Creating Value from Data? Three Ways APIs Are Key
For the last half-decade, ever since terms like “big data” hit the mainstream, CIOs have been under increasing pressure to derive value from the vast amounts of data their organizations collect and generate.
The process was slow-going for several years as many organizations grappled with the reality that even an astronomically large amount of data isn’t useful if it’s not combined with the right technologies and assessed with the right use cases in mind. Some of these struggles persist, but after a few years of starts and stops, many enterprises have begun to embrace best practices for turning data into higher revenues, expanded brand reach, improved efficiency, smarter strategies — or in the case of particularly sophisticated organizations, all of the above.
One recent study, for example, predicts 40 percent of IT projects will create new digital services and revenue streams that monetize data. This particular approach to monetizing data isn’t the only way to generate value from data, of course. Companies can leverage data for better internal operations, for example, or to generate actionable intelligence to inform smarter strategic decisions. But the stat demonstrates the momentum building around specific approaches.
Though the uses cases are growing in number, one thing unites many of the common tactics: they’re all enhanced by, if not reliant on, robust API capabilities. Indeed, in many ways, if a company wants to build up its data capabilities, it needs to start by looking at its API capabilities.