Maximizing ROI With Low-Code Development

Nowadays, organizations are constantly seeking ways to enhance their software development processes and deliver solutions faster. Low-code development has emerged as a game-changing approach that empowers businesses to create applications with minimal coding expertise. 

Low code has revolutionized how applications are developed, offering numerous benefits to developers and users. You’d be surprised to know that low-code platforms tend to deliver around 506% ROI over three years. Therefore, businesses can expedite their digital transformation journey and maximize ROI with low-code development.

So, if you want to know how low code can skyrocket your business, read the article below. It will cover various aspects regarding low-code development, such as how low code works and various low-code metrics to measure the return.

What is Low-code?

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Low code refers to a software development approach that allows users to create applications with minimal coding. It provides a visual interface and pre-built components. This enables users to build software applications through a point-and-click method. Some of the benefits of using low code are:

1. Rapid Application Development

Low-code platforms streamline the development process by eliminating the need for extensive manual coding. This results in faster application development cycles, allowing organizations to deliver solutions quickly to meet business needs.

2. Accessibility to Non-Developers

Low-code platforms balance application development by enabling non-technical users like business analysts or citizen developers. These non-technical users participate in creating applications and further expanding the pool of individuals who can contribute to software development projects.

3. Cost-Effective Solution

Low-code platforms lower development costs by significantly reducing the dependency on highly skilled developers. It also gives faster development cycles, leading to quicker time-to-market and cost savings for organizations.

4. Agility and Flexibility

Low code allows users to perform iterative development and rapid prototyping effortlessly. This helps developers easily make changes and updates to applications. It also helps them in responding to evolving business requirements and user feedback more efficiently.

5. Integration Capabilities

Most low-code platforms offer built-in integration features. This facilitates seamless connection with existing systems, databases, or external APIs. It also simplifies integration and enables organizations to leverage their technology investments.

6. Scalability

Low-code platforms often provide scalability features. It is crucial for businesses experiencing rapid growth or seasonal fluctuations in demand as it enables applications to handle large volumes of data. 

7. Maintenance and Updates

Low-code platforms typically handle many aspects of application maintenance, such as security updates and performance optimization. This allows developers to focus on adding new features and functionalities instead of spending time on routine maintenance tasks.

How Does Low-code Work?

As per estimations by Forrester, 500 million apps would be made on the cloud using low code. Such a situation makes understanding the way low-code works crucial. 

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Low-code development is a software development approach that enables the creation of applications with minimal coding. This significantly reduces the traditional hand-coding process. 

Low-code development also simplifies application development using an attractive UI and pre-built components. This allows developers to create the desired functionalities using drag-and-drop elements. Moreover, it provides various tools, including visual editors and automated workflows. It further streamlines the development process. 

Low-code platforms abstract away the complexities of coding, enabling developers to focus more on business logic and user experience. It also provides a library of custom templates and modules to meet specific business requirements. This further accelerates the app development process.

How to Measure Low-Code ROI: Some of Its Top Metrics

When measuring low-code ROI, several key metrics can provide valuable insights. Here are three top metrics to consider:

1. IT Spending and Dependency

The global low-code is estimated to grow by 19.6% between 2022 and 2023. This depicts the immense investment of businesses in low-code. Thus, IT spending and dependency are important metrics to consider when measuring low-code development’s return on investment (ROI). It involves evaluating the impact of adopting a low-code platform on the organization’s IT resources. Some of the ways to measure it are:

• Cost Savings

Measure the cost savings achieved through low-code development compared to traditional coding approaches. Low-code platforms often reduce the need for hiring additional developers or outsourcing development projects, resulting in direct cost savings.

• Resource Utilization

Assess the efficiency of resource allocation and utilization with low code. Identify the number of developers and IT staff required for traditional coding versus low-code development. If low code reduces the need for additional IT resources, it can result in cost savings and more efficient use of existing personnel.

• Reduced Maintenance Costs

Consider the impact of low code on maintenance costs. Traditional coding may require ongoing maintenance and updates, which can be time-consuming and expensive. WHILE low-code platforms often handle maintenance tasks automatically, reducing the need for manual interventions and associated costs.

2. Digital Transformation Progress

Digital transformation progress involves assessing the impact of low code on an organization’s digital transformation journey and the progress made toward achieving digital goals. Thus, making it an important metric to measure low-code ROI. Some of the ways to measure it are:

• Application Delivery Speed

Measure the time taken to develop and deploy applications using low code compared to traditional coding methods. Low-code platforms enable faster application development through visual interfaces and pre-built components, accelerating digital initiatives and quicker time-to-market.

• Number of Applications Built

Keep track of the number of applications developed using low code. This metric reflects the scalability and agility of the organization in delivering digital solutions. A higher number of applications built indicates progress in digital transformation and the ability to meet evolving business needs.

• User Satisfaction and Engagement

Evaluate user feedback and satisfaction with applications built using low code. Measure metrics such as user adoption rates, customer feedback ratings, and engagement levels. Higher user satisfaction and engagement demonstrate the success of digital transformation efforts in enhancing user experiences.

3. Reduction in Stress

Reducing stress factors is another metric to consider when measuring low-code development’s return on investment (ROI). It involves evaluating the impact of low code on alleviating stress and improving the work environment for developers and other stakeholders. Such factors directly impact overall productivity. Here’s how it can be measured:

• Developer Productivity

Measure the increase in developer productivity with low code. Evaluate the amount of work accomplished within a specific time frame using low code compared to traditional coding. If low code enables developers to accomplish tasks more efficiently and effectively, it indicates reduced stress and improved productivity.

