The Feynman-Vernon influence functional (IF) was originally introduced to describe the effect of a quantum environment on the dynamics of an open quantum system. I will apply the IF approach to describe quantum many-body dynamics in isolated spin systems, viewing the system as an environment for its local subsystems. Remarkably, the IF can be computed exactly in certain many-body models. In generic models, it satisfies a self-consistency equation, provided the system, or an ensemble of systems, are translationally invariant. We view the IF as a fictitious wavefunction in the temporal domain, and approximate it using matrix-product states (MPS). This approach is efficient provided the it temporal entanglement of the IF is sufficiently low. I will show that is the case in both thermalizing and many-body localized phases, even though underlying physics is very different. The IF approach offers a new lens on many-body non-equilibrium phenomena, both in ergodic and non-ergodic regimes, connecting the theory of open quantum systems theory to quantum statistical physics.