When we hear the word “disruption” we usually think of start-ups taking over a particular space through an innovative approach. Instead of renting an expensive hotel room or car, start-up companies utilize the power of the shared economy and built apps for us to save money and access those resources on demand. Another example can be with music. No longer do we buy music and deal with storage. Instead, streaming music is easy, painless, and we can use our storage for other apps and files. However, start-ups shouldn’t be the only companies that should have the disruption mindset. Businesses of any type, in any industry, should embrace disruption to break away from the status quo. If they don’t, eventually, somebody else will do the job better and grow bigger as a result.
Companies which fail to embrace the application network and adapt to the digital age suffer consequences by losing their competitive edge. This is especially apparent in Fortune 500 companies; of the ones on the list in 2000, 52% have either undergone some merger and acquisition activity or went bankrupt. But it doesn’t have to be this way.
Ross Mason wrote an article in TechCrunch giving examples of three companies that are winning in today’s digitally connected world.
- General Electric (GE) is looking to harness the strength of IoT and extract analytics from hardware. To do so, GE Digital was created in September 2015. In order to scale for innovation and growth, GE Digital’s IT team understood the importance of building reusable, self-service assets, and infrastructure so the company can operate in a connected ecosystem. Whether it is analytics for an airplane turbine or analytics for a solar panel, GE can quickly implement its technologies across different verticals because of its API-led operating model.
- Expedia’s APIs allows affiliates to build tools of their own that promote hotel, rental, and airline deals. This benefits both Expedia and the affiliates; Expedia gets an additional source of revenue and the affiliate gets to provide value to their readers. Expedia’s explosive growth is due to their API strategy as 90% of revenue is affiliate generated.
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