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What is the next wave of digital transformation induced by?
The advent of digital transformation has driven customers to demand access to information and services across devices anytime, anywhere. With businesses continuously integrating with new-age platforms and services, adding digital capabilities to serve customer needs without a comprehensive digital strategy may be less effective due to legacy infrastructure limitations. This is where adopting an API-driven transformation strategy comes into the picture; by enabling businesses to share information among different endpoints, APIs act as facilitators of the digital transformation process that organizations undertake.
According to Forrester, “Firms that use APIs externally are nearly 3X times as likely to have revenue growth of 15% or more.”
What is Possible Next using APIs?
As organizations recover from the pandemic, an interconnected approach involving businesses and API ecosystems can speed up the enterprise modernization process. Some key API-based trends defined by Gartner (Hype Cycle of API and Business Ecosystems, 2020) that shape up the next wave of digital
API-Based Digital Commerce
Gartner defines API-based or “headless” digital commerce as the provision of digital commerce functionality via APIs. In simpler terms, it means the separation of the front end and back end of an e-commerce application with a connectivity layer of APIs between them.
With the quality of digital experience being of utmost importance across multiple touchpoints, digital commerce innovation requires more progressive, experience-driven, and modular architectures. Digital commerce solutions are generally built around a platform as one monolithic application. This makes it challenging to integrate functionalities by third party providers. API-First approach is allowing organizations to combine and showcase their capabilities to support more comprehensive digital business strategies.
Key features of API-Based Digital Commerce
With API-based digital commerce, we can fully experiment and customize front end experiences without updating the back end, thereby saving on time and extra investment.
Organizations can support multiple digital and physical channels equally, ensuring consistent customer experience across various touchpoints.
Full Life Cycle API Management
As API advocacy expands, its utilization keeps on spreading across all areas of the business. Yet, APIs alone are not sufficient enough to address the rising integration-related difficulties that organizations face. Organizations should give their API programs more importance with a full lifecycle API management system. Empowering business developers with an API management solution across the entire lifecycle of that API furnishes them with the adaptability and flexibility essential to integrate applications, frameworks, and information in a steadily developing dynamic landscape.
Why adopt a Full Life Cycle API Management Solution?
Organizations can track APIs' status throughout the development process, which can help in effectively managing both cost and time.
With an API management solution, functional workflows are created to represent APIs, which provides the flexibility of integration to enable effective collaboration between internal and external stakeholders.
By tracking APIs from inception to retirement, an API governance solution can improve API consistency and reusability.
Full Life Cycle API management solution can help run multiple versions of APIs simultaneously and support backward compatibility to enable integration with legacy systems
As technology advances, API versioning, an integral part of API management solutions, can incorporate changes without affecting customer demands and user experience.
With more and more organizations incorporating APIs and their capabilities in driving their digital business models, leveraging APIs to create new revenue generation pathways has become the new normal. The rise of fintech firms and the rapid scaling of new technological innovations leading to banking transformation are the main drivers for adopting open banking APIs in the BFSI space. To drive seamless coordination between design and customer satisfaction levels, organizations need to start leveraging APIs power
Advantages of API Economy
APIs can drive scaling by creating extensible platforms that help business users develop and integrate on top of existing products and services, which improves overall customer experience.
Using APIs, business models can achieve more growth, and new revenue streams can be created with organizations sharing their data
APIs can elevate the level of connectivity and data sharing between multiple applications. APIs not only provide intelligent-insights, and connectivity but also help by integrating various platforms and applications together.
With Open-APIs, modern industry-accepted development tools, fast delivery means it’s quicker to build and bring products to market and realize new revenue opportunities more quickly.
As interconnectivity expands, organizations looking to achieve the speed, agility, and enhanced digital capabilities need to integrate APIs in their digital transformation journey. To create differentiating customer experiences, combine to use data and services from the external ecosystem, and manage multiple connectivity channels efficiently, partnering with APIs is a must to sustain in today’s digital landscape.
At NSEIT we are committed towards helping businesses grow using our digital-native solutions. We can help you determine an API strategy and planning a roadmap offering significant benefits. To know more about our Digital Transformationn services, or drop us a mail at firstname.lastname@example.org
Assistant Manager, Presales and Solutioning
Shikhar is a part of the Presales and Alliance team at NSEIT - working with senior leadership on identifying and growing the strategic alliances in digital transformation practices disrupting the Banking, Financial Services, and Insurance space. He’s an MBA from the Great Lakes Institute of Management, Chennai, and takes a keen interest in new-age digital and analytics developments
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