Almost certainly, because that’s the rate for spreadsheet defects.
Many studies have been conducted to gauge the reliability and accuracy of enterprises’ spreadsheets. The data suggests most have defects. Spreadsheets that are designed and built using best practices don’t measure up either, as this study found.
JPMorgan Chase lost more than $6 billion in its “London Whale” incident, in part due to Excel spreadsheet errors (including alleged copying and pasting of incorrect information from multiple spreadsheets).
The vast majority of spreadsheets are built by no-codeists.
What’s the likelihood that your company’s modern no-code systems are free of defects?
If no-codeists built them, the odds are not in your favor.
To err is human, but really foul things up…
As an ex-accountant, auditor and current SAP implementer, I am very aware of the need to test and review applications. But the speed with which you can put things together in no-code tools is frightening,
When I was an computer auditor, I had implemented a policy that the executive have all spreadsheets on which they relied for important financial decisions be audited. Which is fine for a model that gets used repeatedly. But is useless on a model that gets tweaked repeatedly.
Good and timely article to raise awareness of the issue.
For some thoughts on how a Coda-based financial modeling platform could help to dramatically reduce this error rate, take a look at The Big Promise · Time & Money v2.
Yep - it’s likely to move the needle.
It’s depends who’s building them. I build Microsoft Power Platform solutions for a Microsoft Gold Partner. We are a professional development team building low code solutions within an agile scrum team. Our apps are tested and go though vigorous QA. Its important to differentiate between this and business users, aka Citizen Developers, building apps.
That puts you in the 12%…
By definition, you and your team are not in the class of domain experts known as no-codeists. I would expect experienced developers producing no/low-code solutions to rank in the top 12%.
Consumers asked foir “no-code” platforms, but the platform builders didn’t finish the job. They left us to figure out DevOps, unit tests, and QA to ourselves. But we don’t know what we don’t know. The result is not surprising.
What we can best describe as more mature “software” it is not mature enough to do the work that you and your team currently does to ensure the apps are generally without defect. That will change, and generative AI will likely be the catalyst.