The Future of Apps and APIs
Businesses are undergoing a shift from the traditional "App" economy to a new era we will call the "Connected Systems" economy.
While apps evolved as gateways for digital transactions and relationships, a true revolution is occurring behind the scenes. We are no longer witnessing mere digital transformation; instead, we are experiencing rapid digital acceleration. With global investments exceeding $2 trillion, businesses are striving to leverage technology to achieve more and deliver enhanced experiences.
Enterprises now seek connected and cohesive digital touch points throughout the entire supply chain. They continue to employ new and innovative technologies to gain deeper insights into their operations and customer experiences.
Legacy Systems Delay Business Integration
Businesses are confronted with a significant challenge, which lies not in the investment in legacy systems themselves, but rather in the vast amounts of data residing within these systems. The complexity and specialized nature of this data pose intricate challenges in terms of how businesses harness, integrate, and leverage it within modern digital systems to ensure continued value delivery.
In the pursuit of success, businesses are prioritizing the development of a cohesive data strategy. As companies expand, it becomes increasingly crucial to establish and maintain a unified view of the customer and their overall experience. The industry is driving businesses towards collaboration with external partners, aiming to create an ecosystem that better understands customers and enables seamless connections with vendors and partners.
For instance, customers can now digitally purchase a car while simultaneously selecting financing, warranties, and insurance, all within a streamlined experience that offers a broader range of opportunities in a time-efficient window.
To thrive in today's business landscape, organizations must adopt agile architecture, modernize legacy systems, and actively embrace and enhance their digital journey.
Banco Topazio is an excellent example of how embracing a more digital and open interface can generate a better ROI. By transitioning from a traditional closed platform to a connected ecosystem, the bank witnessed substantial growth in its loan origination, escalating from 120 loans per month to over 65,000. You can read more about this success story here.
Digital Platforms Risks Versus Rewards
Implementing a robust API strategy offers significant advantages in mitigating data cybersecurity risks and vulnerabilities. In the context of modern architecture, it is crucial to incorporate your API strategy as an integral part of your overall asset management strategy. A safe approach for businesses is to initiate their strategy by establishing connections within their internal systems, minimizing the potential and exposure to risks. A company successfully employing this strategy is Netflix.
Adopting a restricted access approach carries a slightly higher level of risk as it involves establishing connections with supply chains, customers, and the Internet of Things (IoT). Notably, Amazon has successfully implemented an extensive restricted network, encompassing both customers and suppliers.
Public platforms provide the widest range of connections and opportunities but come with the highest level of risk. A prime example of a public platform is Uber, which establishes connections with various applications enabling maps, payments, chat, driver payroll, and many others. This extensive network of connections brings huge capability to the platform but also underscores the need for robust security measures to mitigate the risks of exposing vast amounts of sensitive data.
Businesses Need Innovation and Strategy
In today's dynamic landscape, we see innovation happening across various sectors such as startups in MedTech, Fintech, and more, as they try to capitalize on the potential of digital opportunities.
Looking ahead, we can expect an even greater level of connectivity in an increasingly complex world, where experiences multiply, and data correlation becomes more prevalent. This evolving landscape promises a future where interconnectedness and data-driven insights continue to shape and redefine our experiences.
One of Sensedia's customers, Cyrano.ai, shows us the power of leveraging data from diverse sources. Their algorithm pulls data to provide valuable recommendations for effective communication. This is only made possible by harnessing hundreds or thousands of APIs, providing a seamless and reliable customer experience.
The reality of digital acceleration through interconnected systems and microservices cannot be overlooked, and businesses that remain reliant on legacy systems without API integration risk falling behind in this rapidly evolving landscape.
How Do Businesses Embrace the Change?
Sensedia had a valuable opportunity to collaborate with a well-established insurance company facing that exact monumental challenge. The company needed to integrate a large volume of legacy data, multiple applications, and diverse architectures. They faced challenges in delivering services through a single customer view due to their reliance on legacy systems. A limitation that hindered their ability to enhance customer service, provide a personalized experience, and gain deep insights into their customer base.
The company’s ultimate goal was to enable digital channels that would provide customers with an improved experience while also exploring new revenue streams for the business.
Our experts stepped in, and recognizing the urgency of the situation, Sensedia, worked closely with the insurance company to devise effective API strategies and integration solutions tailored to their specific needs. Our solutions enabled the integration of legacy data, ensured data security, and empowered teams to develop innovative technologies that maximized the potential of both the legacy data and systems. With this transformation in place, the client could rapidly serve customers through various channels, including phone calls, apps, and online platforms, delivering a seamless and cohesive experience across all touch points.
In summary, Sensedia collaborates with companies to navigate the complexities of integrating legacy systems and achieve successful outcomes. We provide guidance and expertise, enabling organizations to leverage new technologies, maximize legacy data, and deliver seamless customer experiences. Together, we drive digital enablement and help companies achieve their ambitious business goals.
Rescued by a Composable Enterprise Strategy
To facilitate innovation, Sensedia's team partitioned the insurance company's business streams into distinct value streams. Each value stream was equipped with the necessary tools and resources to their specific domain. The organization aimed to transition to a more composable experience, where components could be flexibly assembled to meet evolving customer needs and preferences. Sensedia played a crucial role in guiding this transformation and empowering the organization to adapt to the demands of the modern digital landscape.
Our expert team addressed the challenge by designing an API layer that seamlessly integrated with the client’s legacy systems. This enabled the inclusion of new cloud providers, delivery channels, external systems, and partners. By creating a single integration platform, Sensedia facilitated the consumption of public and partner APIs, composite APIs, internal APIs, and system APIs.
This transformation empowered the insurance company to meet its objectives, making the architecture discoverable, reusable, secure, and reliable. The API strategy acted as a catalyst for agility, providing complete control and driving business growth, attracting new customers, and enhancing operational strengths. Sensedia's solution successfully modernized the company's platform while preserving compatibility with legacy systems.
There’s an API for Almost Everything
As API usage increases, security attacks targeting APIs have also seen an increase. Ensuring robust API security is of extreme importance for businesses. Sensedia collaborates closely with each customer to streamline their API requirements and assess the security needs for their unique landscapes.
Sensedia's platform offers built-in visibility and traceability to guarantee the presence of strong security measures. This approach ensures that the development team is equipped with the appropriate tools at the right time, reinforcing overall API security.
When businesses look for a partner to unlock the potential of their legacy data and capitalize on new opportunities, a robust API platform, and strategy are key drivers of digital growth. Sensedia, with its extensive experience and award-winning solutions, is well-equipped to assist customers in their digital acceleration journey. By leveraging Sensedia's expertise, businesses can harness the power of their data, forge valuable connections, and capitalize on their unique strengths, ultimately achieving digital growth and success.
To learn how Sensedia can help your business accelerate quickly and safely, visit our website!