The API Economy: What APIs Can Do For You

You’ve probably heard at least a little bit about APIs, and how they’re making waves in today’s economy. Maybe you’re thinking that your organization should join in on the fun. But what are they, and what can they do for you?

What is an API?

“API” stands for Application Program Interface. Basically, they allow one application to talk to another application. They’ve been around in one form or another for quite some time, so chances are you’re already using them in your day to day life.

How to Build an API People Will Love

Of course, the end goal is to successfully build an API that will be widely adopted. The key to this is creating one that is easy for others to use and understand. Luckily, the OpenAPI Specification has arrived to make this much easier to achieve.

The OpenAPI Specification, formerly known as the Swagger Specification, is a lot like the blueprints you would make for a house. Your OpenAPI Spec describes what your API will do and how it will do that in a format that is simple, standardized and readable by both humans and machines.

What APIs Can Do For You

In today’s day and age, it is nearly impossible to grow your business without some kind of digital platform. APIs are the building blocks behind this innovation. There are several ways you can choose to release your API to the world. There are:

  • Public APIs, which anyone can use with free registration.
  • Private APIs, which are internal and used within companies.
  • Partner APIs, which are only accessible by strategic partners.

Many of today’s largest companies earn upwards of 50% of their revenue through APIs. There are several popular API business models, including direct monetization (pay per transaction), indirect monetization and package monetization (add-ons with new data channels).

Want to learn more about the API economy and what it can do for you? Check our our very own Keshav Vasudevan’s presentation, Wake Up to the API Economy, below.

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