A featured contribution from Leadership Perspectives, a curated forum for enterprise technology leaders, nominated by our subscribers and vetted by the CIOApplications Editorial Board.
Voya Financial
The Enterprise Digital Business Transformation Journey
IT Landscape of Enterprise organizations is changing rapidly from On-premise centric to Hybrid model.
Significant investments are already made for large IT Transformation initiatives including, Digital Transformations, Legacy Modernization, Cloud Adoptions, Customer 360, Advance Analytics, Real -Time data streaming, Robotics Process Automation.
Historically Financial organizations faced challenges from the existing legacy IT Investments, desperate systems, Silo Business lines, and struggled to make innovations to keep pace with evolving Customers expectations influenced by new players like PayPal, Amazon, Apple Pay who were based their business model on Cost effective Two-sided Markets with hybrid Integrated Business Platforms in providing engaged Customer experiences.
Digital Transformation is a journey and success of it is based mainly on adoption of Multi-Dimensional Pathways.
1. Adoption of Integrated Business Platform with Hybrid Cloud API Management Platform,
2. Dynamic Partner Eco system
3. Two-Sided Markets (Two - Speed) API Marketplace and API Economy
1. Integrated Business Platform with Hybrid Cloud API Management Platform:
Integrated Business Platform fuels innovationbrings speed & flexibility to incubate new business models to experiment providing early advantage with competitors.
Integration patterns are becoming extensive including Application, Data Integration, Managed File Transfers, B2B as well as Digital channel integration&API Management, across on-premise, Multi-Cloud (Private, Public, Partner) infrastructures deployment models.
Conventional Legacy Centralized Integration approaches are being systematically replaced with de-centralized approach due to de-centralized data in Internal Legacy systems, in-house built custom applications, Private and public clouds and Partner SaaS systems.
Exposing de-centralized data through APIs ensures organization to securely expose Data to internal users, external consumers including Partner, SaaS organizations.
API evolution as Business APIs:
APIs evolved from integration technology to bring data from backend systems to APIs developed as Business Products.
Living API Strategy:
API Strategy is Living Strategy with following multiple aspects of API Management.
Integrated Business Platform with Hybrid API Management strategy, Dynamic Partner Eco System and Two-sided Markets driven by network effect, fuels innovation,incubate new business products to experimentto make them production ready at record level of speed and flexibility, providing early advantage with competitors.
API Governance board:
Organization who have successful API Management practice have adopted API Governance board and adopted framework-based governance approach to address stakeholder roles, Business alignment, API prioritization decisioning, Data sharing practices that meets Organization Compliance & Privacy policies.
Catalog of Standardized APIs:
Early adopters have understood the need for Standardized API Catalog based on Industry standard domain models like BIAN,IFX, TM Forum, to consolidate and standardize common reusable APIs within the organization.
API Groups:
API needs to be grouped based on intended use as Private (for Internal consumption), Partner APIs (to share data among trusted Partner Ecosystem) and Public APIs (for large developer community outside the organization).
API Taxonomy:
API Taxonomy for API Management documented to include categorization of APIs as Experience APIs (providing Channel specific mediation for specific audience), Process APIs (abstracting underlying sources systems from which data originates and orchestrate at rune-time) and System APIs (that provides managed access to raw data from backend source systems).
API Reference Architecture:
API Reference architecture is published documenting best practices, Patterns and guidelines to help API development community to make effective design decisions and usage of appropriate Industry standards, Choosing approved tools and Technologies for successful API implementation and Life cycle management.
API Management Platform approach:
API Management platform simplifies creation, management and consumption of APIs, Life cycle management, Secure Access, Self-service Developer Portal and provide dashboard for API Statistics on usage & analytics of APIs.
API Management Platform deployment approach:
Large Financial organizations are adopting De-centralized loosely coupled Hybrid API Management deployment model consisting of Centralized API Management platform (On Premise or SaaS) and decentralized ownership to individual line of businesses with light weight API gatewayto manage individual line of business specific APIs.
2. Integrated Partner Eco system:
Integrated Platform Centric Partner Eco system and Marketplace enabling Bi-Directional Data strategy in identifying Data to be shared with Partner organizations (keeping regulatory and Legal compliance efforts in check) and data to be brought-into organization to enrich data to strengthen business readiness to make real time decisions for situations impacting business bottom-line, to provide differentiated Customer experience, capability to provide just-in-time real-time advices, ensuring engaging innovative product recommendations.
3. Two-sided Market:
Integrated Business platforms with Marketplace enable Two-sided (two speed) Market.
Most successful organizations learnt from their experience in building Data focused API management, for Internal users’ consumption and extended API ecosystem to external users and Partners. Learnings led to evolution towards building API marketplace to take advantage of network effect to fuel revenue growth.
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