Monday, November 28, 2022

Top Reasons Why CFOs Should Leverage Low-Code Development

By Prangya Pandab - August 04, 2022 4 mins read

CFOs and other finance professionals should be more informed about the low-code method of software development as it becomes more widespread since it can be beneficial to them both inside and outside the finance department

The low-code approach to software development keeps accelerating digital transformation in businesses across all industries. It’s time for CFOs to gain a better understanding of how the low-code strategy might affect not only the finance department but other areas as well.

In addition to other increasingly crucial objectives, CFOs continue to look for methods to empower their teams to quickly and easily adopt new technologies that can increase automation and free them from the technical debt resulting from legacy systems. When leveraged properly, low-code accomplishes these objectives by democratizing and streamlining development, enabling non-programmers to directly design and build on the tools they require to perform their tasks more effectively.

Today, an increasing number of CFOs are focusing on low-code productivity gains as a way to create sustainable competitive advantages and avoid passing costs along to customers. With this capability, users—from marketers to financial analysts and beyond—can efficiently and effectively create positive innovations. Experienced professional developers produce solutions and upgrade faster since low-code also eliminates the clutter and busy work associated with application development. As a result, CFOs who support low-code adoption put their own departments in a position to apply modernized tools that set them apart and recast long-term R&D cost centers to produce faster ROI.

CFOs should be aware of their ability to use low-code development to improve results in the following areas:

Amplified and Predictable ROI 

CFOs typically invest in application development projects and wait for the long-term outcomes, hoping they match expectations. The reduced development time made feasible by low-code, however, provides crucial clarity when calculating the TCO of applications. Quick development cycles of low-code similarly offer more amplified and predictable ROI; as more complex solutions are delivered faster than traditional processes.

CFOs can bet with greater assurance on modernization thanks to the simplicity and transparency of low-code. CFOs may find it difficult to eliminate applications that are functional but don’t promote growth. If CFOs are willing to embrace the risks that inevitability accompanies change, they can benefit from automation that reduces time spent on repetitive tasks, increases workforce productivity, and frees them to focus on more important projects. While significant investments are needed to introduce new application capabilities that ensure future competitiveness and eventually pay for themselves, low-code brings those investments closer to a certainty.

Also Read: Leveraging Low-Code Platforms to Drive Innovation and Agility

Addressing Data Challenge

CFOs that see their initiatives hampered by cumbersome legacy systems that are prone to data silo and delayed traditional application development methods definitely run the danger of slipping behind in terms of productivity and creativity. The ability of low-code to modernize and streamline data management to provide seamless access, however, is a game-changer for businesses. Low code not only makes it easier for everyone to design, use, and iterate directly on the necessary infrastructure, but it also makes data itself more accessible. Low-code makes it easier to code and reduces the need for highly skilled experts to undertake data analysis. 

Low-code platforms promise to remove the challenges associated with data collection, maintaining data quality, and sorting through data, putting valuable insights at fingertips.

As a result, low code enables users within and outside of the finance department to quickly and simply apply a thorough data-driven approach to the situation at hand, allowing for innovation and better business practices from all employees throughout the organization.
True Innovation Without Lock-In

Low-code development uses modular nodes, each of which enables a distinct technical function or capacity, which employees build into applications. CFOs who use low-code approaches provide their teams with a large number of these nodes. This gives the teams the ability to use big data integrations, AI and ML, as well as services from outside vendors like ERPs or SaaS capabilities that are accessible as APIs bundled into nodes. By abstracting the associated technologies and systems into seamless and interchangeable data connections, the right low-code plan will produce the highest level of interoperability between various functionalities.

Because they have the freedom to swap out one vendor for another, organizations are essentially immune to vendor lock-in. Most crucially, there is no requirement for the enormous investments that are typically necessary to capitalize on emerging technologies. Instead, low-code enables teams to quickly access and understand the transformative advantages these technologies bring for ROI, R&D, and modernization. 

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AUTHOR

Prangya Pandab

Prangya Pandab is an Associate Editor with OnDot Media. She is a seasoned journalist with almost seven years of experience in the business news sector. Before joining ODM, she was a journalist with CNBC-TV18 for four years. She also had a brief stint with an infrastructure finance company working for their communications and branding vertical.

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