APIs or Application Programming Interfaces are web services that work in the background by helping two pieces of software to interact with each other and exchange information. They are especially useful while messaging and making online transactions.
The usage of APIs has extensive benefits for your organization, a few of which are listed below-
- Cost-effective-
The most important benefit of using APIs is considered to be its cost-saving capacity. The development of software from scratch is a costly process. The usage of third-party APIs can help significantly reduce this cost. These APIs help fetch much functionality and can be further developed without the need of starting from scratch.
- Faster Operations-
Of course, writing in numerous lines of code to get the desired functionality needs a lot of time and effort to develop. These efforts require a lot of time for development as well. This time can be fundamentally reduced by using the third-party APIs rather than writing the lengthy code yourself and wasting time doing what is easily accessible at great prices.
- Increase in productivity-
When instead of writing in numerous lines of extra code, you use the third party APIs and maximize your capabilities by shelling out comparatively lesser prices, you have the time available for other much more important things on which you can focus with even lesser stress and increase your productivity and your teams’.
- Creation of new revenue streams-
By using your APIs you can create new revenue streams for your business. The monetization of your APIs can find out about the value of your digital resources and discover new business growth avenues. When the functionalities are exposed through the APIs you can charge your users for consuming them.
- Supports data mining-
By releasing your APIs to the public, you can collect meaningful data and formulate insights based on those and the analysis of data can also provide you with meaningful trends regarding how the third-party vendors are using your APIs and for what purposes. This is a powerful tool to maximize on and help you in major business decisions for your business.
- New product capabilities building-
APIs also provide avenues for new capabilities building. Already existing products can be added with new features and functionalities as well as new niche products can be formulated based on the data mining and its optimum analysis. Thus, existing products are amended and new product ideas can be formulated with the help of APIs and their enormous background data.
- Improves marketing efforts-
When you have the power of data in your hands you can predict the future of your products and the market. With this enormous power in your hands, you can focus your marketing efforts on garnering maximum profits. You know which of your products require a little push and which ones need more effort to be made for maximum revenue. So, your marketing efforts are improved and well-aimed.
- Improved customer experience
The customers are also benefited by using the APIs as they have a vastly superior experience in their presence. They are provided with a personalized experience based on the data that they provide rather than a common interaction. For making this possible personalized messaging and assistance for the users is initiated by the entity using the APIs. By taking this further the solutions based on their needs can also be created and provided to them and also the users themselves can choose their customer experiences by taking the front seat in the interaction.
- Inspires to innovate-
APIs support innovation. When the users interact at their own accord and have personalized experiences, they come up with problems that need solutions. In catering to those issues and problems there is a great avenue for innovation that inspires developers to meet the required demands as well as come up with newer features.
- Improvement in collaboration-
Thus, API integrations are a must for your business. The same goes for your Learning Management Systems. The better the API integration offered by the LMS, the better it is. So, it makes sense to verify this feature. In the case of Thinkific vs Kajabi, Thinkific takes the cake.
