B2B Low Code | No Code

Can you Fix B2B Payments with Some No Code | Low Code Tools?

You can not write bad code if you don’t write code. Today’s tech articles are filled with articles about No-Code and Low-Code “solutions.”

From Wikipedia the difference between the two is best described as:

No-code platforms are accessible to any end-business user while low-code platforms require developers with knowledge of coding languages who can work within a platform’s constraints to streamline the development process.

I will argue the ANY point in end-business user in Wikipedia’s otherwise great definition above. But I also have to say if the business user in question lacks an understanding of logic as in how to set up “If-Then” processes they will likely not have success in a No-Code environment.

I need to point out that the No-Code | Low-Code PR department is doing a dis-service to the cause by even using the word Code in their name. I am guessing many CFOs are avoiding these tools as they focus on the set of tools that talks directly to them like AP Automation or CFO

I am personally learning the limitations of No-Code as I use Monday.com for a variety of functions in my own business. I use Monday for CRM, to-do list and more recently as my primary contact tracker.

The positives are flexibility, ease of use to get started and having a single program that I use for a variety of functions.

The negatives are being locked into certain color and style choices that I find limiting. One thing I really like in Monday is the ability to set menu choices easily but I am also forced to use a wide variety of colors. Another issue is that I end up doing duplicative work as many times I would like to repeat the same menus in different “boards.” Monday like any good No-Code platform has a ton of great templates and you can then customize it to your own liking.

I will say I would really like to hire a business analyst that is an expert in Monday.com to really get my integrations and automations working better. I know the platform can do much more than I am doing with it, much like Excel, it really does require training to get the full benefit.

The fact is Low Code and No Code are really about process automation being done by business folks. The folks over at FlowForma a No Code | Low Code Automation company gives the following as key benefits

• Speed
  Processes are digitized at speed by businesspeople
• Agility
  Processes are adjusted in-house by process owners
• Minimal Training
  Designed for non-technical people and trusted by IT
• Scalability
  Processes are digitized at scale by the business
• Faster ROI
  Processes are digitized at scale without 3rd party services

Hard to read this list and think, “nah, I don’t want any of that. But will a No Code | Low Code platform really deliver these amazing benefits and at Scale?

Let’s look at a specific example. You can find many Accounts Payable automation tools to enhance your finance teams ability to process payments. Great ! Here is the nightmare Analog AP process and the Automated one as outlined by Businessinsider.com

Well as a former controller for a small business I can attest I would much rather have the Automated process. I found this diagram on the Stampli website. Stampli is a newer AP automation platform that seems to be doing very well and has great customer success stories on their website.

I would posit you could also do this with a No-Code | Low-Code platform. I know the folks at Cloudcase from Australia very well, (full disclosure: I advised them for a time on their Go to Market Plan). I was first exposed to Cloudcase over two years ago at a startup event in NYC. I didn’t know what No-Code was at the time. I just thought WOW, they can automate anything.

Now having seen Cloudcase demonstrate their platform I realize they were doing Low-Code before I knew what it was or what it was capable of.

So many things that are broken in banking today comes down to outdated processes, forms or workflows. Cloudcase comes in and reviews these and kinda “inhales” them and comes out with an automated process like this…

Not trying to make this a Cloudcase advertisement but really I want to emphasize a key point about the new No-Code | Low-Code solutions that is:

You can use the same tool to automate AP, AR, Wire Transfers, Lending and pretty much anything else at a bank or for a corporate finance team. Now instead of buying the various purpose built solutions for every function, your team could become experts in a single platform. That would allow your organization to become empowered on a tool that crosses every team.

If you are one of my new friends in Community Banking this is great news as you won’t need to match the technical resources of a JPMorgan or even of Chime. You can likely automate your bank’s many processes with a small team of business analysts and an expertise in a Low-Code | No-Code platform.