How Vertical Industries are Driving API Adoption – ProgrammableWeb

Market, technology, and legislative trends create needs for Digital Transformation, but the true value comes not from the implementation of any single technology – not from SaaS, Mobile, IoT, or Big Data in and of themselves – but rather from bringing multiple technologies together. And so, with an eye towards orchestrating those and other technologies into composite solutions, it is those companies that harness APIs as a core competency that are able to drive digital transformations successfully to ultimately win.
As IT leaders are actively thinking about internal vs external API strategies while addressing security, regulation, and compliance needs, it’s interesting to point out that the trend of digital transformation is recognized across industry verticals. As building blocks of the modern internet, APIs allow SaaS applications to talk to each other and bring greater value to the end-user. To understand how APIs are changing the world, let’s take a closer look at the industry dynamics that drive the need for digitization.
Institutions in financial services are actively thinking of how their organizations should respond to the competitive threats and opportunities such as those presented by Open Banking and PSD2. To digitally transform while complying with new regulations, banking professionals are thinking about implementing APIs to address the following use-cases:
In order to survive in the new era shaped by Amazon, the leading retail organizations must now deliver a consistent and compelling customer experience across multiple channels. To create new experiences for end users while decreasing time to market for new innovations, omnichannel retail experiences are now enabled by these APIs:
It’s a new normal for healthcare institutions to offer a digital experience for its patients. This trend drives the need to integrate with existing HL7 point-to-point interfaces while addressing new emerging FHIR-based API designs. These healthcare transformation needs focus on solving the following use-cases via APIs:
Those were just three leading examples. There are many more where they came from. It’s clear that procrastination is no longer an option when it comes to establishing an API strategy.  But for those that think it’s merely a coding issue,  there is a lot more to building great APIs than simply coding. Teams must also wear a product management hat throughout the API lifecycle. When treating your APIs as products, the API strategy is derived from business value, customer needs, and core technology. The product keys to success in the API economy are:
In addition to having a product mindset, incorporating key architecture principles decreases time-to-market while setting the right foundation so the other products and services can be built on top of these APIs. The key architectural principles are:
In order to stay competitive and delight customers, organizations across the world are actively looking to connect multiple technologies together and expose new value via APIs. Although these trends are different across industry verticals, great API strategies guide IT professionals to create APIs that gain adoption and help their businesses strive.
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