Enterprises are embracing digital transformation to simplify processes spanning siloed departments, information across data systems and files, and customer engagements across channels. To handle such levels of complexity for superior employee and customer experiences, Newgen Software recently came up with a comprehensive digital transformation platform — NewgenONE.
Talking about the new solution that was launched last month as well as the growing interest of businesses in low code application platform, Arvind Jha, Senior Vice President, Software Development, Newgen Software, says, “NewgenOne, our natively-built enterprise-grade low code application development platform combines process automation, content services, and communication management capabilities. The platform enables enterprises to leverage low code for developing and deploying complex, content-driven, and customer-engaging business applications on the cloud.”
Quoting a research published by G2.com, Jha explains, “Large enterprises typically use nearly 1900 different digital applications and add another 300 applications each year to achieve their digital transformation objectives.”
“Most of these applications are simple or data analysis-focused (two or three-step applications). But, there is a need to modernize and transform more complex applications that integrate customer document handling with complex business process automation, rules, and third-party integration for data management and analytics,” he says.
According to Gartner, the worldwide low-code development technologies market is projected to total $13.8 billion in 2021. The increased adoption of low code platforms is driven by more enterprises looking to accelerate their digital transformation initiatives.
On why more businesses are looking at low-code development solutions, Jha said, “A low code platform reduces the software or application development efforts through modelling-driven data objects and point-and-click application development tools. The low code methodology allows businesses to move away from coding to delivering applications by defining business objects, business processes, and rules.”
Highlighting the trends in the enterprise market, Jha says, “Low-code platforms can support enterprises to simplify remote customer onboarding, improve self-service capability, shorten processing time, and improve overall customer experience.”
“There’s also a focus on security, application governance, and data privacy to ensure compliance with regulatory requirements. Moreover, with cloud gaining greater prominence, more organizations are hosting IT infrastructure on the cloud for gaining scalability and saving costs,” he says.
The pandemic has created a sense of urgency for enterprises to digitize their business processes to ensure continued support to remote customers, partners, employees, and other stakeholders.Thus, organizations must respond to the changing business needs and customer expectations with speed and agility in launching, updating, and evolving their customer-facing applications.However, traditional software development cycles are too long and slow to meet these needs.This is where low code comes to the rescue.
Organizations are using low code for their complex mission-critical business processes. Say, in the BFSI, a low code platforms can add value in the areas of customer onboarding, customer service management, and personalization of applications. It is ideally suited for the pandemic-struck world that relies on remote onboarding, touchless account opening, faster insurance claims processing, including fraud detection, pattern of claims, and many more.
“BFSI organizations have data silos due to which they do not have insights into their customers’ spending or income patterns. As a result, they cannot use the data for regular financial transactions – new loan, credit card approval, short-term financing, commercial loan, etc. With a low code platform that offers a trainable data insights engine integrated with process modelling, organizations can personalize specific products and services for customers,” Jha says.
The current trend is towards multiple low code platforms. Many large enterprises are looking at implementing 3-4 low code platforms to meet their application development needs, says Jha, adding that this is where NewgenONE can be leveraged in response to enterprises’ growing need for managing business complexities, enabling customer success, and expediting digital transformation. Enterprises across 72 countries can use this industry-leading platform for their customer-facing and content-driven business transformation initiatives.
Even analysts suggest that by 2025, 70% of the enterprises will have multiple low code platforms serving specific application development needs.