Innovation Paralysis: How Legacy Systems and Technical Debt Are Choking Enterprise Growth

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Sep 10, 2024, 08:00 ET

Unqork Unveils Transformative Platform Update, Unlocking Innovation for the 85% of Organizations Held Back by Legacy Systems

NEW YORK, Sept. 10, 2024 /PRNewswire/ -- Unqork, the first Enterprise App Cloud solution, today unveiled its latest platform enhancements: UDesigner, a next-generation application builder, and Vega, a new high-performance runtime. These releases tackle the widespread issue of technical debt that 92% of organizations are afflicted by, as revealed in a new Unqork-commissioned study.

Hidden Cost of Technical Debt and Legacy Systems

According to Unqork's survey of 500 business and technology leaders across financial services, insurance, healthcare, and the public sector, 85% reported that time spent maintaining legacy systems hampers their ability to launch new solutions. This ongoing battle with technical debt and legacy systems exhausts vital resources, strangling most organizations' capacity to innovate.

"Our study highlights a critical challenge: technical debt isn't just a technical issue; it's a strategic one," said Thierry Bonfante, Chief Product and Technology Officer of Unqork. "UDesigner and Vega were created to break this cycle, empowering organizations to redirect their efforts from merely keeping the lights on to driving innovation."

UDesigner: Empowering Innovation with Modern Development Tools

UDesigner, the centerpiece of Unqork's new platform, reduces the time and complexity associated with enterprise application development. The next-generation Integrated Development Environment (IDE) integrates seamlessly with existing workflows, enabling teams to collaborate more effectively and accelerate time to market.

"With 79% of respondents indicating that technical debt forces them to divert resources away from core objectives, UDesigner is a game-changer," Bonfante continued. "Its intuitive interface and enhanced collaboration tools make it easier for teams to build and scale enterprise-grade applications, giving them the freedom to focus on what truly matters: innovation."

In addition to enhanced collaboration tools, UDesigner also comes equipped with a new, intuitive navigation interface, as well as improved integrated application lifecycle management. UDesigner was built entirely on Unqork's data-driven architecture, using zero code. As a result, Unqork was able to accelerate its own software development, as well as completely eliminate code and the tech debt that comes with it.

"The introduction of new components and full backward compatibility truly amplifies EY's commitment to a smoother working environment and a better client experience," says Filip Kobielski, Head of EMEIA Low-Code/No-Code Hub for Ernst & Young. "This release is undoubtedly a significant step towards modernizing our client's ecosystems and reducing technical debt."

Vega: The New Standard for Scalable, High-Performance Applications

Complementing UDesigner is Vega, Unqork's latest runtime, which is engineered for composability and performance. The runtime features a new Embedded UI, Tables and Operations Builder, as well as modular extensibility.

"We have been an early adopter of the new Vega components and see the combining of all grid features into a single component as a major improvement for this key functionality," states Arron Lamp, Chief Information Officer of Tokio Marine HCC.

As companies grapple with the complexities of innovating on top of a long list of fragmented legacy systems, Vega provides the foundation needed to compose next-generation applications that merge all systems into high-value applications. "In our survey, 77% of business leaders expressed fear of falling behind due to 'innovation paralysis,'" Bonfante added. "By providing powerful composable application capabilities, Vega enables organizations to unlock business agility without being held back by the limitations of their existing infrastructure."

To learn more visit: https://www.unqork.com/unqork-transformative-platform-update-tackles-innovation-paralysis/

Methodology

Morning Consult conducted the study on behalf of Unqork between July 26 - August 2, 2024. They sampled 500 business and technology leaders across the United States in four industries: financial services, insurance, healthcare, and the public sector. The study was designed to gather insights into the challenges and opportunities faced in enterprise application development, technical debt, legacy systems, AI adoption, innovation, and digital transformation. The margin of error for the total sample is +/- 4 percentage points at a 95% confidence level.

About Unqork

Unqork, the first Enterprise App Cloud solution, is reshaping how organizations build, maintain, and secure the entire lifecycle of their applications in the cloud—all with zero code. The company provides industry-tailored solutions for customers in financial services, insurance, government, and healthcare – empowering enterprises to unleash business agility while removing the burden of technical debt. Unqork's customers include Goldman Sachs, Marsh, BlackRock, and the U.S. Department of Health and Human Services. To learn more, visit: https://www.unqork.com

SOURCE Unqork