As part of Solutions Review’s Expert Insights Series—a collection of contributed articles written by industry experts in enterprise software categories—Raveesh Dewan, the CEO of Joget, outlines three business ideas and actions companies can take to ensure their relevancy amidst changing industry trends and fluctuating markets.
There’s no slowing down when it comes to digital investments. Enterprises are moving forward or backward; there’s no in-between, even in a global recession. Today, it is imperative that organizations expand their digital footprints if they want to stay ahead of the competition. Even though the indicators indicate a slowing economy, businesses must not slow their digital initiatives. Being digital is not an advantage anymore—it’s a requirement.
However, digital investments cannot be made in a vacuum. Technology acquisition cannot be made for the sake of “keeping up with the times.” Assets must be researched and vetted to ensure they bring value to the organization. It’s surprising how often a solution looks like a good fit for an enterprise and then, when onboarded, becomes stagnant or never operates because of its inability to fit in with the mix of existing technology. The solution is to look for the company’s inefficiencies and seek solutions that function in these holes. Companies that don’t keep up with the times will be left behind by their competition.
Organizations Rethink and Revamp their Large Systems
On a related note, we’re seeing how it is more common than ever for organizations to replace their old, resource-intensive systems with newer, more modern ones. This trend makes sense because updating and ensuring data is one of the most state-of-the-art processes and maintains the pace of keeping up with other global organizations.
Enterprises that fail to update run several risks—one is simply the inefficiencies that come with continuing to run outdated systems. Those inefficiencies include slower response times, increases in mistakes caused by obsolete information, increased repair costs, more personnel needed to interpret the outdated data, and even extra energy costs associated with running old systems.
There are multiple inefficiencies that affect the quality of work and the organizational bottom line. For example, old, monolithic systems are slow to move and impossible to retrofit with emerging technology. Additionally, with many government agencies and large organizations across the globe moving to self-service systems, this trend of the imperative to modernize will only continue in the coming years, even in the face of a recession.
What will this rehaul look like over the next few years? What will the acquisitions entail? New systems will comprise many smaller applications that will work together, allowing for more excellent risk management and flexibility. The shift away from purchasing and installing large ERP-like systems has already begun. In the next few years, the ability to pivot will be an essential competitive advantage, more than ever before. Modernization will be possible with an extensive system of smaller applications with independent life cycles. New applications can be seamlessly added to the ecosystem as needed.
Citizen Development Means Technologists are Everywhere
We’ve discussed the need for new, modern, agile systems, regardless of the economic landscape. As this imperative gains momentum and the requests for these new systems pick up steam, the need for resources will increase. Expertise and people will be in demand as more traditional application development methods become less attainable. Organizations will find new ways to build applications quickly and efficiently.
Citizen development is an emerging way of building applications quickly and efficiently and targeting corporate needs. Citizen development is a business process that nurtures and trains non-IT-trained people to become de facto software developers via low-code and no-code platforms to create business applications. This approach to software development enables employees—despite their lack of formal education in coding—to become citizen developers, where they create and customize existing software programs for specific needs that improve operational efficacy and productivity within an organization.
With this method, businesses can obtain and even create the necessary systems without spending much money or waiting a long time. These apps are tailor-made and built by people with a context for the organizational needs and pain points.
Citizen development also opens up avenues for innovation as key SMEs understand the business, its requirements, and the potential need for change. When SMEs are directly involved in building applications, their knowledge acquisition helps bridge the gap between what they want and what gets delivered. This can potentially change the application development process and the landscape today.
SuperApps for Enterprise Adoption: The Snowball Effect
SuperApps are becoming more popular with businesses thanks to their ability to consolidate multiple apps for users. SuperApp are applications that build upon their own central functionality and bring together what might appear to be a set of disparate, unrelated services. It’s important to note that these apps are most commonly utilized by an end-user all in one place. Effectively this becomes a single app that allows the user to do what they need to pay bills, review a word doc, talk with friends, and order a new outfit. Right now, you likely use individual apps to complete these tasks. A SuperApp brings all that functionality together in one place.
Enterprises are starting to realize the potential of SuperApps and are beginning to adopt them. SuperApps aggregate high volumes of user data and offer a wide range of services and functionality, making them ideal for businesses of all sizes. With their ability to support a composable business ecosystem, SuperApps can revolutionize how enterprises operate.
Over the next few years, global organizations will be forced to modernize to grow and stay competitive. Ongoing digital investments that expand corporate abilities, system revamps that keep processes agile and modern, the mentoring and education of citizen developers to carry out that work, and SuperApps to speed up the process. These are the keys to unlocking the door to the next technological revolution, and they are all on the horizon of mass adoption.
- Three Business Ideas (and Actions) for Staying Relevant in 2023 - March 15, 2023