Whatever business you’re in low-code, rapid application development solutions make it easier than ever.
Today’s economy is data-driven. For marketing firms, banks, and distribution centers alike, good data is integral to strategic decision-making, top line growth and bottom-line performance. Without it, it’s nearly impossible to stay competitive, never mind gain competitive advantages.
The capabilities brought forward by low-code, rapid application development (RAD) solutions and their “drag and drop” type front ends are rapidly lowering the barriers to leverage customer data in an end to end process. This solution enables organization to go to market faster, drive innovation, and be more agile, secure and responsive to change. They are also converging with AI and analytics to create accelerations and value where AI alone cannot easily. The business applications of low-code are effectively limitless, but one case study on the power of these new tools in combination with AI is particularly illuminating.
Using our AI platform Ignite, we are helping companies work through the phase-out of The London Inter-Bank Offered Rate (LIBOR). LIBOR, dubbed the world’s most important number, has been the benchmark interest rate on over $350 trillion in financial contracts around the world for 30 years. The announcement of LIBOR’s sun setting has left companies facing an enormous and required transition with a ticking clock against it. Companies with financial instruments referencing LIBOR have a need to quickly assess their contracts and make necessary adjustments and remediate the changes with their clients - all while ensuring continuity. It was therefore essential that companies could quickly and accurately sort through their various financial engagements and apply adjustments. Their success – and the health of national economies – depended on it.
The Ignite platform successfully processes and interprets unstructured contract data using both machine learning and natural language processing. The KPMG Ignite platform’s LIBOR solution helps organizations extract specific information, as well as, identify the answers to very complex questions imperative to answer in determining transition paths. Then, through integration with low code tools like Appian, enable the development of front-end applications that allow non-experts to access, analyze and manage the newly structured data. While Ignite does the heavy lifting to get the data out, the low code platform completes the cycle - to create a cohesive and end to end - human in the loop – process that is partially automated, and significantly accelerated.
This work, which can take subject-matter experts hours to do, is done by Ignite in a matter of seconds. More important, Ignite is frequently more accurate than human experts performing the same tasks. Typical error rates for human data processing fall between 10 and 15 percent. Ignite is more than twice as efficient, with a typical error rate under 4 percent.
Greater efficiency and higher accuracy reduce operational risk, reduce economic exposure, lower costs, and create a better client experience. This is the value of low-code and its convergence with AI.
Learn more about Ignite and the possibilities of low-code in Are you really ready for intelligent automation?