Reducing Enterprise Risk With Low-Code Development Platform

Low-code application development is on the rise as it seamlessly meets many enterprise requirements. Unlike traditional app development where every line of code is manually written, business people can utilize an intuitive drag-and-drop editor to build visual models of the app’s user interface, business logic, and integrations.

This approach can also be extended to enable the control of all risk management processes within a single centralized platform. Furthermore, it essentially eliminates the skills gap while streamlining app maintenance and updates.

Because low-code development enables the rapid deployment of applications, it can play a critical role in the efficiency and the effectiveness of risk management processes through the deployment of innovative solutions.

As enterprises go through a digital transformation, low-code apps can help modernize operations while reducing risk through increased control and demonstrability.

What’s more, all this can be achieved without compromising compliance, security, or efficiency as the experts behind the low-code application development platform will have that covered.

Managing enterprise risk and significantly reducing it happens in four stages:

  • Planning and designing

  • Implementing and benchmarking

  • Measuring and monitoring

  • Learning and reporting

What’s the role of low code app development within these four stages? Let’s take a look.

1. Planning and designing

When companies go through a digital transformation, they have a unique opportunity to evaluate each function that’s about to go through digital automation against their enterprise risk management policies.

Furthermore, there is also an opportunity here to develop low-code applications that can consolidate systems to seamlessly track, analyze, and mitigate risk. Additionally, when you design apps that centralize records and communications, you can also benefit from leveraging the data generated by these apps.

2. Implementation and benchmarking

When you engage in enterprise risk management through low-code application development, the implementation stage should be a seamless experience. However, during this process, it will be important to conduct a risk assessment of each procedure that is going through a digital transformation.

When traditional functions go through digital automation, you also have an opportunity to set benchmarks. This means the organization should create benchmarks that help determine the significance of predefined risks. However, the nature of these benchmark tests will heavily depend on the type of risk.

3. Measuring and monitoring

A low-code application development platform like Pulpstream helps enterprises improve continuously by visualizing valuable data. Furthermore, you can also automate reminders for corrective actions, renewals, and audits to ensure that nothing is missed.

When workflows are digitally automated, you can also take advantage of real-time data analytics. This will enable various stakeholders to not only identify and mitigate risks but also to identify new business opportunities for growth.

4. Learning and reporting

During the final stage of the enterprise risk management process, you get to learn from experience and report on performance. At this juncture, enterprises can review their risk exposure, as well as risk appetite, and measure the exact contribution that risk management and mitigation programs have made to the success of the organization.

The reason for engaging in this activity must be clearly established within the company. If you fail to do this during the early stages of digital transformation, you won’t be able to evaluate whether the mitigation endeavors were in line with expectations.

When you build low-code apps, you can set up protocols to monitor and report on risk indicators to evaluate the contribution being made by risk management programs. This function can also be extended to the evaluation of the appropriateness of control mechanisms that were selected.

If something isn’t working as well as expected, low-code application development platforms can empower enterprises to rapidly make appropriate changes. This means that business people themselves can analyze and identify potential risks within business processes and resolve it themselves without the IT department getting involved.

This low-code approach to risk management also provides business leaders with more control when it comes to managing that risk. As low-code app development platforms come with data integration, cross-platform support, and security, they can be easily customized to meet each business requirement securely.

Low Code Application Development Empowers Business Units

Low-code application development allows almost all of us to feel like software engineers within minutes. This is because low code software can be used to develop applications easily without years training, experience, or considerable technical knowledge. This innovative idea gets non-technical business people onboard to help corporations become more resilient while seamlessly adapting to change. It’s also a fantastic approach to respond to the growing shortage of top tech talent within the country.

Imagine developing a business process management application to respond to an enterprise problem without ever taking a computer science course? That’s exactly what we’re talking about here and this can be achieved within a matter of minutes, hours, or days. Not six months down the road!

Even if your company has to deal with multiple data inputs, a low-code application development platform like Pulpstream can empower a new generation of citizen developers (or non-technical employees building apps) to take the initiative and solve enterprise issues rapidly.

How does low-code application development work?

Low-code application development platforms provide an opportunity for business people to build apps, even very complex ones. As they can accept all types of data inputs from users, devices, and the Internet of Things (IoT), they can deliver significant value to the business.

What’s great is the fact that software engineers can also join in at any time. Furthermore, you can also easily integrate it with existing systems.

All this combined can have a positive impact on your bottom line as you won’t need to totally change your current IT infrastructure to adapt to a custom app.

Low-code development can be critical going forward as customer experiences are vital to remaining relevant. So if there are inefficient processes having a negative impact on customer experiences, you can quickly build an app to fix it rapidly.

Whether it’s for IoT, business process management, or streamlining workflows, low code application development is going to have a huge impact on corporate coding in the years to come. This is supported by Gartner’s prediction that approximately 70% of large enterprises will have established successful citizen development policies by 2020 (up from 20% in 2010).

But for you and I to become successful citizen developers, corporations need to understand the opportunities presented by low-coding initiatives. This can be tricky as we are all used to IT department handling all technology development initiatives (without any support from other areas of the company).

The low-code approach creates business value

When you embrace low-code application development, you will immediately benefit from the in-depth knowledge of the citizen developer. This means that the application will be developed by someone who has a significant understanding of the underlying daily business processes that need to be improved to enhance efficiency.

In the end, the business will have a custom app (within a few hours or days) that fits the business’ specific needs. This can’t be easily accomplished with a one-size-fits all solution available in the app store.

This exactly what Systems Services of America Foods (SSA Foods) achieved by embracing Pulpstream’s low-code development platform. By building a custom app, SSA Foods was able to benefit immediately from more consistent workflow processes, real-time insights of performance data across all operations, and seamless KPI measurements (without killing a bunch of trees!).

If they took the traditional software development approach, it might have taken almost six months before they encountered a prototype. But with Pulpstream, they were able to see real business value quickly.

Slow response times can make you vulnerable to competitive market pressures to be more efficient and provide enhanced customer experiences. Furthermore, we have all become used to connecting and working on the go, so it’s important to take advantage of technology to have relevant data at our fingertips.

A low-code application development platform can take some of the pressure off by increasing efficiency and user experiences across the board by digitizing business processes.

This means that one or more citizen developers can quickly adapt to changes by building mobile apps to work from anywhere, manage cases in the cloud, take advantage of real-time performance data (including KPIs), centralize records, and retire legacy systems with a simple drag and drop approach.

Everyone benefits in this scenario as a low-code approach to a business problem can be implemented quickly. This, in turn, makes employees and the organization as a whole more productive and more efficient.

As a result, low-code application development can impact your customer experiences significantly through citizen coding and business process automation.