Why API Management is Essential for Business Success

APIs or Application Programming Interfaces are the foundation of the digital economy and crucial for business success in today’s world. APIs help different applications to connect to each other and and have many benefits for businesses and customers. API management is offered as a Software as a Service (SaaS) solution to help business control, secure, analyze and monetize APIs.

What are APIs?
APIs have been around for a long time and allow different programs to communicate. For a number of reasons, they have become very important to digital strategy for businesses to succeed. The rapid expansion of the digital market is driven by the proliferation of digital devices, especially mobile devices, as well as customer expectations.
Innovations in the digital world allows companies to provide customers with connected experiences. One simple example of that would be an online search for a map that also brings up local business, websites, menus, and more connected information. APIs are considered to be the foundation of the digital economy and the basis for business success now and in the future.

What are the different kinds of APIs?
APIs help companies to allow shared use their content or services securely, both within and outside the enterprise. As the number of APIs continues to grow, there is a need for API management.

  • Open or public APIs are available to use freely without restrictions

  • Partners APIs are only open to business partners

  • Internal or private APIs are used only within the company

Open and partner APIs are exposed via public API developer portals. APIs help businesses to develop rapidly and to achieve various goals, such as improving efficiency and productivity, transforming the digital economy and meeting customer expectations.

What is API management?
An API management platform allows businesses to develop and control APIs. It provides a management platform for businesses in the digital market, and covers everything from the basics to analytics. This can include designing APIs for developers, managing API traffic, security, and monetization. API management tools support developers as well as subscribers.
The components of an API portal may include a developer portal or store with valuable community tools and information, an API gateway and lifecycle management, analytics and support. API management tools are delivered via the cloud and help to enforce policies, control access, grow the subscriber community, collect and analyze statistics, and generate reports.

API management helps businesses to innovate and grow in the digital market, while offering tools and support for developers. It also enhances the customer experience through connected apps. In a world of rapidly changing technology, it is the basis for business success.

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