“ No-code platforms give traditional players an opportunity to participate in this...

“ No-code platforms give traditional players an opportunity to participate in this rapid transition”

672
0
SHARE
Muzammil Patel, Global Head of Strategy and Corporate Finance at Acies

Acies is a leading multinational firm in the technology and advisory space, strives to provide practical and tangible outcomes rooted in the use of new generation technologies and applications. Their business verticals are focused on innovation, speedy implementation, skilling and scaling organizations to help achieve growth and sustainability. Acies focus on providing advisory and implementation services, technology applications and platforms, content and learning and development solutions, and strategic investments. In an interaction with NCN, Muzammil Patel, Global Head of Strategy and Corporate Finance at Acies explain about No-code platforms and its future implications.

How the No-code platforms mark the start of a new digital revolution?

No-code platforms replace the communication interface between humans and machines – from coding languages to visual drag and drop elements. Changing the communication interface empowers users withoutanycoding background or knowledge to translate their thoughts and vision into itsautomated reality. This helps accelerate the speed of digital creation and adoption. It empowers business users to create any application, without worrying about the technology knowledge handicap. Replacing the communication interface opens up a world of possibilities for converting ideas and knowledge into digital assets.

How will this platform disrupt the enterprise space?

Enterprise technology has traditionally required large investments, long implementation timeframes and large implementation teams. Coordinating these large transitions is fraught with implementation and project management risks. Pre-architected no-code platforms allow for rapid transformation at a significantly lower cost. They also allow for smaller, nimbler, specific use case based projects to be started and completed quickly. The flexibility to change specifications at will by the business end user allows for keeping pace with market changes more rapidly. No-code platforms will usher in an era of hyper innovation toa generally slow-to-move enterprise technology space.

What are the opportunities of No-code?

While no-code will replace legacy technology, the larger opportunity lies in the start-up space. Start-ups have ever changing thoughts and ideas and need to pivot quickly as they hear market feedback. Pivoting requires rapid technology changes and traditionally this required large investments. No-code allows start-ups to translate ideas and market feedback into the product and pivot quickly to incorporate market needs. No-code allows new players to break into spaces that have been dominated by large players.

How the No-code platforms play a role in the banking & financial sector?

The banking and financial services sector is going through major disruptions as services disaggregate from large players into specialized offerings. No-code platforms give traditional players an opportunity to participate in this rapid transition by keeping their products and customer experience at par with the new disruptors. It also allows the new disruptors to challenge existing models even more and bring together offerings that would otherwise take months or even years to bring to market. While transition of core banking to no-code will take some time, no-code platforms are perfectly suited to the creation of digital assets that enhance customer experience and employee engagement.

What are the reasons behind the No-code not making an impact in the market? 

Existing legacy technology takes up most of the IT budgets. In most cases, these amount to 80% of an organization’s IT budgets. Budgetary allocations to no-code have been slow but is now steadily increasing. No-code also requires a cultural and mindset change within organizations as the control over tech moves away from IT teams to the frontline business functions. Far greater education, understanding of no-code platforms and awareness of benefits is required as individuals sometimes find it difficult to believe that the entire code-based communication interface with machines can be replaced.

How is the No-code platform beneficial for startups in the Indian market?

Start-ups need to constantly innovateand incorporate customer feedback in order to achieve product-market fit. Constant innovation comes at a significant cost which requires capital. No-code allows start-ups to innovate and build products with a much lower cost structure. Start-ups have also been traditionally very dependent on a CTO architecting the product right. Pre-architected no-code platforms remove the dependency that start-ups have on the CTO and shift the focus to the market need. Start-ups realize that they run out of cash by the time the Minimum Viable Product (MVP) is ready and are then consumed by a continuous fund raising frenzy to sustain further development or enhancement. No-code platforms can help in ensuringthat lesser amount of cash is consumed in the product development phase.