How API Helps Businesses Compete

by | Dec 14, 2021

API-helps-competition

Application Programming Interface (API) is a go-between software that allows two applications to communicate. Simply put, API is the messenger that sends requests back and forth from the provider to the receiver.

For example, if you check the weather on your phone, the API will send the request to the app and send it back to your mobile. The role of API becomes the route of information from one app to the other.

API allows businesses to use available data to innovate, create new business opportunities, and improve existing products, systems and operations.

The API Strategy in Business

As the demand for modern software continues, businesses are looking for ways to leverage technology and concentrate on refining their capabilities to create solutions to keep up with the growing demand of the enterprise. In order to do so, they need to make use of API strategy and gain an advantage to compete and thrive, making them competitive in ways such as:

1. Increased productivity

APIs offer a powerful mechanism for faster development that quickly implements any functionality. This action saves the business from creating their own solutions from scratch, saving them time and money in building applications from the ground up. Doing so also enhances productivity and enables the faster realization of business goals.

This strategy delivers 59% productivity across enterprises that leverage API applications in crucial elements of their business.

2. Improves Connectivity and Collaboration

API enables different applications, systems, and platforms to perform diverse functions. As a result, internal communication and collaboration is significantly improved within the enterprise. This development in the enterprise connects software solutions and enables interaction with ease in areas like financial services, marketing automation, and customer relationship management.

The improved connectivity and collaboration streamlines operations and allows businesses to execute a flawless delivery of desired functionalities.

3. Saves costs

With APIs, businesses can save costs, significantly reducing development efforts. Because the cost of building an application changes considerably under different circumstances and depends on several factors, the app can cost up to $270,000 from development up to deployment.

With API, enterprises can save resources by reinventing the wheel without starting from scratch. Developers can easily use cost-effective APIs sourced from a third-party provider or use their own  internal APIs, making it the most significant reduction in cost within the enterprise.

4. Enables innovation

Innovation plays a significant role in today’s digital era and plays a vital role in attaining business success. API provides that for your company. API enables enterprises to consistently introduce product innovation, meeting the fast-paced business trends and the ever-changing expectations of customers. With API, enterprises can carry out state-of-the-art and world-class products and technologies at lower resources.

5. Improves customer experience

With API’s capabilities, customers can enjoy the benefits of a better customer experience. Enterprises create better and effective ways to reach out and interact with customers at a personalized level.

According to Gartner, enterprises that implement personalized messaging experienced a 16% increase in business. This is due to the fact that customers are more attracted to personalized experiences than generic services. Similarly, enterprises in API platforms enable their consumers to empower and take control of their customer’s experiences. With API, the customer’s high expectations and demands are finally met.

All these strategies, benefits, and advantages make businesses competitive with APIs.

 

Ready to get started with API integration and see all these benefits for your own company? Why wait? Profound Logic is here to help! Contact us at sales@profoundlogic.com or call us at 1-877-224-7768 to get started today.

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