Accelerating API Adoption
By Seshachari, March 14, 2017
In the digital economy, Application Programming Interfaces (APIs) are vital for implementing ideas fast and acquiring new business opportunities. APIs are the building blocks of digital transformation that enable enterprises to offer best customer experiences, generate new revenue streams & connect employees, partners, apps and devices to data—anytime, anywhere.
Business API offers value that extends an enterprise and opens new markets by allowing external app developers to easily leverage, publicize and/or aggregate a company’s assets for a broad-based consumption -APIs are perhaps the most critical technology in digital business design!
The Ovum research consulting company says that the size of the API economy is going to be 2.2 trillion dollars by 2018. It also reports that during the next two – three years, the number of enterprises having an API program is expected to increase by a 150 percent! McKinsey – ‘6.5 Trillion impacts on the economy by 2025’; Ericsson – ‘50B devices by 2020’; Gartner – ‘product and service market worth 300B by 2020’; GE – ‘$15 trillion opportunity’.
Google just spent a reported $625 million on an API management platform – The rise of the open API economy is here, not only as a threat, but as a great opportunity to maximize revenues, offer tailored products and services, upturn profitable growth, embrace new business models to counter agile competitors and to protect market position.
Key Digital Initiatives:
- Long-drawn-out ecosystems speed up innovation, reach and revenue
- Omni channel unification and customer touch point experience increases engagement and interaction time
- IoT, Big data, chat bot enabled commerce brings customer relevance to cross and upsell and increase revenue opportunity
Drivers of APIs drive
- Biz development
- Lead generation
- New channels
- Upsell opportunities
- Device and mobile support
- More traffic
- Accelerate internal projects
- User acquisition
- Content acquisition
- Increase sickness
- Extend product
- Increase foot print and
- Increase profit growth
Given the fact that there are over 16,000 APIs publically available, the window of opportunity is rapidly closing. The Playground is now open for testing out integrations and development. These integrations will further pave the way for use cases that will broaden the horizons used to solve real-world problems.
APIs connectedness: Web apps; Tablets; Mobile devices; Business partners; Market place : Big data; Connected homes; Connected cars; Wearable devices; chat bots; Connected consumer; Game consoles; Internet TV; Sensors – The way organization reaches customers is evolving Trillions!
Improving Customer Experience in the hyper-connected eco-system with increased ease of use, real-time, agility, scale, reliability and trust.
Business leaders of the future will have a deep focus on their customers, partners, suppliers, employees and markets, will team up with other organizations to fast-track their market position through the use of digital technology products and platforms with well-defined business strategies!
Real-time APIs examples:-
- Salesforce generated 50 % of its revenue through APIs, eBay nearly 60 % and Expedia a whopping 90%.
- Netflix – More than 800 devices use the Netflix API to steam content
- Twitter – 15B API calls a day; Sales force -1B+ API calls a day; Google 10B+ API calls a day; Facebook 7B+ calls a day; e-bay 1B+ calls a day
- Xignite (On demand Financial market data) – More than 50 financial cloud APIs used by 900 clients in 47 countries; Data- Commodities, currencies, derivatives, mutual fund, fixed income, global equates
- Ticketmaster, an exchange platform for tickets to events like concerts, festivals, expositions, sporting events, et cetera; allows users to purchase their tickets via other platforms (like Groupon or Walmart) in real time, all thanks to their partner API
- Social platforms, specifically Twitter, Facebook, and LinkedIn, have opened their API to scheduling services like Hootsuite, Buffer, and Kuku, empowering users to optimize their social posting practices
Successful digital businesses are leaving their competition behind. An API-centric approach will enable enterprises to accelerate their digital initiatives and grow their business!