How Organizations Add Value with APIs

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It’s no secret that APIs are a valuable part of the modern tech stack. More than bits of middleware, APIs can tie your disjointed apps into one streamlined interface. You can add security and connectivity to legacy systems, and you can get creative with new features and services. APIs are essential to any digital transformation process.

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What Can APIs Do?

Technological progress is more forked than linear. Businesses in all sectors dip their toes in the tech industry, and low-code and no-code platforms open software development to laymen. As a result, we’re seeing an explosion of progress. But taking advantage of it all can be a challenge — different companies mean different programming languages, operating systems, and file types. APIs step in as the mediator between incongruent software.

However, application programming interfaces do more than tie new apps together. Organizations that still rely on legacy programs can use APIs to link these apps to a modern tech stack. If the app’s security is outdated, you can add a new layer of protection with API gateway authentication.

APIs can also open the door to new and innovative features for your existing lineup. Use APIs to add new microservices or new app offerings, and access everything from a single developer portal. Companies are using APIs to create new revenue streams and add new products and functionality to their business offerings, up to and including the creation of new business models.

Read on for examples of how some enterprises used APIs to their advantage.

Use Cases

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The American Petroleum Institute

It may come as no surprise that oilfields are dangerous. But the natural gas and oil industry is looking to mitigate those risks with new technology. Recent digital transformation efforts focus on artificial intelligence, machine learning, and the Internet of Things. The goal? The automation of repetitive tasks. This streamlines workflows, eliminates human error, and cuts down on safety hazards. The industry is also looking to add more robots to the lineup for more dangerous tasks that humans can’t do. All these new technological toys and AI processes will need APIs to keep communication flowing behind the scenes.

Wells Fargo

The financial services industry is also turning to digital transformation. The fourth largest bank in the United States recently completed a digitally focused corporate restructuring. Part of these efforts created a new department within the company focused solely on digital strategy and innovation. Their goal is to find ways to leverage artificial intelligence to improve the customer experience.

These features will undoubtedly be incorporated into their existing FX API, which Wells Fargo shares with its partners and developers. The sprawling franchise of Wells Fargo managed to connect all of their services to one streamlined platform for ease of use.

Mount Sinai

Mount Sinai Medical Center aims to close the gaps in available healthcare with their new initiative called AppLab. Their three pillars of co-ideate, co-create, and co-validate all emphasize the need for communication and collaboration to reach better healthcare solutions. Their projects include secure databases and patient surveys to improve diagnoses, research, and medical decision-making in real time.

Linking all of these projects together and sharing them seamlessly requires an API to package them. In fact, the Fast Healthcare Interoperability Resources (FHIR) API manages just this with healthcare centers throughout New York City.

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Add Value with DreamFactory APIs

DreamFactory’s experts developed a full-service API management platform to guide you through the full lifecycle. Build your first API in minutes, maintain your existing APIs, or convert your older SOAP web service into a full-featured, secure, and documented REST API. You can do it all without writing a single line of code. It's a simple way to open your organization up to new business opportunities and draw in new customers. Add new value to your organization in an afternoon with a new API strategy.

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