What Is Digital Transformation?
A key outcome of Digital transformation is in the creation of new business models and meaningful partner and customer ecosystems that allow a business to evolve with the times. Instead of trying to compete by bettering your existing products and services, digital transformation is about disrupting the norm and offering new services and products that transform your business.
Digital transformation is becoming a crucial boardroom discussion, with a recent IDC study proving that two thirds of CEOs place digital transformation at the heart of their business strategies. The process of digital transformation aims to automate, simplify and integrate systems in order to increase profits and streamline business through expanding ecosystems.
How does API management accelerate the creation of digital business ecosystems?
API Management is essential to digital transformation and is integral to providing seamless connections between digital assets. Whilst traditionally APIs have been thought of as functional assets that provide an easy interface for developers, they are now coming into their own as tools that can create new, innovative digital ecosystems.
When APIs are managed well, as products, they become tools to propel your business forward as they facilitate easy communication within and outside the business. Having mature, marketable APIs help other developers and partner businesses to access and integrate your data and resources for their specific applications thereby creating and expanding your digital business ecosystem. As APIs minimize barriers to change, they allow quicker product innovation and overall progress.
DigitMarket - a market leading product to accelerate Digital Transformation
In order to use your APIs effectively for transformation, your business may need products and services that help you create, manage and monetize them successfully. DigitMarket is a leading tool for simplifying the creation of digital ecosystems. Take a look at what you can expect from it below:
Why Is An integrated Marketplace and API Management Solution Like This Effective?
Common business challenges can slow down your enterprise digital transformation initiatives. As a result, the focus gets diverted from realizing your digital objectives to addressing these challenges. To name a few:
A solution such as DigitMarket is effective as it helps address these challenges. It has frameworks to help you strategize. It provides aids for clear thinking when setting your objectives for the digital initiative you plan. It caters to the needs of multiple stakeholders involved in the API Management Lifecycle - be it engaging with your community of users on a forum, promoting and rewarding the usage of APIs to advocating best practices. It is a highly modular, cost-effective Marketplace product which you can seamlessly use in a plug-and-play model with other products you may have invested in.