When you need to get new features and products out the door fast, API management is the driving force to keeping everything on track. According to the "State of API Integration 2020" report by Cloud Elements,  83 percent of respondents say that API integration has become a critical part of their business strategy as they move forward on their digital transformation efforts. Leveraging integrations is what helps these companies agile and able to respond quickly to customer demands. Here, we’ll discuss why your company needs API management and give you ideas on getting started.

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Table of Contents

  1. Unsure of Why Your Company Needs API Management? Here’s What it Really Means
  2. Why Your Company Needs API Management
  3. Why Your Company Needs API Management Platforms
  4. How Xplenty Can Help Manage Your APIs

Unsure of Why Your Company Needs API Management? Here’s What it Really Means

API management is a centralized management framework and platform that gives you visibility into all the components of your API ecosystem. It is the set of processes that helps you manage the API lifecycle. Creation, testing, documentation, publishing, discovering, and monetizing would be disjointed processes without this valuable framework. It essentially makes administration and easier for companies by providing you everything you need into a single interface:

  • Catalog - Inventory your services to help you keep track of the components of your services ecosystem.
  • Monitor - Monitor each service for performance and gather information for analytics leaders need for devising business strategies.
  • Control- Control access to each service by implementing standard security protocols.
  • Manage- Build, test and deploy your service through the full lifecycle.

Why Your Company Needs API Management

API management can help transform your business into one that responds quickly to customer demand by helping you get the most benefit out of your application and data assets.

Increased Agility

Digital transformation requires you to create an environment that supports agility and speed. Being able to reuse system assets is critical to achieving this agility. Services help you identify opportunities to build new capabilities by reusing existing code blocks. By extending or “stringing together” these code blocks, your developers can release new code in a fraction of the time it would normally take without these services.

Leverage Value of Legacy Systems

Although sometimes thought of as the “dinosaurs” of the company, these legacy systems contain tons of valuable information. Many of these legacy systems were originally designed as ERP or CRM systems. Often, this data is difficult to retrieve through traditional data integration methods. As a result, getting information from them is often a manual process. Using services to make this data available to other systems creates additional value for the organization. You can use this data for other areas of the company or create new solutions based on the data it contains.

Gain Insights for Data-Driven Decision-Making

APIs are tied to how customers interact with your company. Each service represents a business function your customers use to accomplish their goals. A recent report by Deloitte and WSJ Intelligence concludes that high-performing organizations are 2.5 times more likely to prioritize using technology to advance their goals. Services give you a clear view of the functions that drive the most revenue. They also help you locate areas that may need improvement. Service management is a must if you wish to make data-driven insights to innovate and find new ways to increase revenue.

Protect Your Brand from Security Threats

Although services are paramount to innovation and agility, they come with security risks. Sharing data between systems creates a point of entry that can be exploited by hackers. Service management helps you define and adhere to standard security protocols for your services. For example, it helps validate user identities using authentication and authorization practices. It can also help you detect anomalies and threats in real-time, giving enough time to address issues before they have a major impact on the company.

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Why Your Company Needs API Management Platforms

A management platform is a tool that helps coordinate all the functions required to manage the API lifecycle. The components of a management platform are:

Lifecycle Management

The management platform is the hub where developers manage the entire API lifecycle. It is here that you create services, test, onboard, monitor, and retire them. This process also includes the ability to version control each service.

API Gateway

Once the APIs are deployed, the API gateway handles routing requests between clients. This layer manages traffic to ensure requests do not overwhelm the system. It also enforces authentication and security for API consumers.

Reporting and Analytics

Reporting and analytics are crucial for you to track and analyze usage metrics. The module provides information on response time, availability, and performance. This information can help diagnose and troubleshoot issues as they arise. The information is also important to keeping leaders informed about the applications service metrics, which ultimately helps them make informed strategies for the business. 

Developer Portal

The developer portal is where teams communicate about services, share the API documentation, and browse the APIs available in the catalog.

How Xplenty Can Help Manage Your APIs

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Xplenty’s service management platform empowers you to connect your systems whether they are legacy systems or cloud-based applications. With Xplenty, technology teams and business leaders can work hand-in-hand to deliver robust solutions. According to Julie Averill, CIO of retailer Lululemon. Today, IT must work as a co-creator with business leaders to solve problems and deliver value for customers. “It has to go both ways.” Xplenty allows you to do just that. When looking for the best management platform, give Xplenty a try. The Xplenty low-code/no-code tool is a management platform that lets you build custom APIs and leverage a vast catalog of integrations. Reach out to us for your free customized demo of the solution.