3 reasons why successful organizations embrace the speed of low-code application development
I recently spoke with a friend of mine, a business manager at a major Belgium based multinational company. He was asked to start a new service targeting a new market space for his company in Belgium. To enable the new service, he needed a web portal and digitized processes. He told me it took 24 months (2 years!) and a team of specialist developers to get the digitized service on the market!
What if he would have engaged with a low-code app platform like Mendix and cut his time-to- market to 4 months or even less? I am 100% certain my friend would have benefited in multiple ways. Here are three:
Reason 1 More money
For sure, his CFO would have been delighted. Revenue from the new service would be pouring in 20 months earlier. Money that can be spend on new investments, employee benefits and shareholder satisfaction. But there is more: IT spending would also have been a lot less. Consider the difference between a 2-year and a 4-month project with the same number of resources.
Reason 2 Bigger market share
The first-mover advantage is a well-known concept in strategic marketing. It is a simple advantage. If I am the first selling a new product or service, then initially I won’t have to deal with a lot of competition. Once customers are on board, they will be likely to stay on board as long as they are happy with your product or service.
How much time can you afford between business idea and market? Considering the times we live in, I bet you have no time to waste. A fast low-code application platform like Mendix combined with Snab’s Business Benefits Approach might be your best ally.
Reason 3 Better products and services
When you have a new business idea, a process you want to digitize, a new product you are about to launch, then you are dealing with a lot of assumptions. Is pricing right? Are product features in demand? Are the new process steps cost-effective? You just don’t know yet until you have tested the waters. I bet you want to validate these assumptions as fast as possible and reroute your ship accordingly. Fail fast, learn quickly and move gradually towards success. Of course you need the right equipment: old-style manual coding will probably not be of much support..
I am sure you can identify with the adventure my friend started two years ago. (He is now in the stage of checking his initial assumptions). Just be aware that things can be done differently: the low-code way!
