In the ever-evolving landscape of digitalisation, clients at The Foundry are leveraging innovative ways to improve their compound annual growth rate (CAGR). We work with Heads of Technology, Chief Information Officers, and Chief Executive Officers, leveraging the power of AI, machine learning, low code platforms and digitalisation strategy for modernisation of their portfolios. We see direct impacts on CAGR through digitalisation and reduction of technical debt, faster than even before.
It all comes down to good sense, sound judgement and experience. Design thinking is paramount for us in the three main tasks involved:
Understanding the current status of an enterprise portfolio
Mapping the program of modernisation
Delivering the projects in the right order to ensure maximum ROI from start to finish (sensibly leveraging these new innovations and ways of working.)
Reducing Time to Value through AI and Low Code
Time is precious and quick returns are valuable but keeping up with the market means medium and long term CAGR growth, which is a must. A small reduction in our clients CAGR, due to technical debt for example, means that not only are they stalling digitally but their digitalised competitors can move faster. A growing competitor may be able to implement a 3rd party Api faster and go to market with a digitalised service.
The integration of generative AI, machine learning, and low code platforms, such as Chat GPT, Mendix, and AWS Deep Learning Virtual Machine (DLAMI) have proven to be game-changing in reducing time to value for businesses. These technologies can also accelerate (and digitalise) software development lifecycles (SDLC), enabling us to bring solutions to market faster than ever before. Digitalising the SDLC is a topic that we will cover in our next blog post, it is a scenario where we use platforms and their features to digitally transform the majority of manual processes in software development (allowing us to make an app in 2 weeks for example).
Consider the scenario of a financial services company looking to streamline its customer onboarding process. By incorporating AI-driven automation on the front end, machine learning and dynamic data in the middle, and leveraging low code capabilities for the back office, the company was able to develop and deploy a customised onboarding application in weeks. The result? A significant reduction in onboarding time, improved customer satisfaction, and a faster time to value.
Assessing an Application Portfolio for Modernisation
Firstly, it's best to consider anything and everything in your business as an application. Manual (analogue) based processes, like using paper for employee onboarding, spreadsheets to manage data, even creating flyers and posters, are actually greenfield applications. All can be AI or Low-Code applications and therefore should be assessed in the same way as an existing app, wether they are digitised yet or not. This involves looking at your business differently.
Before embarking on a digitalisation or modernisation programme, it's crucial to map and assess the existing application portfolio. The Foundry plays a pivotal role in this process by analysing applications and identifying low-cost, quick-win opportunities for modernisation.
A manufacturing firm, for example, successfully modernised its application portfolio by leveraging AI and Low-Code platforms to prioritise applications based on business impact and feasibility. By focusing on low-hanging fruit first, launching one application at a time in the best order, the company achieved rapid modernisation resulting in improved operational efficiency and reduced maintenance costs. Developing within a market leading platform, the company future-proofed its new applications while reducing OPEX (once in production, dozens of applications can be maintained by 2-3 people).
Design Thinking in Conjunction with AI and Low Code Platforms
At the heart of successful digitalisation lies design thinking – an approach that places the end user at the center of the development process. End users include internal staff, stakeholders, third parties, partners, suppliers and customers/consumers. When combined with AI and low code platforms, design thinking ensures the creation of user-centric solutions that resonate with all of these target audiences at once.
Imagine a healthcare organisation adopting a design thinking approach in conjunction with AI and low code development for a patient engagement platform. By empathising with users, iterating on solutions, and leveraging the innovative capabilities of these platforms, the organisation delivered a seamless and personalised patient experience, directly integrated to the supply chain and wider organisations ecosystem - ultimately improving patient outcomes.
Focus on Mendix and AI Models
Mendix, as a leading low code platform, empowers organisations to rapidly develop and deploy applications with minimal coding effort. When integrated with AI models such as Chat GPT, the possibilities for innovation become limitless. Mendix's user-friendly interface and AI capabilities enable businesses to create intelligent applications that enhance efficiency and user experience.
In the retail sector, for instance, a company utilised Mendix and integrated Chat GPT to develop a virtual shopping assistant. This AI-driven application not only provided personalised recommendations to users but also facilitated seamless interactions, resulting in increased customer engagement and sales.
To Sum Up
The collective impact of AI, low code, and design thinking cannot be overstated in the digitalisation journey. For business professionals in roles such as Head of Technology, CIO, and CEO, embracing these technologies is not just a strategic choice but a necessity for sustainable growth.
As clients look to The Foundry, they envision a business landscape leveraging the power of AI, low code platforms like Mendix, and design thinking principles to stay competitive and adaptive. By reducing time to value, modernising application portfolios, and prioritising user-centric solutions, clients unlock their true potential and thrive in the digital age.
Embrace the possibilities, and lead your organisation toward a future of innovation and success.
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