Many business today have discovered different revenue channels through collaboration with their partners and 3rd party services.Such collaboration is made possible by opening up company’s data asset via API.
While partner API is essential for growth of the company, building them needs efficient planning and good start. One such good start is building a private API first.
Companies have turned towards API first approach with a vision to build strong revenue stream after few years.Hence one may feel API is not worth investing from way beginning.But the reality is on the other side.This blogs share few thoughts on immediate benefits of private API.
Also read: A drive into the core principle of REST API
Built with long term vision in mind
APIs are developed with the long term vision in mind.All the intelligence and best practices which is need to sustain for long run is put to work for day one.Hence business build a strong platform to for itself to succeed.
Improve the internal collaboration and communication
Business use different software for day to day operations.Most of the inputs to these software comes straight from private API. Such integration becomes way lot easier. As the days pass, business observe operational excellence being achieved at no extra recurring cost.
Speed up time-to-market.
On & off business needs to collaborate with other different services emerging in the market.Business need to build a customized app for a particular platform. APIs make such implementation seamless and easy – opening up the doors for huge customer acquisition opportunity.
Manage supply chain efficiently
Business wants robust architecture that makes it easier to develop one component that works well and makes it easier to build and integrate new components as it continues to exist.This becomes very important when implementing new features.
Improved accuracy of business analytic
API is a single source of truth – which means all the business activities will happen via API only. This helps the business to identify the problems and bottleneck. Business can monitor up-time, down-time, load on the server which act as inputs for future business decisions.
Before getting started with private API.
Given the benefits, private API may be best way to for a business to start with their API strategy. However before taking any step further, one has to identify weather API nourish the company’s business strategy.Many business see API first approach as a new best software development practice.Without a proper vision API is not going to help business to grow.