APIs enable organizations to share data and applications using easily accessible standards and platforms. They are more than basic tools for application developers and data scientists. They represent a new form of business model innovation, bringing together disparate functionality to create completely new customer experiences.
What’s more, they redefine the nature of partnerships, allowing companies to participate in ecosystems without the traditional need for extensive negotiation and customization of information systems. In addition, they enable companies of all sizes to tap into services – such as cognitive computing and the Internet of Things (IoT) – that are too difficult, expensive or time-consuming to reproduce in-house.
In short, they are becoming the new conduits through which future innovations can, and will, be realized on a global scale. The evolution of the API economy– the commercial exchange of business functions and capabilities using APIs – has captured the attention of not only software developers, but strategists, marketing leaders and partnership executives seeking to move to the next level of marketplace differentiation.
The healthcare industry is now becoming very active in API economy. As a data-intensive business, healthcare organizations need to access data quickly across the enterprise, using data in new ways and interfacing with partners rapidly can provide competitive differentiation. From creating more differentiating patient and member experiences, to deploying ever-more responsive websites, custom mobile apps and other user-friendly digital interfaces, APIs are driving new revenue streams, enhanced processes and cost efficiencies.
If your organization has not started strategizing and planning for business APIs, the time is now. You can jump-start your API initiatives by learning more about potential use cases in healthcare and life sciences explored in this recent IBM whitepaper. Or access the latest blog by Alan Glickenhouse, IBM API Business Strategist, found in our Developer Workspace.
To get started today on your own initiatives visit the IBM API Economy website.
