By Mark Weaser, Vice President at OutSystems Asia-Pacific
While most of the major countries in the world are facing recessionary environments, the International Monetary Fund (IMF) has consistently referred to India as a “bright spot” in the global economy. Despite global uncertainty and headwinds, the IMF has retained India’s growth forecast for FY23 at 6.8%. This is corroborated by a survey from PwC which states that around 57% of Indian CEOs believe that the country’s economic growth will improve over the next 12 months.
The same PwC survey however cautions that a massive 62% of India CEOs believe that changing customer demand will impact their profitability over the 10 ten years. The survey also highlights that though they are optimistic of the growth, they are still concerned with factors such as inflation, which can play a role in dampening customer sentiments.
For organisations who want to future proof their business and protect it from temporary headwinds, technology certainly holds the key. This is reflected in the IT spending forecasts, where Gartner reported that India IT spending is projected to grow 2.6% in 2023. As concerns over profitability margins arise, CEOs will be encouraged to deploy tools and technologies that can be used to drive key digital and cost reduction initiatives.
In today’s uncertain economic climate, it has become more important than ever for businesses to stay agile and competitive, and low-code technology can help to achieve this through the following five IT priorities.
Empower developers to develop complex, business critical applications with ease
In the world of low-code development, the focus on mission-critical applications is sparking a profound shift. Many low-code tools offer increased productivity, but often compromise on the range of features and the quality of user experience. Specifically designed to address this gap, high-performance low-code caters to professional developers, and provides them with the power and sophistication to build, maintain and improve upon all kinds of enterprise-grade applications, especially mission-critical ones.
IT professionals also gain the ability to create strategic applications that drive competitive differentiation. High-performance low-code simplifies complex business logic in the application development process, through elements such as visual interfaces, automation, code reusability, or monitoring capablities to troubleshoot performance bottlenecks. This empowers developers to rapidly construct applications that modernise legacy infrastructure, rewrite critical core business systems, streamline intricate business processes and deliver world-class mobile and web applications that enhance customer satisfaction and fuel revenue growth.
Focus on a Better Developer Experience
Creating unique software capable of delivering great experiences is vital, but can lead to developer burnout. Low-code reduces time spent on manual coding tasks and accelerates software development, allowing developers to focus on innovation, feel more productive, and avoid burnout. This is corroborated by a report released last year by industry body, NASSCOM. The report highlighted how Indian adopters of low-code application platforms have realized several key benefits such as 3x to 7x reduction in development and deployment time, 1.2x to 1.5x increased productivity and 30%-35% increase in ROI, making low code platforms a viable option for organizations looking to optimize their digital transformation efforts.
Build Innovation, Don’t buy it
Buying off-the-shelf solutions may seem faster and cost-effective, but often costs more in the long run. With high-performance low-code, developing your own software is no longer costly or inefficient. Quality checks are built-in and product teams can compose and deliver customized solutions faster that offer a competitive advantage, and at a lower cost.
Invest in a Platform with Fast ROI
In an environment where profitability margins are extremely important, quick ROI is crucial. When selecting a low-code platform, not all platforms are equal, and the speed with which you recover your investment will depend on the platform selected. For example, a commissioned study from Forrester Consulting revealed that organisations can save up to US$4.3 million on application development and US$6.7 million on operational efficiency initiatives when they use low-code platforms. For organisations looking to deliver business critical apps with limited resources, adopting low-code application development methods can help them maximise their returns by increasing productivity while reducing costs.
In conclusion, the current economic uncertainty presents businesses with unique challenges and opportunities. By investing in low-code technologies – and more importantly high-performance low-code solutions – organizations can future-proof their operations, enhance their agility, and remain competitive. With the power of low-code, businesses can navigate the economy related challenges and emerge stronger than ever before. By embracing low-code and empowering their teams to innovate, companies can thrive in a rapidly changing market and create differentiated software solutions that delight their customers and employees alike.