The API economy improves profitability
The API economy means a business strategy where the use of Application Programming Interfaces, APIs, can positively affect a company’s profitability. The interface opens some of the company’s business processes or data for third parties to use.
Almost all modern companies offer their customers applications that produce services or some other kind of added value—for example, which movies are showing right now. Contrary to IT-driven back-end solutions, these front-end services are close to the customer and extremely business-driven. The easier it is to develop these applications, the easier it is for the company’s IT to produce value for the company.
Third parties connected as part of the business
FRENDS is a cloud service for companies that helps customers with their integration challenges. FRENDS creates an API layer, which means it connects the back-end systems with the front-end systems. The transferred data is edited with process automation and the background system data is offered to collaboration partners. Not only does this create cost savings, but it also creates opportunities to find new business opportunities and to develop the existing data by refining it. It makes IT services more cost-effective and enables new business quickly and in an agile way.
The API economy merges the limits between IT and business and builds new kinds of value chains. This means that any third party is able to participate in the value chain. In practice, the company offers the third party methods that they can use to easily connect themselves as part of the business operations.
To the movies or not?
How is your smart device able to direct you to the correct theatre and reserve tickets? With the help of a search engine, it looks for public API repositories of nearby movie theatres. It researches whether there is an API that offers a listing of today’s movies. Once it finds services, it invites them with the provided search terms and gives you its recommendations. Finally, it performs the actions you requested, such as reserving tickets, and shows you where the movie theatre is. When everything happens in dozens of seconds, the decision is clear: I have to see Avengers 25!
With FRENDS, building APIs is easy and fast.
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