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How low code is reducing costs and empowering innovation in healthcare

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Healthcare providers must deliver modern, digital services, but many are held back outdated legacy systems. Here’s how low code can help close the gap.

Electronic health records (EHR) and the exchange of digital information underpin the delivery and management of any modern health service. Yet despite recent advancements, especially in the wake of the coronavirus pandemic, many of today’s EHR systems are outdated, existing on legacy architecture that results in delays in – or even a lack of – the exchange of essential health information between services.

Addressing these issues has long proven extremely challenging and expensive, with projects frequently going over budget and taking much longer than anticipated. For example, in 2013, the UK’s National Health Service (NHS) abandoned patient record system was described as the biggest IT failure ever seen, ultimately wasting approximately £10 billion. The cause of the debacle was put down to the government’s inability to successfully manage large IT contracts.

Cases such as these are why the healthcare sector has been relatively slow to innovate over the past decade. However, a lack of innovation is not the answer to mitigating risk and enabling better patient outcomes. If EHR and other vital healthcare systems aren’t kept up to date, they will be unable to keep up with demands and expectations that set the standards for a modern healthcare service. After all, in healthcare, time isn’t just money – it can also be the difference between sickness and health.

While there are many potential barriers to innovation in healthcare, arguably one of the biggest is the shortage of specialized IT skills, which has also led to a significant increase in the costs of IT projects. This results in delays and inadequate technical solutions that fail to meet their goals.

Low code solutions aim to address the technical barriers by making development much more accessible, more affordable, and much faster. By reducing the engineering effort required, the low-code approach provides an easily scalable architecture that can integrate with numerous data sources, thus facilitating seamless transactions of EHRs and other healthcare data. An open-source solution goes even further by allowing healthcare organizations to preserve total control over how they govern and protect sensitive data like patient health information (PHI).

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5 Ways Low-Code Can Help Digital Transformation Managers Achieve Their Goals Faster

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Recent technological advancements have resulted in an increasing need for digital transformation in various types of organizations across all industries. Digital transformation is crucial for increasing customer satisfaction levels, driving data-driven decision-making processes, improving user interfaces and experiences, improving interdepartmental collaboration and much more. However, digital transformation managers may find it difficult to develop enterprise applications and software with constantly evolving customer expectations and market trends.

Low-code platforms are the answer. Low-code development refers to a visual approach to software and application development that enables citizen developers with little to no traditional coding experience to build powerful, high-functioning solutions. Low-code platforms are equipped with drag-and-drop interfaces, declarative tools, instant mobility and deployment and much more.

Research indicates that the global low-code industry is expected to reach a market value of $94.75 billion by the year 2028, with a Compound Annual Growth Rate of 31.6%. Therefore, low-code enterprise application development platforms are extremely beneficial for facilitating and supporting digital transformation initiatives much more efficiently than ever before.

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5 Market Challenges Financial Companies Face and How To Use Low-Code To Overcome Them

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As our current business landscape continues to become more and more volatile and unpredictable, many financial companies and institutions are beginning to face various market challenges that could potentially jeopardize customer relationships, productivity and profitability. Furthermore, rapid advancements in available technology have resulted in great difficulty handling enterprise applications, large amounts of organizational data and legacy systems.

However, low-code application development platforms can help financial institutions identify and overcome various potential market challenges without wasting large amounts of scarce organizational resources and time. Low-code is defined as a visual approach to development that enables users to leverage drag-and-drop tools, instant mobility and much more to streamline and optimize various business processes.

Research indicates that 75% of enterprises will use at least four low-code platforms for citizen development initiatives and business application development by the year 2024. Therefore, financial institutions must recognize how low-code development platforms can help them overcome various market challenges.

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Why ISVs Should Use Low-Code To Solve Challenges For The Banking Sector

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The banking and financial sector generates a massive amount of data, with studies indicating that over 2.5 quintillion bytes of data are generated per day. Each activity and business function in the banking sector leaves a digital footprint backed by data, which opens up a wide variety of opportunities for financial institutions to refine the overall management of this information.

To address various challenges related to digitization, financial institutions require powerful software platforms that can improve user experiences, lower costs, increase business agility and accelerate speed to market. Therefore, low-code technology can enable your ISV (Independent Software Vendor) to create intelligent solutions quickly and easily, thus allowing your organization to add automation and facilitate innovation for the banking sector.

To combat the slow adoption of digital banking solutions, low-code development platforms can significantly accelerate enterprise application development without needing to invest large amounts of time, financial resources and human resources. Low-code is the most easily implementable solution that could help ISVs overcome the challenges that the banking industry is currently facing to help embrace and facilitate digital transformation more quickly.

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How the Banking and Financial Sector Can Get the Most Out of Low-Code

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The banking and financial sector forms the backbone of any economy. It is responsible for facilitating various crucial activities including investment, insurance, banking, etc. In many ways, the banking and financial sector paves the path for development by making funds available for new businesses.

