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The API economy

The boundaries of your business are blurring as systems move to the cloud, mobile devices become ubiquitous and the Internet of Things creates a whole new way of connecting to customers.

These changes demand not only new strategies, but also new operating models. Many predict that we will see the rise of a new type of organization that displays new structures, processes and technologies.

Today’s most successful organizations recognize that the experience they create for the participants in their API ecosystem will determine their success or failure. APIs are the new products and to treat them as such, a critical step in your journey is building a next-gen developer portal.

APIs are customer facing, customizable software interfaces that enable once separate software components to effectively communicate by overcoming the inherent incompatibilities created by differing software platforms. APIs bring a new level of connectivity and data sharing to multiple applications, regardless of their platforms, data structures, and underlying technologies.

The innovative power of APIs has led to the realization that APIs can be a critical component of enterprise solutions that impact the operational bottom line, contributing to efficiencies, growth, and innovation. That, in turn, has created the API economy, which is loosely defined as the way APIs can positively affect an organization’s profitability.

In the past, APIs were mostly relegated to software professionals seeking to resolve interface and data sharing problems associated with incompatible software solutions. Eventually, the rising value of APIs became evident, exemplifying the possibilities of emerging technologies. Those technologies, such as social networking, web-based applications, mobile solutions, and countless other endeavors fully demonstrated the emerging financial effects of APIs on businesses, and the ability to garner additional revenue.

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