BizNuvo
From Low-Code to No-Code Era

Having worked in the financial services sector for nearly two decades, Ravi Modukuri observed that many enterprises struggled to build or manage business applications despite the availability of advanced technologies and low-coding platforms. He found that these platforms did not actually take the burden of coding away from companies but only reduced it to a certain extent. Even then, they had to deal with 10s of IT systems, 100s of skilled workforce and dozens of handovers (between the teams) to build enterprise applications and deploy them without even being sure that they would be successful. In many cases, organizations would waste several months or even years on one single application that can fail at deployment or fail to hit the mark for their business. With the IT world moving at a relentless pace toward a new era of “Coding Automation,” Modukuri realized that the sustainability of every organization is dependent on their ability in providing the zero-coding platforms for domain or business experts to be self-sufficient in terms of developing the business solutions all by themselves. While the traditional approach proved to be time-consuming and cost-ineffective, companies required a more agile and rapid means for software development which could help them reduce the time and cost of meeting increased consumer expectations. “The future of solution delivery will be offered via robust, flexible platforms that allow for development without writing code,” says Modukuri.

Leveraging this paradigm shift in the software development landscape, Modukuri envisioned developing a product that would soon redefine the terms “low-coding” and “self-sufficient.” Enter, BizNuvo! The company is on a mission to ensure organizations’ success by providing a platform that offers self-service economy and empowers the business to help shorten delivery cycles and significantly reduce costs associated with delivering the solutions.

“It is a disruptive technology that helps organizations with zero-coding and self-service capabilities to deliver financial and retirement services,” says Modukuri, the founder and CEO of BizNuvo.

"It is a new disruptive technology that empowers the organizations with zero-coding and self-service capabilities to deliver financial and retirement services"

The Deceiving and Unfulfilled Promise— Low Code Platforms

Over the years, a multitude of low-code platforms has been introduced with the promise of reducing the amount of coding required to develop and deploy an application. Rather than writing a million lines of code, these offerings enable organizations and programmers to build apps spending over eight or nine hundred thousand lines of code. Modukuri highlights that these platforms did take off the burden of writing codes but only to a minimal extent, which in many ways serve no reasonable purpose. Companies would still need to hire experts to write these codes, invest money in setting up the right infrastructure, and spend several months to design, develop, and deploy it.

Although the platform was first launched in the retirement industry, it is poised to disrupt every other sector including insurance, healthcare, government, and retail.

Design, Simulate, and Deploy

Enterprises can build, deliver, and run any enterprise-grade solutions on the non-monolithic and plug & play platform with just three simple steps. Firstly, firms need to define their data fields, payloads that carry the data, transformers that convert the data to any format, integrations that let data flow inside-out and outside-in, external system integrations, and others. Next, they need to define their solution (services, rules, and workflows) by knitting the components they built in initially. Thereafter, clients can easily simulate and deploy it for client servicing operations. Lastly, they need to configure their teams’ workbaskets, receive work, and then cater to clients with complete visibility. With the drag-and-drop visual modeling and a “lego-like architecture,” BizNuvo enables companies to easily develop fully-functional solutions without having to write a single line of code.

As BizNuvo specializes in helping companies better deliver their financial and retirement services, Modukuri elaborates on how the digitally-driven platform assists Retirement Plan Sponsors that look forward to moving their assets from one retirement firm to another. Considering that retirement firms share and take data in a format of their choice, it is hard for organizations to convert, store, and transfer it from one source to another. In such cases, the client needs to deploy an army of experts to understand, map, and figure out what data needs to be shared. Although this is just one part of the problem, it takes them nearly three to nine months to figure things out and go ahead. Once the company has the required information, they need to go through another cumbersome process to store it in their record keeping systems. This requires another four months as it involves creating a process that takes the data and updates the same in the record keeping system. After this, they have to invest a couple of months more to test all the systems to ensure that everything is functional. They then request the plan data from their current retirement firm and start moving it to the other. One simple plan assets take-over request takes nearly a year along with ample investment and resources. With BizNuvo, the same process is completed in less than 2 to 3 weeks with only 2-3 non-IT workers. This is just one of the many examples of how Retirement Plan Providers could leverage this platform in reducing their cost per participant.

Uncovering Newer Frontiers in Software Development

Since its inception, BizNuvo has been entirely self-funded and is the first-of-its-kind zero-coding ecosystem. “We pride ourselves on being the only ones to tell the clients that their business no longer needs to rely on others to build, innovate, and deliver business solutions,” says Modukuri. Having onboarded their first Fortune 100 company recently and having 3 of top 5 Retirement companies in the pipeline for Q1 2019, BizNuvo aims to engage with many other fortune firms and extend their offering to clients in Europe, South America, and Asia in the near future. “Our overall focus will remain on empowering organizations with zero-coding and self-service capabilities,” concludes Modukuri.