How to Improve Your Speed to Market with Mendix

This blog post is part of our series focusing on Forrester’s The Total Economic Impact Of The Mendix Low-Code Application Development Platform report. By using Mendix for your development needs, you can generate $20M in net benefits. This blog will focus on the time-to-market benefits noted by enterprise technical and organizational leaders interviewed by Forrester for the study. Other sections cover application delivery savings, operational efficiency metrics, and customer engagement advantages attributed to the Mendix platform.

Sometimes the benefits from a faster time-to-market are straightforward—the fastest team with the best version wins. When an enterprise develops a disruptive solution where it wasn’t expected—as small as an unexpected benefit within a customer-facing app or as big as an industry sea change that opens the door to new customers—we don’t think of this as benefit of accelerated time to market.

However, new products, new services, and new business models don’t spring forth from the ether, and they require more than an agile business culture that isn’t afraid to try and fail and try again. An enterprise needs tools that help automate current workloads to free up time. Tools that can build experimental and innovative solutions quickly and collaboratively and pivot if they don’t succeed. You can’t fail fast with hand-cranked solutions.

According to Forrester’s “The Total Economic Impact (TEI) of the Mendix Low-Code Application Development Platform” report, an enterprise stands to enjoy a $3.3M three-year benefit from using Mendix’s low-code application development platform.

Low-code accelerates your speed to market

Savings attributed to time-to-market by Forrester come in four specialized areas:

  • Testing availability: More testing and new ideas lower the cost of failure and help organizations outpace the competition with new solutions.
  • Emerging technology experimentation: With more time comes more opportunity to build with AI, IoT, conversational interfaces, and other innovations that delight customers or internal employees.
  • Less work by the best, most expensive developers on your team: Reducing the workload of skilled IT professionals means freeing their time for more complex or appropriate projects.
  • New, better talent: When the word spreads within the IT community that your enterprise is embracing and succeeding at the forefront of your industry, the best and most creative job seekers take notice.

Using Mendix gives you more time for R&D

Low-code intrinsically reduces the number of tasks associated with development. Automation, visual modeling, and optimized collaboration are just three of the many ways enterprise development can shift into a higher gear while using Mendix. Developing an IT culture that tests new ideas and learns from failing will outpace the competition’s ability to innovate.

These experiments also encourage the adaptation of new technologies, pushing an organization to its industry’s technological forefront, differentiating its product offerings, and allowing it to incorporate user feedback quickly. When an organization gets a reputation for rapid application development, innovation, and emerging technology incorporation, it attracts better talent, driving revenue more.

Better speed to market means more time for other projects

If your fully-loaded professional developers can reduce code chore work, they become free to improve, innovate, and inform IT strategy in ways they couldn’t before. In addition, this workflow change reduces costs. It opens the door to new profits earlier than before, as interview data shows customer-facing apps hit the ground months earlier using Mendix.

If you are a start-up looking to hit the streets as soon as possible, low-code application development saves critical time and money, meaning your enterprise can deploy—and start making revenue. And your product—whether it be in MVP form or fully developed and chock full of features—can be built tailor-made to your business, unlike off-the-shelf COTS solutions.

Low-code, at the pace of entrepreneur

When emerging investment enterprise Collin Crowdfund started, they looked at several potential solutions—from white-labeled products from major international banks to COTS solutions—to build their comprehensive, one-stop funding support product for entrepreneurs. They decided to develop their products with Mendix’s low-code application development platform instead because they could tailor their product to their vision and because the potential speed to market compared to other options was too good to pass up.

[See how Collin Crowdfund built an end-to-end banking platform in just five months with Mendix]

With rapid development underway, the Dutch financial enterprise was able to reallocate developers to more complex projects. They built a back-end to their product that facilitates loan application processing, integrates investor checking accounts, conducts credit checks, and even monitors interest rates. Collin Crowdfund produced a winning result in less than a year.

Low-code increases your speed to market

While Forrester’s total economic impact study captures the value of low-code application development platforms, with Mendix, your enterprise’s time-to-market benefits will continue well beyond the reported three-year window.

See how you can save money, build better operational efficiencies, and increase revenue through customer engagement improvements with Mendix. Download the full report today and then reference our helpful articles or reach out to learn more.

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