Statistics on the Advantages of Low-Code
According to 73% of chief financial officers, their companies are already automating and integrating processes and workflows.
The second-largest skill gap after Data Analytics, according to businesses, is in their IT department’s lack of expertise.
US News reported that the national average salary for software developers in the United States was $110,140 in 2022.
88% of IT leaders reported that the Covid-19 pandemic had added to their volume of work, with 60% reporting a rise of over 50%. Just 37% of IT executives reported completing the projects that had been given to them the year prior.
IDC also discovered that low-code enhanced productivity by 123%. It also moved the software development lifecycle up by 72% for new feature additions and 62% for new applications. This resulted in an extra $19.8 million in yearly revenue.
In order to ease the burden on their IT departments in 2018, 84% of enterprises shifted to low-code development. Low-code is viewed as a benefit to accelerate digitization.
The average business can save $4.4 million in extra economic value over three years by using low-code instead of employing two IT developers, in addition to labor savings.
Low-code allows developers to create, test, and deploy new applications in weeks or days or weeks as opposed to months. This is because low-code accelerates application development by a factor of 10.
Comparing no-code and low-code platforms to conventional application development that uses coding languages, the time required to create custom applications can be cut by 50% to 90%.
Customers who used intelligent process automation and low-code realized an ROI of 509% within five years, according to an IDC report. And all low-code businesses generate a return on investment from their platforms.
Low-Code Use Case Statistics
19 Reasons Why Companies Are Choosing Low-Code
Businesses may choose to teach non-developers to utilize low-code platforms or equip their IT team with these tools due to a number of significant factors. The following justifies and clarifies why your company should think about low-code.
CIOs Have a Hard Time Filling Tech Positions
In order to meet the rising demand, 83% of CIOs find it difficult to hire staff. Analytics, big data, and information management are where the biggest gaps are.
Organizations have greater demands than ever for technology, but there are few qualified candidates available. This may lead to overwork in IT departments.
The Need for Programmers Is Unprecedented
The BLS estimates that the economy will create 667,600 new computer science job opportunities between 2020 and 2030. A rise in information security, cloud computing, and big data for companies will be the drivers of that 13% growth rate.
The demand for individuals with experience in computer programming rises as more companies look to automate and integrate processes. This is because companies understand they need a strong digital strategy to remain ahead of the competition.
Software Developers Continue To Earn More Money
As of May 2022, software developers made an average salary of $110,140. Additionally, there are over 189,200 open positions for software developers in the United States, and employers are having trouble filling them.
Organizations with significantly bigger IT budgets now have the ability to hire more talent because of the enormous pull of talent. This has increased salary premiums due to demand and supply.
Enhanced Innovation
Ready-made elements and drag-and-drop capabilities allow you to easily build prototypes along with entire enterprise-grade apps. Because of this, low-code helps you innovate without taking any unnecessary risks. With the help of low-code, you can effortlessly and quickly build and test different business concepts.
By demonstrating a working, early prototype of your concept to your stakeholders and staff within days, rather than weeks, you will be able to have a massive effect on their decision-making process.
Reduced Prices
An in-house programmer working full-time may not be necessary for some businesses to realize their growth plans. Low-code development can assist in saving a sizable amount of money. This is especially if your company only requires the creation of new apps on an “as-needed” basis or occasionally.
In this case, you can collaborate with a tech vendor who can modify your applications as needed. They can also instruct your company’s stakeholders on how to quickly create new system features at a later date. This is made possible by low-citizen code’s development capabilities.
All in all, you can save money. This is because low-code platforms are considerably less expensive than hiring a full staff of in-house developers permanently.
Technical Debt Accounts Drain IT Budget
The expense businesses incur to maintain and update application code is known as technical debt. Each line of code costs an organization, on average, $3.61. That works out to $1,083,000 for each app at 300,000 lines of code (LOC) on average.
Even worse, managing technical debt takes up 33% of engineers’ time. Because of this significant obstacle, software engineers are unable to concentrate on creating the tools that companies need to grow and provide better customer service.
Important Industries Face Risks
Large companies will increasingly find it difficult to keep up with customer relationships. By 2025, five significant retail banking segments will be vulnerable. These include SME lending, wealth management, consumer finance, retail payments, and mortgages.
Why is that?
Because of margin compression, attackers will lower prices. These organizations will be able to provide more features and more solid relationships for less money because they are leaner.
Low-Code Is Cost-Effective
Low-code costs can vary and are typically billed monthly. The cost increases with the number of applications a company uses. For enterprise-level software, costs can range from under $25 a month to more than $5,000.
With use, price increases. Smaller firms only need to pay for what they actually use as a consequence, freeing up funds for other projects.
There are many Use Cases for Low-Code
You can use low-code systems to create straightforward automation and integrations as well as intricate, enterprise-level apps.
Anything from a specially made ERP to a personalized CRM can be built. And companies frequently collaborate with support partners or vendors to automate labor-intensive workflows in procurement, HR, and other areas.
Reduced Coding
Low-code apps, as the name suggests, don’t need a lot of coding and take a lot less time. They are much less likely to make mistakes than conventionally programmed alternatives.
