The Chief Financial Officer of any enterprise is obligated to scrutinize and review any financial investment made by the company. Investments made in the IT sector are even more sensitive because they leave a lasting impact for years and decades to come. There are several reasons for this.
As the CFO of a company oversees all major and minor financial decisions, they are directly responsible for any mismanagement of finances. After years of experience, they require a detailed, yet easy-to-understand explanation of why a certain investment would be beneficial to the company and not result in a heavy loss instead.
One of the chief concerns of a CFO is to minimize losses made by IT project investments. A loss of millions could be faced by the company if even a single faulty code is not updated on time. There is also the issue of dealing with lawsuits, heavy fines, and technical debt in these scenarios.
Projects about a digital transformation like Low-code/No-code platforms require quite a bit of investment, and the CFO must weigh their options and keep several things in mind. These things include the monetary value of the project’s execution, the resources needed to manage legacy code, and the need to stay abreast of the latest innovations.
Low-Code/No-Code Benefits for CFOs
Optimum use of IT budgets
One of the advantages of having low-code/no-code is that no-code platforms lower the overall financial burden. With low-code/no-code, one can rest assured that the company’s IT budget is being used most optimally, with every dollar’s value being stretched out to the max. One may ask how that is possible.
Simply put, no-code is accessible to even those who don’t possess formal technical education and coding experience. Any employee in the organization will have the ability to build applications using their brilliant ideas. This will help with cost-effectiveness because the enterprise will no longer have to worry about hiring specialists with heavy fees or buying specialized software to do those same tasks.
Protection From IT Failures
A reason why it is trickier for CFOs to sign off on IT project investments is that they more often than not require much bigger financial investment than was initially disclosed. And in return, it provides much less value for the costs that it took to set it up. This is a huge concern. However, with no-code software, this can be avoided entirely.
No-code removes the barrier between the business and IT teams by allowing everyone contributing to a certain project to weigh in on the final product. The progress of a project can be tracked. This causes the whole process to be much more economical and starts delivering value immediately.
Better Productivity At Work
No-code maximizes productivity in several ways. First of all, it improves the unintentional communication gap between the business and IT teams. Normally, a business team comes up with a vision and plan on what they need for a certain company project, and the IT team notes it down to turn that idea into a reality.
This not only takes a lot of time but a lot of the original ideas might get lost. And the final product may not be completely up to the mark. No-code allows everyone to weigh in, regardless of experience level. In this way, work can be divided efficiently and projects get completed promptly.
Better Job Satisfaction
The ultimate goal is to keep one’s talented employees grounded and satisfied. Coded software constantly needs debugging and maintenance. Actual innovative projects would be completed much faster with faster and smoother running software. Continuously hiring external IT talent is unprofitable and wasteful. No-code solves that problem efficiently.
An enterprise having unsatisfied employees simply because of the absence of an accessible coded platform causes severe losses. No-code eliminates this problem by lessening the burden of developmental and maintenance-related tasks so employees can use their intellect and energy toward creative and productive tasks. This leaves them feeling empowered and satisfied.
Security and Features that Scale
With the rapid advancements in the formulation of developmental platforms, security is an essential and utmost concern to enterprises. Low-code/No-code platforms offer a multilayered security system that you can count on to keep your enterprise’s most sensitive information safely locked up while meeting all of your digital requirements.
These security layers are accessible by only those that are concerned and by strict authentication and authorization mechanisms in place. Thus shielding the backend mechanisms from the users effectively. Cloud security and platform security are efficiently maintained. The protocols for incidents of potential breaches, their reporting, and containment are also effectively set in place.
Big Data Integrations
To empower and unify an enterprise’s employees to make decisions that are multifaceted and futuristic, opting for Low-code/no-code is the best decision that can be made. A Low-code/no-code platform allows the integration of data stores and information for more efficient data analysis.
Low-code/no-code platforms can support a multitude of users and streamline collaborations within the enterprise. This allows employees to have easier access to valuable and relevant data to make their projects all-inclusive. Projects are completed faster with little to no silos and hindrances.
Conclusion
Low-code/No-code development platforms are cost-effective. They increase employee satisfaction and overall efficiency and productivity at work. For a CFO to sign off on the budget that requires setting up a Low-code/No-code platform, one must bring their attention to the ultimate benefits that such a platform brings.
These development platforms are not a hit-or-miss IT budget investment with a low success rate. This platform offers data integration and streamlining of projects in a way to reduce the time taken for projects to complete. It also reduces overall debugging and maintenance costs. This leaves employees with more time to pursue innovative goals.
Low-code/No-code platforms offer a multitiered system of security to maintain confidentiality and security for the enterprise’s most valuable information. This system is also accessible only through a strict system of authentication. Such a system increases employee satisfaction and overall is highly profitable to the enterprise in the long run.
