Low-code development platforms have become increasingly popular in recent years as a way for organizations to develop software more quickly and efficiently. Low-code platforms allow developers to create applications using visual interfaces and pre-built components, rather than writing code from scratch. This approach promises to save time and money, but how can organizations measure the return on investment (ROI) of low-code?
Reduced Development Time
One of the primary benefits of low-code development is the reduced development time. By using pre-built components and visual interfaces, developers can create applications much faster than if they had to write code from scratch. This reduced development time translates into cost savings, as developers can create more applications in less time. Organizations can measure the ROI of low-code by comparing the development time and associated costs of a low-code project to a traditional development project.
Improved Time to Market
Another benefit of low-code development is the improved time to market. Because low-code development is faster than traditional development, organizations can get their applications to market sooner. This can be especially important in industries where speed is critical, such as in the financial sector or in healthcare. Organizations can measure the ROI of low-code by comparing the time to market of a low-code project to a traditional development project.
Reduced Maintenance Costs
Low-code platforms can also help reduce maintenance costs over time. Because low-code applications are built using pre-built components, there is less code to maintain. Additionally, low-code platforms often include automated testing and monitoring tools, which can help identify and fix issues more quickly. Organizations can measure the ROI of low-code by comparing the maintenance costs of a low-code application to a traditional application over time.
Another benefit of low-code development is the increased flexibility it provides. Low-code platforms make it easier to modify applications as requirements change, because developers can simply drag and drop new components or make changes to existing ones. This can be especially important in industries where requirements are constantly evolving, such as in the technology sector. Organizations can measure the ROI of low-code by comparing the costs and time associated with making changes to a low-code application versus a traditional application.
In conclusion, low-code development can provide significant ROI benefits for organizations. By reducing development time, improving time to market, reducing maintenance costs, and increasing flexibility, low-code platforms can help organizations save time and money. To measure the ROI of low-code, organizations should compare the costs and time associated with a low-code project to a traditional development project. By doing so, organizations can determine whether low-code development is the right approach for their needs.
If you want to learn more about how low code can help you adopt a successful digital conversion strategy, you can contact BAYPM. However, if you are more interested in learning about the pros and cons of leading low code platforms, check out Gartner’s Magic Quadrant for Enterprise low code implementation platforms.