The next generational shifts in enterprise have become more rapid. To keep up, it is now necessary to do business at an almost unprecedented size and scale.
As digital association increases, customer expectations also increase across industries. Companies are also under pressure to improve efficiency, increase profitability, and transform their value propositions 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.
An API is a communication channel to an application, built with set of customs and protocols. They are normally used to expose data or services that can be used up by other applications. Depending on their needs, 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. 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.
APIs are the 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 of API management demands a wide and complex range of abilities. It should facilitate a framework to connect existing legacy systems, quickly creates APIs in order to securely expose the legacy systems capabilities as a consumable service, protects it with the right levels of security, monitors the APIs, accelerates mobile development, and reveals the value of the resulting digital ecosystems through analytics.
Keeping this in mind, the study’s API management maturity model assesses how much organizations have implemented the tools and technologies, systems and processes, and the capabilities required for full lifecycle API management.
APIs enables enterprises to quickly reform the legacy architectures, add value to existing IT assets, and creates new product opportunities or revenue streams.
Companies from all sectors, are using APIs to level the competitive playing field, and manages with the rising volume, scale, and unpredictability of customer-facing apps. It is actually encouraging to know that many companies across the globe has a great API adoption. The study evidently shows that investing in cutting-edge capabilities of API management is worth it.
APIs have become the 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, unlocking the value of existing data, services, and transforming their businesses to operate at the speed of the digital economy.