By conceptually concentrating on prerequisites and capabilities, this approach actually enables more creativity from business stakeholders and developers. This takes away the focus from rework and manual work.
Low-code platforms streamline the development process by providing a vast selection of pre-built components and ready-to-use features. As a result, neither programmers nor citizen developers have to start from scratch when manually coding a whole system. Developers save time by not having to write and rewrite boilerplate code as a result.
But if the application requires a feature that isn’t offered in the low-code design library, those with experience in traditional software development could always opt to change to hand-coding.
Cloud Hosting
Low-code programs offer a lot of flexibility. They enable you to produce full-stack solutions in a matter of days or weeks. You can also quickly make adjustments to them when necessary. Low-code solutions are excellent for cloud hosting, which in turn makes agile software delivery possible.
Low-code, which has been optimized for the cloud, gives you the ability to develop applications that are market leaders. These apps are simple to incorporate with legacy software. This makes it possible for you to quickly meet the needs of your customers by incorporating new functionalities and features as you wish.
Low-Code Is a Secure Option
Spreadsheets are frequently used in organizations to transfer data between the disparate apps they have. They also email this information to each other.
They run an unnecessary risk as a result. Any password or email can compromise the data about your customers. Low code gets you high-grade cyber security. Additionally, teams are constantly trying to update those security measures to guarantee that all of their clients continue to be compliant.
Low-Code Is High-Reward and Low-Risk
Company Schneider Electric in launching 60 apps, the majority of which were completed in just 10 weeks. Furthermore, Ricoh replaced their outdated systems, generating a 253% ROI in just 7 months.
Low-code development frequently places a lot of emphasis on improving and optimizing processes. Low-code is an alluring platform for both large and small companies because automation and integration frequently produce quick returns on investment.
Maintaining legacy systems is too expensive
Most of the time, legacy systems are more disastrous and expensive than they are worth. The federal government spends more than 75% of its $80 billion IT budget in order to maintain legacy systems, many of which are more than 25 years old.
Businesses are hindered by legacy systems because they consume the majority of their IT budget. They also tie them to antiquated platforms that underperform and reduce organizational responsiveness.
Employees can quickly pick up low-code
Low-code is intended to be user-friendly and straightforward. Only brief employee training is only necessary. They can then quickly develop the systems required to enhance businesses.
Low-Code Reduces Development Process Steps
The number of steps in the process of software development is reduced from 16 to just 7 when using low-code techniques.
Less code allows you to skip steps such as hard coding, establishing backend frameworks, system architecture planning, and countless testing iterations.
Low-Code App Development Is Quicker
With low code, businesses can quickly produce applications in less time and for a much lower price. After all, there’s much less code to manage. Additionally, less code greatly reduces bugs.
The time to commercialize for the majority of apps is consequently significantly shorter. Schneider Electronics, for instance, released 60 applications (the majority of which were developed in just 10 weeks.)
This is crucial given that Gartner forecasted in 2015 that IT departments would experience 5x faster growth in demand for developing apps than their capacity to meet it.
Continuity of Multiexperience
Gartner first mentioned the idea of multi-experience in 2019. It focuses on efficiently adjusting to the multiple new devices that are currently available and the distinctive experiences they can each provide. Users have the opportunity to interact with your company through a variety of touchpoints during their digital journeys thanks to multi-experience.
This means allowing them to engage with your company in a way that suits them best is crucial to giving them a positive multi-experience. This idea is centered around the user and ensures that your clientele has a seamless experience throughout a variety of devices and touchpoints.
You can give your customers enterprise-caliber omnichannel user experiences with low-code without going over budget. This is due to the fact that low-code platforms’ automated governance, built-in components, and simple integrations can easily make your applications slick and uniform across a range of devices.
Cross-Platform Competencies
Cross-platform development helps to guarantee a smooth multi-experience. With low code, you can develop an app once and deploy it to any number of devices. It also means that you can introduce new updates and features just once for all application instances. This is because of the 1-click deployments and cross-platform capability.
Traditional Development vs. Low-Code
Keep in mind that not every low-code platform has the same features. The capabilities offered by a low-code high-performance platform such as Nectain are the basis for our evaluation of the low-code benefits in this table.
FAQs: Low-Code Benefits
What are the advantages of low-code?
Low-code platforms provide numerous advantages, including faster development times, reduced complexity, increased agility, improved collaboration, and easier maintenance and scalability. With low-code, developers can focus on solving business problems and delivering value to customers instead of getting bogged down in coding.
What are the advantages and disadvantages of low-code application?
Advantages of low-code applications include quicker time-to-market, increased productivity, lower costs, easier maintenance, and improved collaboration. However, disadvantages include limited customization, potential vendor lock-in, and reduced control over the development process.
What are the four main benefits of low-code automation?
The four main benefits of low-code automation are increased efficiency, improved accuracy, reduced risk, and better compliance. Low-code automation empowers teams to quickly create and modify workflows, streamline collaboration, and easily integrate data sources and systems.
What are the benefits of low-code vs traditional development?
Low-code offers several benefits over traditional development, including faster time-to-market, increased productivity, reduced development costs, improved collaboration, and easier maintenance and scalability. Additionally, low-code empowers non-technical users to create and modify applications, reducing the burden on IT departments.
