The digital transformation has led to many more companies recognizing the need for platforms that monitor their information in real-time and helps them to gain greater insight into the next steps ahead for an organization. One of these technologies being utilized is API management platforms. Application programming interfaces, or APIs, use enterprise software for publication, security, monitoring, and analytics.
This helps pave the way for greater monetization on certain products and services, and a better understanding of the inner workings of a company. Here are just some of the ways that businesses are taking advantage of APIs.
One of the ways that companies are seeing the benefit of an API management platform is through internal means. Connecting to data and backend resources for integration or application development helps businesses take advantage of the data sources at their disposal. These API protocols also for access for specific administrators and other employees, keeping the data within a private cloud so information is not exposed to anyone outside of the company.
API-led integration can be delivered as a smartphone app to automate procedures, eliminating the need for archaic paper-based systems. By taking steps towards API integration and automation, businesses are modernizing their infrastructure. API products deliver greater application agility and better scaling to support any forthcoming initiatives that can provide a competitive edge in the marketplace.
Through application development, new styles built using microservices and event-driven API platforms are supporting more complex data flows. This delivers real-time operations and scales back on the number of servers for a digital business.
Public APIs help to expose internal data and functionality through these interfaces for use by external developers. Sometimes these are monetized as part of new business models, but that’s often not the case in this digital ecosystem.
Public APIs offer embedded services, one of the most common being credit card processing. Credit card companies publish APIs that allow anyone to quickly create a functional application to accept payment within their digital platform. This has also been used by some shipping companies to offer up real-time price quotes as part of their functionality.
For retailers, these public APIs have been a tremendous part of their e-commerce business strategy. Retail giants are adding their product catalog and purchasing capabilities to third-party websites. For example, an image search on Instagram may link up to the catalog of a store selling that particular product.
Other companies are using public interfaces as part of an expanded partner network with value-added services and promotions. One industry getting in on these new APIs are the major airlines. Using this architecture, an airline will recognize a customer’s travel destination and potentially offer a discount for something in that city like tickets to a concert or a ballgame.
Partner APIs are developed internally by companies, sharing their datasets with a limited number of external companies for the sake of business-to-business interactions. This type of digital platform has been utilized as a part of partner onboarding for some organizations.
This reduces the time and the cost of onboarding new members by creating an API gateway that reduces the need for custom coding. An API manager doesn’t need to go to the greatest of lengths, focusing on secure APIs that can be integrated within a business environment.
These partner APIs allow users to customize information exchanges through their cloud applications. This has become extremely effective in the digital economy when it comes to expediting the supply chain. Businesses are able to streamline onboarding and simplify their operations through API creation. With strong security policies, API documentation can be garnered in real-time, with an assurance of safety and efficiency.