Due to the increased demand for digital transformation forced by COVID-19, the choice between no-code versus traditional development is more relevant than ever, especially within complex industries such as insurance or financial services.
Historically speaking, when C-level executives needed to translate existing business problems to technology needs, they had two options. They could either turn to traditional software development and start lengthy development cycles with tangled configuration systems, or they could purchase a third-party off-the-shelf product that they needed to customize later on.
In 2021, it is clear that no-code solutions represent the best of both worlds, as customers can modulate and customize their specific solutions extremely quickly, without writing a single line of code. But let us start with the basics. We created this infographic to guide you through the most fundamental questions.
What is a no-code platform?
It is a platform where anyone without any programming knowledge can learn how to configure and deploy applications, much faster than traditional development methods, taking away the complexity of programming and putting the power in the hands of regular business users.
No-code platforms are the present and the future of application development, by automating several tasks that were done manually by Software Developers. You can start with an MVP and incrementally extend your software with new functionalities at the best cost-benefit ratio for your company.
What do we mean by traditional development methods?
Traditional development is the process of developing custom software by writing code. These programs are usually built in various programming languages to satisfy a specific need, that is supported by bespoke development, various integrations, database setup, and other highly technical activities. These projects are often complicated and time-consuming.
Delivering a tailor-made application with quality requires resources that are costly and hard to find, such as Developers and System Engineers. Therefore, IT departments are often understaffed and not able to deliver on time and within budget.
Problems with traditional development methods
There are multiple challenges when opting for traditional development methods to create enterprise-grade applications. Here are the most pressing ones:
Shortage of Software Developers
According to TechRepublic, in 2020, there were approx. 1 million unfilled computer programming-related jobs in the United States alone. This is one of the reasons why many organizations are now turning to non-traditional development methods and external vendors to fill this gap between customer demands and talent shortage.
Lack of agility
With traditional coding, applications typically need over 1 year to be developed, by which time market conditions, requirements, and regulations may have changed. Not only it requires a lot of time to operate them accurately, but new updates to the existing applications are also costly and cumbersome. In today’s fast-paced technology landscape, those who are not able to react to changes fast enough are losing their competitive advantage in the market.
Failing to deliver value
It is estimated that 90%+ of big enterprise IT projects over the size of $10M fail to deliver value. Even smaller projects (between $750K and $3M), fail at a rate of approx. 60%. Moreover, hard-coded modules often lack the flexibility to adapt a solution to continuously changing business requirements, risking that the technology used will soon become a legacy without regular maintenance.
What are the key benefits of using no-code technology?
Ease of use
As no-code platforms can be used by both skilled developers and business users with zero programming knowledge, they are a strategic choice for companies with a backlogged IT Team and the need to innovate faster with fewer resources.
Faster turnaround time
On a typical project, configuration time can be reduced to 8-12 weeks (including training and delivery), compared to months or even years when using traditional development methods.
It is our experience that most non-technical users are able to start configuring applications in one month or less by using our no-code platform, Innoveo Skye®.
Leverage resources better
With no-code technology, companies can increase their teams’ capacity by freeing up their limited IT resources and easing the dependence of business deliverables on internal IT departments.
Get ahead of your competition with Innoveo Skye® – THE no-code platform
Innoveo Skye® is a no-code platform for non-technical users to configure and launch applications much faster than traditional development, offering agility and flexibility to our enterprise-level customers. When working with our no-code platform, you can benefit from:
We deliver tailor-made enterprise applications in weeks, instead of months, with possible changes to the configuration that can be made within hours.
Best cost-benefit ratio with reduced Total Cost of Ownership (TCO)
Our platform’s capabilities allow our customers to complement or replace legacy systems that are costly to maintain. Our SaaS delivery model covers hardware, software, data center, and security costs at the same time, as well as providing continuous platform upgrades included in the fees.
Because our platform is industry-agnostic, we can deliver a wide variety of applications depending on the industry of our customers. Essentially, we can build applications to sell any product and digitize any business process – from customer onboarding to customer service. As these are omnichannel applications, they can be used by end customers (B2C), partners (B2B), and employees (B2E).
Open API architecture
Innoveo Skye® has a built-in integration layer and does not rely on rigid APIs, which makes integration easy to be configured, let it be with any legacy and third-party systems.
All of our customers benefit from platform upgrades and new releases every month to keep up with the latest trends and the evolving technology landscape.
If you are interested in learning more about the capabilities of our platform, click here. Alternatively, take a look at our Insurance Solutions here, or schedule a free demo with us to see how we can help your business.
Barbara Péterfi, Content Marketing Manager at Innoveo