Naturally, financial service institutions serve millions of customers every day, in turn, maintaining and processing millions of terabytes of extremely sensitive customer data. Therefore, their service system hence has to be iron clad in order to be able to handle any attacks and breaches.

The expanding customer base of banks also warrants the need for increased operational assistance. Therefore, banks and financial institutions need technology that can allow them to create a system that is tailored to fit their unique needs. That is where low-code technology steps in.

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How Can Cities and Local Governments Leverage Low-Code To Overcome Their Biggest Challenges

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Urban technology has experienced rapid change over the past couple of years. New digital systems are constantly being introduced in cities and local governments, and thus consequently being integrated into daily life. The increasingly vast innovations and consistent updates in technological solutions and mobile systems can provide cities and local governments with a wide variety of benefits that can help them overcome their biggest operational challenges. Smart cities can leverage the power of low-code solutions to deal with monitoring issues, analyze data, collect, track and monitor information and systems and establish order in various processes.

A smart city is defined as a geographical area that leverages the power of technological solutions to provide its citizens with the most optimum and efficient communal processes by improving administrative systems, public services and overall quality of life. Recent studies have shown that the revenue from smart city infrastructure is forecasted to grow to more than $100 billion by the year 2025.

Furthermore, low-code application development platforms can enable smart cities to build powerful solutions that can automate various time-consuming and impractical daily processes that cities and local governments are tasked with overseeing.

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How iPaaS bridges the gap between low-code and professional development

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How integration platform as a service (iPaaS) offers a comprehensive and standardized way to develop and integrate business-critical applications.

Every business technology system consists of multiple subsystems working together to form a cohesive environment that can handle mission-critical operations and workflows at the speed and agility demanded by today’s market. Running a business also demands the collaboration of people and systems from across a wide range of operations, such as sales, marketing, and customer support. Each of these departments uses different apps and systems, which all need to work together to achieve smooth operations. If they do not, each department will operate in a silo, to the detriment of customer and employee experience alike.

Among the most pervasive challenges facing today’s enterprises is the need to integrate new apps and functions into increasingly complex and disparate technology environments. Further adding to this overarching challenge is the fact that developing and integrating new software is often a lengthy process fraught with myriad difficulties of its own. These include addressing the demands of information governance, security, privacy, and availability, to name a few. This is why organizations need integration platforms to build more efficient and scalable technology systems that can easily adapt to ever-changing business needs.

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What Are The Steps Of Digital Transformation?

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Digital transformation is defined as the process of adopting and integrating digital technology into numerous different business functions of an organization to meet industry trends, market changes, and evolving customer expectations. One of the key factors for the success of any modern organization is constant and consistent digital transformation.

Studies have shown that the digital transformation industry is expected to reach a market value of approximately $3.3 trillion with a Compound Annual Growth Rate (CAGR) of 23% by 2025.  Digital transformation can help your business redefine existing business processes, enhance existing systems, automate workflows, gain a competitive advantage and much more.

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7 ways low-code solutions accelerate digital transformation

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By making software development less burdensome on resources, low-code contributes to the acceleration of digital transformation and business-wide innovation.

It is often said that every company is a software company. Computers play a key role in almost everything we do. They are becoming embedded in everything from the cars we drive to the homes and cities we live in.

For organizations, computers and software have become critical for handling everything from customer relationship management to supply chain management. At virtually every customer touchpoint, there are digital interactions that leave a trail of data, from which they can unlock valuable insights, provided they have the right software solutions.

Digital transformation is the driving force behind these innovations. It is the process we use to create new business processes and customer and employee experiences or improve existing ones. It is the reimagining of business in the digital age, and software naturally plays a central role in that process. This is why the pressure is constantly growing on organizations to ease the burden of software development and, in turn, accelerate digital transformation.

Organizations that fail to embrace digital transformation face a very real and growing risk of losing their competitive positions and becoming irrelevant in today’s fast-changing world. One of the main causes of such failure is the difficulty in overcoming the inherent complexities of software development and the lengthy project lifecycles that come with it.

To overcome the challenges, organizations must be able to develop and integrate new tools and capabilities quickly, scale their applications in the cloud, automate routine workflows, and continuously modernize customer experiences.

To accomplish these tasks, software teams need a way to quickly deliver applications and iteratively improve them based on user feedback. Traditional software development is wholly unable to keep up with the need for speed and scale, which is why organizations need low-code software development to accelerate digital transformation.

Here are some reasons why low-code matters in digital transformation:

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What Is An Open-Source Hardening Project?

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With the evolution and increasing integration of digital technology, the use of open-source technology has also increased exponentially. Open-source software is defined as any computer software that allows and enables users as well as the general public to utilize, modify and redistribute its source code freely. A recent study conducted by Red Hat concluded that 75% of IT leaders felt that enterprise open-source software was extremely important.

Although many users may question the reliability of open-source software, the open-source industry has and will continue to prioritize the security and reliability of open-source technology.

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