The world of business is increasingly becoming more dependent on APIs. For companies looking to take advantage of the latest technologies to improve their own business, it makes sense to start building a solid framework around API. Here are 13 reasons why you should be investing in APIs for your business.
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What is an API?
An API or Application Programming Interface consists of functions that allow applications to access data and interact with external software, operating systems, and microservices. Essentially, an API delivers a user’s response to a method and then sends back the system’s response to a user. The following are some examples of API functions:
- Deleting products or product categories
- Creating new products or product categories
- Gathering information like pulling coupon codes
- Updating data like the prices of individual products
Related Reading: The Pros and Cons of Application Software Integration
What APIs Can Add to Your Business
Enterprises within every sector are looking for ways to maintain an edge over competitors and dominate the marketplace. For many enterprises, APIs provide these advantages and help them reach their business goals. Check out 13 reasons why every enterprise should be investing in APIs below.
Related Reading: Top 100 API Integrations
The use of APIs allows enterprises to quickly prototype and create new products. APIs allow for faster development and cut out the need for developers to build applications from the ground up. This means that the use of APIs will help to increase your business’s productivity.
With an API’s core functionality being connectivity, they allow different systems, applications, and platforms to connect and share data. Ultimately, this functionality encourages and improves collaboration and internal communication within any enterprise.
APIs also allow enterprises to quickly introduce new products and strategies. With the faster development that APIs provide, enterprises can implement new products and technologies with fewer resources and less time, and this ability drives innovation.
Allows for Customization
With APIs, website content can easily be customized to fit any business model or needs of an enterprise. This also allows enterprises to tailor their website content to the needs of their specific customers. When the right customers are targeted, ROI greatly increases.
Saves on Cost
Through the use of APIs, applications or products can be created without developers having to start every project from scratch. Because APIs significantly reduce the stages of development, enterprises save on costs when utilizing APIs.
Creates New Revenue Opportunities
APIs allow enterprises to turn their digital assets into money-making entities. These possibilities create new revenue opportunities for businesses. For example, Stripe and Paypal both provide payment APIs to customers. Today, Stripe and Paypal are both multi-billion dollar companies.
Enhances Customer Experience
With the use of APIs, the customization and communication provided to customers are top-notch. Overall, the customer experience is greatly enhanced when enterprises utilize APIs.
APIs also significantly improve the marketing efforts of enterprises by allowing companies to target and reach new markets that were once out of reach. Better marketing is nothing but beneficial for all types of enterprises.
Collects Data for Intelligence Analytics
Today, data is an asset in the digital economy. APIs allow enterprises to collect data, providing valuable insights into how consumers are interacting with products. This information will help you better understand your consumer and target the right market for your products and services.
Builds New Product Capabilities
Another benefit of APIs is that they help to build new product capabilities. As an enterprise, you can allow third-party developers to create extensions that are compatible with your platform. This allows your platform to stay relevant and extensions to be built without the company having to lift a finger. A great example of this is eBay which provides an eCommerce API that allows third-party developers to create niche features for specific customers. This allows eBay to access more verticals without doing any of the work.
Allows for Automation
APIs are also beneficial for enterprises as they have the capabilities to greatly improve the company’s automation processes. Ultimately, this will save on both money and time while also increasing ROI.
Increase Customer Reach
Through the many capabilities of APIs, it allows for more customers to be reached. Reaching more customers is always beneficial to a business.
Allows for Integration
A final key benefit of APIs is that they allow for the integration of different platforms and technologies. When companies can use and integrate the best technologies available today, more customers can be reached, and more profits can be made.
Related Reading: Why You Need a REST API
How Xplenty Can Help
Xplenty has all the tools for your ETL and API software integrations needs. Utilizing APIs in your enterprise will bring massive benefits to the company. As a leader in application software integrations with integrations to a variety of business tools for marketing, products, sales, support, and more, Xplenty is the go-to for all of your API needs.
Is your company looking to obtain the benefits that come with APIs? Contact our team today to schedule a 14-day demo or pilot and see how we can help you reach your goals.