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Cloud & Automation: Changing CSPs’ OpEx outlook
API monetization is the process by which businesses generate revenue through their APIs. APIs are the accessible version of a web presence, allowing others to access and integrate our data and resources into their public or private sites and applications. Enterprises should put an API management plan in place early on and frame an API business model, which will be the baseline for API monetization. API monetization is not just about how APIs generate revenue; it is also about how well they keep their APIs operative and functional for consumers.
Top 3 things businesses should take into account while monetizing their APIs:
An organisation can decide on the payment models for their APIs in the API Strategy phase.
A robust API Management strategy is a must to effectively monetize your APIs. Managing your APIs is not just about the security aspect but about how well they are designed, what implementation standards they’re built on, how they are deployed, their discoverability and monitorability. The entire Lifecycle of each API must be managed effectively for it to be useful to an organization.
Through API management, you can create a secure and consumable environment for your public & private APIs. API management also gives you the flexibility to manage access control, track usage and control the rate of requests. If you are wondering which API Management tool can help you with all of this, at a reasonable price, check out the DigitMarketTM API Manager tool here.
An open banking API is an API through which Banks make available select customer data and services for consumption by the public or third-party developer community. Open Banking is seen as a new force that will finally help banks to build a greater digital ecosystem. Such an ecosystem will enable newer revenue channels, enhanced customer engagement and better banking services.
PwC forecasts that the Open Banking sector could quadruple its worth to generate £7.2bn of revenues by 2022.
Categories : Integration , API Management , Open Banking
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APIs have gone beyond technical development opportunities and are now bringing strategic value to businesses. They are opening new revenue lines. Whether it is the Printicular app from MEA labs that leveraged Walgreens’ photo printing and pharmacies through an API or APIs provided by Salesforce.com, Expedia, Zapier, and Google, revenues have skyrocketed.
In an era of increased globalization, businesses are actively seeking opportunities beyond their local markets to access a diverse global talent pool.
Effective data integration enables organizations to consolidate disparate data sources and create single sources of truth, improving decision-making and timely responses to market changes.
(THIS) has been cited among notable vendors by Forrester Research in its report ‘The API Management Software Landscape, Q1 2024’. The report recognizes Torry Harris as a provider offering API management solutions with a geographic focus in the EMEA & APAC regions.
Forrester observes that the initial rush to “lift and shift” to the cloud has now been replaced by a focus on modernization and digital transformation. Cloud migration is the first step in a long journey to take advantage of the latest cloud-native technologies and services.
Torry Harris is a 'Strong Performer' in The Q3 2022 Forrester Wave™ for API Management Solutions. This report shows how each provider measures up and helps technology architecture and delivery (TAD) professionals select the right one for their needs.