Integration across systems and organisations has been the trajectory for more than 5 decades now. In the recent past, I was fortunate to be involved in some Open Banking initiatives where I could learn more about APIs on the field.
Yesterday I attended the Mulesoft Transform event. I wanted to learn about the latest developments around integration, API management, and automation. And I think Mulesoft strode to the podium when we speak about APIs today. A great place to learn.
In this article, I am sharing the 5 key takeaways I am taking home from the event.
key takeaways from the event:
The evolution towards APIs is driven primarily by IT modernisation and innovation in most organisations. API economy exploration is also one of the key drivers. From my own experience I would also add regulatory compliance to PSD2 and Open Banking in the banking industry to the list.
2. Establishing a digital strategy (including an API strategy) is of utmost importance.
3. When defining the strategy, it is critical to clearly identify the business outcomes we want to achieve (Revenue growth, product time to market, etc.).
4. How does an organisation engage in the API economy? It involves organisational changes. Firms need to think collaboration rather than competition. I should remind everyone here about the importance of aligning the organisation, culture, and stakeholders. Always underestimated.
5. As value chains fragment and industries converge new ecosystems are emerging. It is a fundamental shift in how we do business. The “network effect” inverts organisations, shifting production from inside the company to outside. For most firms, it is important to rethink how they engage with their ecosystem and align the organisation around ecosystem thinking.