Wishing you all and your families a very happy and prosperous New Year 2022!!
Well, with Delta still prevailing, Omicron in the midst, we welcomed the new year with a new COVID variant, Florona. They say these variants are less fatal and on the verge of making COVID a common virus.
OR IS IT SO.
Countries still go into lockdowns, economies do get hampered with the slightest hint of the increase in new variant.
Well, Businesses have realised that we have to live with it and the only way to survive is to become increasingly Digital.
Digital, in todays terms, has become superfluous. Changes by the day.
So do the Business Realities.
The only way to keep pace with the rampant change is Digital the LOW CODE Way.
As highlighted in my last blog, Low Code and Digital are Ideologies.
Every software provider is calling themselves Low Code at the moment. The difference is in the way how the whole solution is architected.
“The only way to eat an elephant is to cut it into bite size pieces”. The words of a guru whom I really look upto. An industry stalwart. One who has really transformed a bank using the power of low code.
Not that one is really interested in eating an elephant. OR cutting it into bite size pieces.
The Elephant here represents the business problem at hand and bite size pieces represents how you need to break it down into handleable issues. Low Code is the ideology.
Well, just like the business problem, the Low Code itself has to be flipped on its head.
Let me try and explain this.
We all look at Low Code as a tool or an all encompassing application which would have answers to all our questions.
It should however, be looked at an orchestrator or components.
Components here represent services which have their own APIs and Data Sets.
There can be various types of services, internal or external. Internal would mean something that the tool presents and external would mean something that the environment/ ecosystem provides.
Internal Services would be something like interfaces, rulesets, masters etc. Each of these services has their own API and Data Sets. Individually each of them is independent of each other with minimum dependancies.
External Services would be something like Core Banking, ERP, Core Insurance, Loan Management System or for that matter simpler systems as MSWord etc. Again these have their own APIs and Data Sets.
These Services just are doing their part at the relevant stages of the Apps and Processes as demanded.
The Process or the App has to be looked at as an amalgamation of these services into relevant stages by something which is referred to as an ORCHESTRATOR.
Depending on the organisation and its current state, the internal services may be heavy (more utilised) or the external services may be heavy. However, these are just orchestrated to provide the end state.
Again going back to banking and lending in particular, the stages of a lending app remains to be the same. However, depending on a bank or a FI, how and what components are called for varies and hence makes each app different. An organisation which has a portal may not require to invest into the portal service, however, another one may require to subscribe to an internal portal service. Similarly, an FI invested into a Credit Scoring and Credit Underwriting may plug in its own external Credit Service as compared to another which subscribes to an internal credit service.
The End Objective is however, how an organisation componentalises or servicifies the entire app and orchestrates them together to give you that perfect made to order, custom fit app which helps helps organisations transform and get that leverage to address the ever changing business environment.
Stay Safe and Prosper in the New Year!
