Data services companies provide businesses with valuable information that is used to enhance products, derive insights, and inform consumers. While the method in which customers access data has evolved over the years, businesses have come to depend on the timely delivery of accurate information for critical aspects of their products and backend systems. It’s for this reason that many data services companies have begun to adopt the use of APIs to provide customers with an easily configurable way to access real-time information.
An increasing number of companies are discovering that the data underlying their core offerings has immense value. These companies may not self-identify as a data services provider given their primary business focus, but they may choose to expose select data to partners and customers as a new product offering.
An API management solution can help manage and administer sophisticated programs with relative ease, enabling data services companies to easily productize data and make it available via new distribution channels. APIs are key to exposing valuable data that promotes innovative uses and increases customer retention.
The adoption of an API strategy best positions data service companies to realize their business goals:
- Increase revenue by offering new, self-service data products
- Achieve real-time data exchange between platform and customer applications
- Elegantly expose service to a growing partner community
- Enhance visibility into data consumption by customer and application