It wasn’t long ago that the idea of making a company’s information assets and services available to outside parties would frighten CIO’s and IT managers. Not only are the most innovative companies doing exactly that today, but they are seeing enormous business value as a result. Companies are increasing their growth, generating (additional) revenue and accelerating innovation by sharing services via application programming interfaces (APIs).
Externally published APIs enable companies to break into new markets and reach customers and partners they never would have reached before. Perhaps an even bigger but harder to measure impact is being achieved when companies expose API’s internally so that different parts of the company can make use of each other’s data and applications.
For most, if not all organizations, the API economy proves to be an enabler to creating new services and capabilities, which will ultimately lead to new streams of revenue. With the mainstreaming of APIs and the popular services that make use of them, organizations must make APIs a serious factor in their business model.
APIs have become crucial for supporting development of mobile apps, creating new kinds of partner relationships, and promoting innovation. Some of the advantages of using an API management platform include:
- Business and operational insights through reports and dashboards
- Secured and protected channel between API gateway and business applications
- Request authentication and authorization, from consumer to API
- Interactive API documentation
- Facade layer to decouple internal implementation (extending life of older APIs)
- Self-service on-boarding and efficient off-boarding processes
At Inimco we are convinced that through the progress of mobile technology and the Internet of Things, the API economy will continue to grow and flourish at a rapid pace. Inimco already implements API management solutions at our customers who understand the importance of innovation and who are adopting their business model to the new API economy.