The next generational shift in enterprise has become more rapid. To contend, it is necessary to do business at an almost unprecedented size and scale. Some disparate companies have leaned over entire industries by harnessing a single phenomenon.
As digital association increase, customer expectations also increase across industries, companies are also under pressure to improve efficiency, increase profitability and transform their value proposition in order to succeed in today’s hyper-connected world. The achievement of any digital platform can be measured by several metrics, which embraces increased customer adoption, network effects and revenue, and profit hikes.
What is an API?
An API is communication channel to an application, built with set of custom and protocols built with set of custom, protocol. They are normally used to expose data or services that can be used up by other applications. Depending on their need, APIs can be used internally, with partners or made available to the general public.
Companies that adopt APIs see a growth in sales, net income and market capitalization – that’s the analysis of a recent research. Data from billions of API calls have passed through a cloud-based API management platform and the researchers have evaluated the variances in financial performance before and after the API calls and compared the data against firms that do not use APIs.
Hassle Free API Provisioning
APIs are key to success in the application economy. However, simply using APIs is not sufficient. Effective management of API lifecycle is significant to truly realize its benefits from the start to the end. The full lifecycle method to API management demands a wide and complex range of abilities. It should facilitate a framework to connect existing legacy systems; quickly create APIs in order to securely expose the legacy systems capabilities as a consumable service; protect it with the right levels of security; monitor the APIs, accelerate mobile development; and reveal the value of the resulting digital ecosystems through analytics.
Keeping this in mind, the study’s API management maturity model assesses how far organizations have implemented the tools and technologies, systems and processes, and the capabilities required for full lifecycle API management.
Role of APIs in Firm Performance
APIs enables enterprises to quickly reform the legacy architectures, add value to existing IT assets and create new product opportunities or revenue streams. Companies from all sectors, are using APIs to level the competitive playing field, and manage with the rising volume, scale and unpredictability of customer-facing apps. It is actually encouraging to know that many companies across the globe has very great API adoption. The study evidently shows that investing in cutting-edge capabilities all through the full lifecycle approach to API management results in the greatest value.
APIs have become a first technology that enables businesses to participate in the digital economy. There’s a reason why they are becoming part of the everyday wordlist and why more and more companies are incorporating them. They are flexible, enabling businesses to securely expose content or services to internal or external audiences. They support enterprises across industries unlock the value of existing data and services and transform their businesses to operate at the speed of the digital economy.