FROM CONNECTIVITY TO CAPABILITY: THE ROLE OF APIS IN SHAPING DIGITAL BUSINESS STRATEGY
Authors: Chukwuemeka Oladiran Adebayo
DOI: 10.5281/zenodo.17465530
Published: April 2024
Abstract
<p><em>Application Programming Interfaces (APIs) have evolved from being a niche technology used mainly in technical domains to becoming a core driver of business growth and innovation. As highlighted by Iyengar, Khanna, Ramadath, and Stephens (2017), APIs are now integral in enabling businesses to create new products, form strategic partnerships, and streamline operations. By acting as the bridge between diverse technological ecosystems, APIs allow businesses to unlock new revenue streams by monetizing data and expanding their capabilities. The widespread adoption of APIs across industries has already led to transformative changes. In the automotive industry, for example, APIs are utilized to provide real-time data such as driving statistics, efficiency metrics, and route optimization information. Similarly, retailers have leveraged APIs to enhance their customer offerings, from multi-brand shopping platforms to inventory tracking systems. In the financial sector, APIs are facilitating collaborations between banks, fintech companies, and retailers, enabling seamless integration of banking services into personal finance management tools and providing customers with faster access to account information. The integration of APIs into various business models demonstrates their potential in driving operational efficiency and fostering innovation. As businesses continue to explore API-driven strategies, it is clear that APIs will remain a pivotal element in shaping the future of digital business ecosystems</em></p>
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