The benefits cited above are just the tip of the iceberg when it comes to underlining everything APIs can do. APIs are typically grouped into functional areas, capabilities and other categories to give enterprises a better grip on their usage. Right categorization is critical to ensure optimal usage. APIs should be such that they can be reused as required. APIs are both internal – the ones visible to and consumed by internal clients only, and external – the ones consumed by external clients including partners and long-tail app developers.

A connected enterprise rests on an API hub. While it is important for teams to easily discover and connect to the APIs that exist within the enterprise, it is also important that the API hub be self-service and easily accessible to all. This should include a set of customized access rules for other groups and individuals too depending on the role they play with respect to the enterprise. API hub should essentially break down the data and engineering silos so as to help the roll-out of new products in a more efficient manner, thus reducing their time to market.

When on the topic of API integration, one must understand that it’s all about adopting the best-of-breed apps and systems to deliver personalized experiences by enabling smart, agile integrations. In a consumer-driven market, this is important. The tools you use should be flexible and allow you to change integrations as often as you want.

Unlike traditional settings where the good ones were often built-to-last, the modern ones are more stable yet dynamic. Considering the fact that apps, processes, and workflows are perennially changing, having flexible integrations is the key to both success and survival.

Parkar endeavors to facilitate faster, smoother integrations with its NexGen toolkits made available via its open-source NexGen platform.

API economy

A realistic evaluation of assets now puts ‘data’ on top of the list of assets an organization possesses. A study by Massachusetts Institute of Technology (MIT) confirms, “Data is now a form of capital, on the same level as financial capital in terms of generating new digital products and services. This development has implications for every company’s competitive strategy, as well as for the computing architecture that supports it.”

Needless to say, if APIs are the doors to these assets, they also provide the coveted opportunity to enterprises to monetize them. As Bernard Harguindeguy, CTO – Ping Identity, rightly puts it, “The prospects for the API economy are exponential. APIs are creating powerful ways for businesses to streamline how they engage with partners and together deliver new generations of applications that empower consumers with more services and options.”

In an environment where APIs allow different systems to talk and communicate, API owes much of the interest it garners to secular growth in cloud computing and the subsequent need for integration that stemmed from it. The Uber app, for instance, is a classic example of what APIs can achieve. Especially when time means everything, APIs enable companies to build products and services that would otherwise be extremely time-consuming to build.

Enterprises are leveraging the API economy to break down silos and push innovation like never before. Parkar helps such enterprises leverage the API marketplace effectively and increase revenue, extend customer reach and stimulate innovation. Parkar NexGen toolkits with WSO2 enterprise platform, allows organizations to convert existing raw data currently residing in siloed system into consumer-centric APIs to build innovative products.