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OVERVIEW
• API Economy has become more than just a term
• It has become the solution of revenue growth
• A way of improving the business functionality
• A tool to extend your business services and goods to a huge audience
We are living in an API based economy and with the constant rise of the Internet of Things (IoT), the future favors API’s. Many organizations nowadays are utilizing API’s as a business building tool for 3rd party apps.
API MANAGEMENT
• Introducing an API is tough and it becomes a necessity to ascertain the reliability, security and documentation of your services and API management tools are created to solve this issue.
• They expose your API to the developers in an easy and inexpensive manner.
API MANAGEMENT
The API management tools are designed to simplify integrations, alterations or API transpositions.
• Security: APIs bring out delicate information and it becomes important to protect the unprotected data. The data can be protected against any misuse by creating security procedures and policies.
• Availability: Systematize and regulate the network between the API and the apps that are using it. The API management service should safeguard the reliability between the multiple APIs.
• Performance: The management tools should deliver memory management and caching mechanisms for refining the performance of the application.
PRINCIPLES OF API MANAGEMENT
APIs require a lifecycle management approach for development and use and must be governed from two perspectives
• APIs used for internal data and logic integration.
• APIs used to enable external integration with strategic partners and customers.
PRINCIPLES OF API MANAGEMENT
• From the internal perspective, API lifecycle management needs to treat APIs as assets that are governed similarly to current application lifecycle management practices.
• From an external perspective, API management needs to govern APIs as products and enable means for publication/consumption; avail controls for security and use; and tools for monetization and payment if APIs are offered for sale.
API REGISTRY
• Features: Describes what the API is designed to achieve in a form human beings can digest.
• Structures: A schematic description of the APIs, including URIs, data structures, security, etc.
• Capabilities: What is the peak load the API can handle (both projected and actual) and the performance pinch points.
• Sensitivities: Does the API consume or expose any data that may be subject to regulatory or privacy constraint, such as payment card data, personally identifiable data, and so on.
API GATEWAY
• If API Registry is the brain of API management then API Gateway is almost certainly the hands.
• API Gateway is the component responsible for exposing the organization’s APIs to its consumers.
THE API GATEWAY COVERS:• Manifestation
Exposes the organization’s APIs to the outside world, acting like a proxy to route requests from external consumers to the API itself
• Security
Acts as the gatekeeper to the API, applying security mechanisms on behalf of the API.
• Entitlement
Allows access to APIs at the agreed upon rates and either limiting or managing traffic
• Standardization
Presents a uniform suite of APIs to consumers (as per any API standards an organization might have)
• Logging and data capture
Captures the information required to understand API utilization, for a variety of purposes discussed below.
ARE API’S DISRUPTIVE?
• APIs enable businesses to hit the ground running. Here are some reasons how:
• Speed to market: You want to do it now. APIs facilitate consumer expectations for rapid fulfillment.
• Leverage: With APIs, a small startup can do as much as a large company, and sometimes even more.
• Silos are Ripped Down: Data is mixed and remixed everywhere.
• Productize & Profit from Your Core: Businesses can deliver their core assets or services far more easily. The API is a portal, but data delivery is at your core.
TAKE ADVANTAGE OF API DISRUPTION
• Educate the Masses: If an API product is IT only, it’s bound to fail because without these cross-organizational connections, budgets won’t be approved and in-house developers will move on to other things.
• Publish: This is one of the best ways to learn the process of what’s going on in the API space.
• Talk about APIs: As part of an agile, continual improvement process, consistently talk to the people using the data. Spread your enthusiasm!
TAKE ADVANTAGE OF API DISRUPTION
• Experiment & Play: Host internal hackathons and exploration days that encourage open innovation to combine internal data processes with external ones.
• Use APIs: Of course, eat your own dog food, but experiment with other APIs that could add benefit to your organization. This helps you stay up to date, scope the competition, and realize the holes in the API ecosystem that perhaps you could fill.
LET’S REVIEW WHAT THE FUTURE LOOKS LIKE:
• APIs allow businesses to become more agile.
• Microservices architecture helps meet users’ demands at a quicker pace.
• A Public API is not your first move. Private APIs and Partner APIs are more logical to consider before opening yourself up to the world.
THE FUTURE• The use of APIs as integration enablers for both internal and external purposes will continue to
increase exponentially. They will act as catalysts to both create and destroy new businesses and new business models, changing the face of virtually all industries and how enterprises within them interact with their customers, workforce and business partners. Such digital transformation within the API Economy is now underway, and with it, will come a new class of rivals to the API management market.
• It is not necessary that every organization will create an API and it is very unlikely that the goal of creating an API for the organizations will be the same. A few of the APIs are created for utility such as a revenue model or fragment of a product or service, many are free. Numerous other APIs are used to distribute access and information to an ecosystem. Requirements differ and the tools vary. So, pick your API approach and choose the right tool.
If you have further queries on API development and integration, contact us here. We will love to help you out in creating an API apt for your API Strategy.
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API economy: (Worldwide)
