API is not a BUZZ word anymore. In the domain of information technology and agile development methodology, application programming interfaces (APIs) are one of the key building blocks supporting interoperability and design modularity. APIs, an architectural technique as old as computer science, can help improve the way systems and solutions exchange information, invoke business logic, and execute transactions. As you can see in below picture Data from simple to complex systems can be extracted and provided to simple to complex systems. APIs are playing a critical role in systems architecture, innovation, modernization, and in the burgeoning API economy.
An organization’s assets were measured in various ways and today it is measured with their API’s. Data is the crucial entity and analytics build/derived on top of it defines/drives the business. Sooner or later every organization will realize this. The sooner you get this, the faster you can grow.
What accounts for such growth? Increasingly, APIs are becoming a strategic mandate. Reuse and recycle is the driving factor in any sector today. If every company is a technology company, then the idea that technology assets should be built for reuse seems intuitive. Reuse compounds return on technology investments in ways that couldn’t be imagined and this paves way for new horizons.
Every organization looking to grow requires new capabilities to manage the exchange of what is essentially an encapsulation of intellectual property. These new capabilities also make it possible to support the flow of information and operations across organizational boundaries, and to manage the discovery, usage, and servicing of API assets. Collectively, the strategic intent of APIs and this underlying enabling response represent the API imperative trend.
API management will go through a life cycle, the below-listed order might not be a thumb rule for all, but all these will be discussed while developing an API, these provide context for the overall marketplace: