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Posted by Mike Gilpin on August 22, 2013
You may be delivering web or mobile apps, delivering data or services through an API, or looking to monetize your data through the data economy, or even all of the above, but if your firm has realized that it needs to go beyond just using and/or providing APIs to enter the business of APIs, you need to join the API economy!
The API economy is:
All commerce generated by the business of providing, consuming, integrating, and adding value to data (and thus often to products and services) via application programming interfaces (APIs) that create economic value.
The data economy and the API economy are closely related, so much so that in a recent conversation with Forrester analyst Eve Maler, we found ourselves violently agreeing that “you shouldn’t talk about the data economy without talking about the API economy, and you shouldn’t talk about the API economy without talking about the data economy.” But although the majority of APIs are about data, APIs are also a key foundation for delivering modern applications (i.e., web and mobile), so think of the way they all fit together like this:
What this means is that:
So how should you approach joining the API economy? Here’s how:
Whew. Yes, that’s a lot to think about. But firms that are fastest and best at navigating this path to the API economy will reap the greatest rewards.
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