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Tackling the ‘Buy vs. Build’ Dilemma with
Low-Code and No-Code Platforms
Manish Narayanaswami Sales Director
Updated on 25 Sep 2024 • 3 min read
The 'buy versus build' is a common challenge faced by industry leaders embarking on
digital transformations. The decision between purchasing ready-made, off-the-shelf
products or developing custom solutions from the ground up can be daunting, often
dependent on factors such as time constraints, budgetary considerations, and the
availability of IT resources.
However, the advent of low-code and no-code platforms has introduced a viable third
option for reshaping the digital transformation landscape.
The emergence of low-code and no-code
platforms
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A new powerful force has recently entered the scene, offering a compelling
alternative to the traditional "buy vs. build" dilemma: low-code/no-code platforms.
These innovative platforms empower businesses to build custom software
applications without extensive coding knowledge.
The low-code, no-code market, especially within the banking, financial Services, and
insurance sectors, has experienced exponential growth, reaching over $50 billion,
and is projected to hit $70-80 billion by 2027.
Traditional 'buy or build' approaches can lead to improper use of technologies,
ineffective utilization of technical resources, and, ultimately, failed projects. Statistics
show that only 30 percent of digital transformation projects achieve their intended
value.
The transformative power of low-code/no-
code platforms
Imagine building intricate structures with pre-fabricated building blocks. By doing so,
you can eliminate the complexities of traditional brick-and-mortar construction,
which is the essence of low-code/no-code platforms. They provide users with a visual
drag-and-drop interface, allowing anyone, regardless of technical background, to
assemble pre-built functionalities to create custom applications.
The emergence of low-code/no-code platforms marks a significant shift in the digital
transformation landscape. Let's delve deeper into how these platforms can
revolutionize your organization's journey:
1. Accelerated Time to Market:
Traditional software development can be lengthy and resource-intensive. Low-
code/no-code platforms significantly reduce development time by eliminating the
need for extensive coding and complex integration efforts. Businesses can launch
new applications and features faster, gaining a competitive edge in the ever-changing
market.
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2. Enhanced Agility and Flexibility:
Business needs constantly evolve, and traditional software solutions often struggle to
keep pace. Low-code/no-code platforms offer the flexibility to modify and adapt
existing applications as requirements change easily. This empowers businesses to
respond more to market demands and adapt to unforeseen challenges.
3. Democratizing Development:
IT professionals have traditionally confined software development to their realm. Low-
code/no-code platforms break down this barrier by empowering citizen developers –
individuals within the organization with domain expertise but limited coding
experience – to participate in the application development process. This fosters
greater collaboration between business users and IT teams, creating solutions better
aligned with specific business needs.
4. Reduced Costs and IT Dependency:
Developing custom software solutions from scratch can be costly and resource-
intensive. Low-code/no-code platforms offer a more cost-effective alternative by
reducing the need for extensive coding and specialized IT expertise. Additionally, the
ease of use of these platforms allows for reduced dependency on IT teams, freeing
up valuable resources for other critical initiatives.
The rise of low-code/no-code in financial
services
The financial services sector (BFSI), with its complex regulatory environment and
constantly evolving needs, presents a perfect use case for low-code/no-code
platforms. These platforms enable financial institutions to:
Streamline internal processes: Automate routine tasks and workflows, improving
efficiency and reducing errors.
Enhance customer experience: Build custom applications that cater to specific
customer needs and preferences.
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Comply with regulations: Develop solutions that adhere to strict financial
regulations and reporting requirements.
Kissflow: Simplifying the "messy middle
layer"
Messy Middle Layer
Kissflow
02:46
Kissflow is a leading low-code/no-code platform that addresses the challenges
employees face with the "messy middle layer" – a term that describes the multitude
of informal and often inefficient processes between core enterprise systems.
Kissflow empowers citizen developers to:
Build simple and efficient solutions for daily tasks without relying heavily on IT
teams.
Customize existing workflows to meet their specific department's needs.
Collaborate effectively with colleagues throughout the organization.
Kissflow offers a comprehensive suite of features to
empower businesses in:
Configurable Case Management: Streamlines complex workflows and approval
processes.
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Process Automation: Automate repetitive tasks and eliminate manual errors.
Low-Code App Development: Build custom applications without writing code.
Reporting and Analytics: Gain valuable insights into process performance and
identify areas for improvement.
Integration Tools: Connect seamlessly with existing systems and data sources.
Collaboration Widgets: Foster effective communication and collaboration within
teams.
Seamless Deployment: Cloud-based platform eliminates the need for complex
infrastructure setup and
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