Have a smooth, quick access to a more significant amount of data is vital to steer digital transformation. This is the cornerstone of the new API economy, meaning the effective management of the organisation’s digital services and assets through application programming interfaces (APIs).
APIs allow data extracted from one software application to be seamlessly shared and integrated with other applications, even if the associated app’s feature sets have been updated. Playing an important role in IT services, today’s demand for increasing data integration pushed software developers to go for smaller, containerised components called microservices.
Latest Capgemini report unveiled that modernised APIs and hybrid integration are key to achieve a step change in speed, agility and ability to innovate. According to the survey, which engaged more than 800 IT executives from medium-large companies, this approach helps companies reduce time-to-market, adopt new technologies, explore new revenue streams and get superior revenue growth.
As for API economy, we need to distinguish between ‘Integrators’ (companies at the forefront of hybrid integration) and ‘Deliberators’ (late organisations). About half of Integrators grew revenues of at least 5% in the last three years, cutting about 50% the time needed to refresh or update existing products. 46% of Integrators set the exploration of new revenue streams as the primary goal of their API economy efforts.
Thanks to a solid architectural background and cloud-based integration solutions, APIs are nowadays far more than simple data access tools. They enable quicker time-to-market, ensuring superior scalability, reliability and customisation to product development. In this perspective, APIs can even contribute to improve customer experience.
Being more controlled and secure, APIs can provide huge benefits. Applications and integrations need to be standardised to allow the organisation to take the most out of its IT systems, particularly when technologies and development paths are heterogeneous.
What about your company: are you likely to stand out as an Integrator, or step back as a Deliberator?
Author: Sabis Chu, IT Technology Evangelist at KRIU
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