The API Economy is Now. Are you Ready?
Across all industries, the way companies are reaching and understanding their customers has evolved beyond their website(s) to include smartphones, tablets, Smart TVs, sensors, connected cars and appliances, partners, and game consoles.
They must address escalating customer demand for compelling experiences across these devices and touchpoints, and manage the resulting explosion of data. In order to remain competitive, they must collaborate with partners to innovate new products and services.
As a result, leading companies are exposing their internal, digital business assets or services in the form of application programming interfaces (APIs) to external parties, with the goal of unlocking additional business value through the creation of new assets. In this API economy, APIs act as the digital glue that links a company’s services, applications and systems to its employees, partners and customers. They are the key to delivering compelling customer experiences and creating new revenue opportunities across these devices and touchpoints.
What is an API?
By definition, an API is an interface that defines the way two pieces of software interact, and offer unified experiences on applications across a range of devices while building the base for data insights. We leverage APIs every day, from social networking sites to mobile apps, to maps and price comparison tools. In fact, today an astounding $7 billion in products are sold through eBays APIs.
The API Economy is now, and companies have the opportunity to capitalize on APIs to:
- Drive increased revenue by offering new services and participating in new markets
- Reduce costs by automating and streamlining processes
- Increase differentiation through new capabilities
- Improve relationships with customers and partners and increase customer satisfaction
- Gain real-time insights to drive competitive advantages
Those that seize the opportunity will differentiate themselves and grow. Those that don’t will be left behind.
Are You Taking Advantage of the API Economy? Take 90 seconds to answer a few questions and find out in this interactive API Economy tool.
Why API Management?
In order to embrace and capitalize on the API economy, companies need tools manage APIs properly from both a technical and business perspective. They must address:
- Who has the right to use and access an API?
- What are their rights and restrictions to usage
- How is the API secured?
- What are the service level agreements
- Are there charges for using it?
- How are you managing versions?
- How are issues communicated to consumers?
The IBM API Management Solution Family
Through our partnership with IBM we deliver a comprehensive solution set for the API Economy. The IBM API Management family of solutions enables you to:
- Create and deploy a new API in just minutes through configuration (no coding)
- Create a developer portal in minutes
- Socialize your APIs to over 1 million developers
- Provide updates to APIs with minimal to no interruption to your consumers
- Secure and integrate APIs leveraging IBM DataPower Gateway
- Gain valuable market insights and usage information with out of the box business analytics
The API Management family consists of:
- IBM API Connect: Create, assemble manage, secure and socializing web APIs
- IBM API Connect on Cloud: Cloud-based service that offers the same functionality as the on premise version
Learn more about the IBM API Management solution, and view the video below to learn more about the API Economy from IBM.