The use of APIs is at an all-time high. Businesses can share their current assets and skills with other parties through Application Programming Interface ecosystems. They may use these Application Programming Interfaces to exchange information, tools, and resources both within and outside. Creating an API ecosystem allows businesses to stay flexible while providing goods at a faster rate than ever before.
According to Forbes, “While APIs have been around for decades, the capabilities of these increasingly sophisticated tools are now indispensable to businesses. APIs have become the essential component that empowers companies to securely and quickly exchange data and information with the outside world.”
6 use cases of successful API integration across industries:
The generic nature of APIs makes them indispensable across a vast range of use cases; some businesses, such as those in retail, financial services, transportation, and healthcare, use industry-specific APIs.
Government agencies and institutions may use APIs to expose public records like real estate and tax records, through government websites. Certain other APIs support bill payments such as real estate, excise, and other tax payments.
In the retail industry, API is used to expose product, inventory, and pricing information to showcase on retail websites. Different APIs support order entry, payment, and shipping data from online customers.
Financial institutions like banks or investment firms leverage APIs to expose a customer’s financial information, like account balances, transactions, and holdings. An API also handles financial transactions through these institutions such as bill payments and transfers.
APIs can expose patent information to both patients and healthcare professionals, for providing more comprehensive and efficient patient care. Other APIs connect healthcare professionals with insurance providers, in order to determine medical insurance services and other cost-effective Medicare offerings.
5. Supply Chain
By leveraging APIs, businesses can share data such as package details – current location, shipment number, and delivery ETA via FedEx, UPS, and DHL. Moreover, businesses can integrate data with other APIs that expose warehouse data like current inventories, in order to determine when to place new product orders.
In the transportation sector, APIs are used to access geographical information and determine optimal routes, like in Google Maps. APIs can also overlay routes with municipal traffic data to avoid construction delays, and provide regional weather information, and other traffic information.
Most businesses use an API management platform to handle the plethora of duties involved in managing APIs throughout their lifespan. Because of the increased importance of APIs in the industry, firms must strategically plan their API development and management initiatives.