Modern devices and applications communicate with each other with the help of internet communication tools and technologies. The devices either speak the same language or there are now translating functions, a common language that both parties can understand, to help them communicate with each other. APIs or Application Programming Interfaces function as software intermediaries which enable seamless communication between applications, devices and components.
With the help of APIs, businesses are able to better address the time-consuming and expensive process of integrating disparate systems. They can now easily connect and transact with the outside world; third-parties, partner channels and other businesses, thereby creating newer revenue channels.
While APIs have great potential, a solid API strategy is needed to get the most out of the APIs being built by businesses all over the world. A robust API Strategy, among other things should help a business determine how to engage with the API economy, which APIs to publish, API design guidelines such that it meets the needs of real consumers and most importantly, how it enables business ecosystems.
Role of API Management
API management as the name suggests, helps manage the entire lifecycle of APIs – from the initial planning, design and documentation of APIs to deploying them and tracking their usage till their retirement. The API strategy of an organization sets the context for API management. The core functionalities of API management include:
- Aligning with and understanding the API business strategy needs of the organization
- Planning the different components needed to build a strategic digital business platform that is envisioned
- Designing APIs as products, defining usage parameters, configuring pricing models & billing
- Enabling collaboration and communication between API providers and API users
- Monitoring and tracking API usage and consumption, providing the required support for robust consumption of APIs
- Providing Security, Integrity and access control
- Versioning and retirement
API management acts as an anchor to the organization’s digital platform objectives, while also centralizing the control of API programs, including their governance, policies, access control, analytics, developer workflows, and monetization.
Benefits of Using API Management Solutions
Most market-leading API management products provide out-of-the-box functionality to address the different API management needs of enterprises. A few stand-out in their ability to meet the strategic digital platform goals of an enterprise. One such is DigitMarket , a digital marketplace solution, which has the API management component built into its capability, as an integral part of the offering.
A very practical use for APIs and API management to an organization is in growing revenue through building platform ecosystems. DigitMarket does just that - accelerates the creation of platform-based ecosystems with an integrated API management component. The solution is being used by enterprises for optimizing, monetizing, and accelerating enterprise digital transformation initiatives.
"Torry Harris has a long heritage of
specializing in integration, service-oriented architecture
(SOA), and APIs. Of particular note is DigitMarket -
a digital marketplace offering that embodies much of the
firm's thought leadership on API-based
platform business models, including a built-in
API management solution."
CLICK HERE to know more about DigitMarket API Manager and digital marketplace solution.