WHY

Enabling new business models

New business models

Application programming interfaces

According to research firm Gartner, APIs make it easier to integrate and connect people, places, systems, data, and algorithms, create new user experiences, share data and information, authenticate people and things, enable transactions and algorithms, leverage third-party algorithms, and create new product/services and business models. For many organizations, the API economy proves to be a viable avenue to creating new services and capabilities, which will ultimately lead to new avenues of revenue. With the mainstreaming of APIs and the popular services that make use of them, organizations will make APIs a serious factor in their business model.

Data and algorithms

Integrate and connect

The exchange of data and services through APIs allow faster product turnaround, increased consumer satisfaction and trust, access to newer markets, enhanced collaboration, and many other benefits. As APIs are opened up to customers and third parties, they can be customized and improved on the back of adoption and feedback. The more an API is adopted, leveraged and depended upon, the more consumption data is captured for measuring its success and ultimate API “worth” to the business providing it, as well as to the broader API economy. Broad adoption results in broad benefits and a heightened sense of importance around improvement and engagement. API providers not only benefit from a favorable market reputation, but they can also monetize the usage, which sometimes leads to an entirely different line of business.