What is an API and why does it matter for business?

August 30, 2020
Marjukka Niinioja
API Economy
EduGO

In API Economy company utilizes resources efficiently and quickly to create added value for own customers. These resources can be for example data or function provided by other organizations

API comes from the words Application Programming interface. APIs enable active interaction and integration between organizations and information systems. Utilization of data through these interfaces allows companies to create new kind of economy and competitive edge, and renew their business strategy.

Osaango Ltd offers leading-edge API know-how and consulting on how to create business models and strategies around APIs. Our consulting also includes training, change management, service design, productization, and architecture.

What is API Economy?

"In API Economy company utilizes resources efficiently and quickly to create added value for own customers. These resources can be for example data or function provided by other organizations.
Building blocks utilized are own APIs and open APIs provided by other organizations (free or commercial) in addition to developer communities. These enable quicker adaptability to unpredictable and faster changing customer needs.
Defining characteristics of API Economy are competing for popularity among application developers and considering them as primary customers. In brief, services are offered from businesses to developers (Business-to-Developers, B2D)."

Moilanen J., Niinioja M., Seppänen M. & Honkanen M. 2019. API Economy 101

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