• Employee Satisfaction

Assess employee satisfaction levels and their perception of reduced stress factors associated with low-code development. Conduct surveys or gather feedback from developers and other stakeholders involved in the development process. Higher employee satisfaction indicates a positive impact on reducing stress and creating a more favorable work environment.

• Error Rates and Issue Resolution Time

Track the number of coding errors or bugs encountered during development and evaluate the time to resolve them. Lower error rates and faster issue resolution indicate reduced stress levels and smoother development processes. This metric reflects the effectiveness of low code in minimizing coding errors and enhancing the developer experience.

How to Identify the Correct Low-Code Platform for Your Business? 

Some of the factors you must account for to choose the right low-code platform for your business are:

1. Business Requirements and Use Cases

Begin by evaluating your organization’s unique business requirements and use cases that can be addressed with a low-code platform. Consider factors such as the complexity of applications you need to build, integration requirements with existing systems, scalability needs, and the level of customization required.

2. User Experience

You must assess the platform’s user interface, design tools, and overall user experience. Then, look for a low-code platform that offers a user-friendly interface with intuitive drag-and-drop capabilities and easy-to-understand workflows. Also, consider the learning curve for both technical and non-technical users.

3. Platform Capabilities

Evaluate the platform’s capabilities and ability to meet your specific development needs. Consider factors such as the range of pre-built components and integrations available, support for different data sources, customization options, and the extensibility to incorporate custom code when needed. Ensure the platform can handle the complexity and scale of your applications.

4. Integration and Operability

Consider the platform’s integration capabilities with other systems, databases, and APIs. Look for features that enable seamless data exchange and connectivity with your existing technology stack. Assess the platform’s compatibility with your organization’s infrastructure and ensure it supports the protocols and standards

5. Vendor Reputation and Support

Evaluate the reputation and track record of the low-code platform vendor. Research customer reviews, case studies, and testimonials to gain insights into the vendor’s reliability, support responsiveness, and commitment to product updates and enhancements. Consider the vendor’s stability, financial standing, and roadmap for future platform development.

Illustration of ROI Achieved Via Low-Code Platform

Some examples of ROI achieved through low-code platforms are as follows:

Example 1: Vehicle Finance Automation for Prime Lenders

A leading lender implemented a low-code platform to automate vehicle finance processes, resulting in significant ROI. The low-code platform allowed them to streamline the loan application, approval, and documentation processes by creating custom workflows and integrating them with external data sources. The ROI was achieved through the following:

• Reduced Processing Time

The automation of manual tasks and the elimination of paper-based processes accelerated the loan approval and documentation processes. As a result, the lender experienced a significant reduction in processing time, allowing them to serve customers faster and increase loan disbursal rates.

• Improved Operational Efficiency

By automating the vehicle finance processes, the lender minimized errors, reduced manual intervention, and achieved higher accuracy in data processing. This increased operational efficiency resulted in cost savings and improved customer satisfaction due to faster and more reliable service.

• Enhanced Scalability

The low-code platform enabled lenders to scale their vehicle finance operations efficiently. They could easily adapt the workflows and business rules within the platform as per changing business requirements or regulatory compliance, reducing the time and effort needed for customization and enabling quick expansion into new markets.

• Time Savings

Evaluate the time saved in development cycles with low code. Traditional coding can be lengthy, whereas low-code platforms offer visual interfaces and pre-built components that expedite application development. The reduced development time translates into cost savings and faster time-to-market.

Example 2: Orchestration of a Chatbot for a Work-Sharing Platform

A work-sharing platform leveraged a low-code platform to develop and orchestrate chatbots, resulting in a notable ROI. The platform used chatbots to automate customer support and service inquiries, providing instant responses and reducing the need for human intervention. The ROI was achieved through the following:

• Improved Customer Experience

The implementation of chatbots enabled the work-sharing platform to offer 24/7 customer support, responding to user queries instantly. This improved customer experience led to increased user satisfaction, retention, and engagement with the platform’s services.

• Scalability and Efficiency

The low-code platform allowed the work-sharing platform to easily develop, integrate, and manage multiple chatbots. As the platform grew and user interactions increased, the low-code approach facilitated the quick deployment of additional chatbots to handle the load efficiently. This scalability ensured uninterrupted service and optimized resource utilization.

• Data Insights and Continuous Improvement

The chatbot orchestration provided valuable data on user interactions and frequently asked questions. The platform leveraged this data to analyze user behavior, identify areas for improvement, and continuously enhance the chatbot responses. This data-driven approach improved the accuracy and effectiveness of the chatbot interactions over time, further enhancing the ROI.

• Process Efficiency

Measure the impact of low code on improving operational efficiency and streamlining processes. Identify areas where low code has enabled automation, streamlined workflows, or eliminated manual tasks. Quantify the time saved and improvements in efficiency achieved through low-code implementation.

Unlocking the Power of Low-Code Development: Maximizing ROI for Your Business

Now that you’ve read the article above, you must be aware that adopting a low-code platform will result in a favorable return on investment. Therefore, you must consider low-code development while building an application.

But keep in mind you must always rely on an experienced team of low-code developers to ensure optimum output. This is where Paranghat Technologies chips in. They have an excellent team of low-code developers with an average experience of more than eight years. Paranghat Technologies has also developed various applications, including HealthyBazar, Better, and A3Charge.

So, contact them today, and they’ll ensure your low-code platform stands out.