We live in an API economy, a set of business models and channels based on secure access functionality and exchange of data. APIs make it easier to integrate and connect people, places, systems, data, things and algorithms, create new user experiences, share data and information, authenticate people and things, enable transactions and algorithms, leverage third-party algorithms, and create new products and services. APIs are most valuable for creating new business models and streamlining selling strategies across all channels. The greatest revenue potential they provide is removing barriers to growing revenue by integrating platforms and apps so organizations can quickly launch new business models and scale fast. According to a Gartner analyst:
The API economy is an enabler for turning a business or organization into a platform. Platforms multiply value creation because they enable business ecosystems inside and outside of the enterprise to consummate matches among users and facilitate the creation and/or exchange of goods, services and social currency so that all participants are able to capture value.
At INEO we know the real value of APIs. We design the architecture of our systems using the API concept.