way to build software applications that can meet the demands of modern businesses.
Next, we shall see how IT pros will benefit from low-code platforms.
1. Low-code platforms accelerate development
Low-code platforms offer pre-built components that can accelerate legacy application modernization and development, resulting in increased efficiency. They help organizations reduce the time to value by extending legacy capabilities, streamlining migration projects, and replacing legacy applications.
Low-code platforms such as Microsoft Power Platform, Appian, Mendix, OutSystems, and Quickbase can assist IT departments in achieving efficiency gains, optimizing data insights, and bridging the app gap created by developer shortages through rapid legacy application modernization.
87% of IT professionals and CIOs believe that embedding increased AI and automation into low-code platforms would enable them to make better use of the full capabilities. This is a trend that is becoming increasingly popular in various low-code tools.
2. Low code helps reduce costs
Although application development and maintenance is generally a costly endeavor, low-code platforms can help reduce costs while simultaneously building more technical solutions. 87% of CIOs and IT professionals surveyed find low-code effective in reducing costs.
According to a Microsoft-commissioned study by Forrester Consulting on Microsoft Power Platform and Azure for Corporate IT in 2021, Power Platform and Azure helped reduce costs by 24% through increased developer and DevOps efficiency, as well as decreased spending on third-party solutions.
In addition to direct cost reductions, low-code platforms can also help organizations reduce costs by addressing solutions that would otherwise sit in an application backlog. These solutions enable cost savings by eliminating manual processes, increasing user productivity, and promoting data-backed decision-making.
3. Low-code tools help convert data into actionable insights
Low-code platforms help centralize and format data to make it easily accessible for decision-making as the volume of data grows rapidly in every business process. Many low-code solutions automate manual and time-consuming processes, break down data siloes, and reduce data duplication by lifting and shifting legacy applications. Centralized data repositories created by low-code platforms result in more accurate insights, enabling IT pros to build more comprehensive solutions for users, reducing re-work and increasing adoption.
89% and 88% of CIOs and IT pros respectively find low-code effective in generating data-driven insights that they use to better serve customers and internal stakeholders.
Points to remember when choosing a low-code platform
When selecting a low-code platform for your business, there are a few important factors to consider:
- Begin by evaluating the popular low-code tools to find the one that best fits the needs of your organization.
- It’s recommended to prioritize low-code tools that have embedded AI and automation capabilities, as 87% of CIOs and IT professionals believe these features can help maximize the potential of low-code solutions.
- Low-code platforms can be used to modernize legacy applications and address the shortage of developers and lengthy development timelines.
- It’s important to search for low-code platforms that are capable of optimizing data insights by consolidating data and minimizing redundancy across multiple databases.
By keeping these factors in mind, you can select a low-code platform that can help drive efficiency, reduce costs, and streamline data insights for your organization.
Source: Microsoft
