No-code platforms: Eliminating the burden of enterprise technology investments

Pre-architected no-code platforms eliminate the wastage caused by both long procurement and longer implementation cycles.

Jul 23, 2021 07:07 IST India Infoline News Service

Mr. Muzammil Patel, Global Head Strategy and Corporate Finance at Acies
Technology investments, once seen as competitive differentiators, have now started becoming necessary overheads which cause multi-year outflow commitments. Known and unknown outflows are caused by frequent changes in specifications, customer needs, dependence on third parties for maintenance and most importantly dependence on coders to translate business knowledge into applications. The implied liabilities created with every new technology investment make businesses nervous and uncertain about buying choices. These decisions are then left to the bureaucracy of consultants and administrators thereby causing delays in selection and implementation.

The residual competitive advantage using technology is lost as elapsed time erodes value. The impact of uncertainty in technology acquisitions coupled with high trailing costs and higher potential for failed implementations makes enterprise technology investments a costly proposition. Pre-architected no-code platforms eliminate the wastage caused by both long procurement and longer implementation cycles.

Pre-architected true no-code platforms replace the programming interface between humans and machines with a more natural and visually intuitive interface. Business users can directly build their application on the platform while the platform takes care of the under-the-hood coding interface. More importantly, the time taken, and costs incurred in writing, interpreting, testing and maintaining the code is dramatically reduced. Given the low cost of build, change and maintenance, it reduces the tolerance for error. This opens the doors to innovation, quicker decision-making and the ability to respond to market changes faster thereby re-establishing competitive advantage. No-code platforms restore the status of technology investments as productive assets and not as necessary overheads or long-term liabilities.

No-code platforms are still in their infancy as organizations sift through the no-code marketplace to establish the ones that are true no-code from the ones that are just claimants. Once the definitional issues around no-code are settled, no-code is likely to proliferate the enterprise technology space starting with building around existing core systems and eventually moving to replace core systems. No-code platforms have the potential of reducing long-term total cost of technology ownership by half and further reducing costs associated with reskilling the workforce. They will also help in restoring the balance between frontline business and pure technologists. Financial institutions can focus on their purpose and not worry about building outsized technology teams.

The journey from the current heavy code dependent human-machine interface to no-code is inevitable and requires significant cultural and mindset changes. As estimated by Gartner, by 2024, 80% of technology products and services will be built by those who are non-IT/ non-technology professionals. Shifting the focus from IT to business will require re-alignment of internal structures especially those related to technology procurement. Truly democratizing technology will also require organizations to decentralize technology investment decisions. Returning the power back to business users will mean that business teams will need to be directly backed by more business analysts, designers and customer experience specialists. 

No-code platforms usher in an era that changes the way we interact with technology at a very fundamental level. The opportunities for this technology revolution are limitless – this time spearheaded by businesses.

The author of this article is Mr. Muzammil Patel, Global Head Strategy and Corporate Finance at Acies

The views and opinions expressed are not of IIFL Securities,

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