Third-party API networks deliver unprecedented speed and scalability by advancing how connectivity solutions are developed and brought to market.
Supply chain executives face extreme pressure as efficiencies must cope up with today’s demand.
Third party Application Program Interface (API) networks posed a good solution for needed connectivity and technology for improved execution.
Over the last five years there’s been a growing interest in technologies like SaaS, big data, the IoT and AI, according to TechCrunch. These advanced technologies are the future of the digital supply chain, and to execute big data, IoT or AI, you must first adopt widespread API connectivity.
Fifty-eight per cent of API strategies are driven by the need to streamline and integrate new and existing software systems. APIs are a set of contracts and protocols that normalise how to build compatible software applications, databases and programmes. By defining how an application can communicate with an associated programme, they are the fastest way to build real-time and connected software networks.
Third-party API ecosystems deliver more immediate, cost-effective and smarter API connectivity compared to building API networks in-house. Connecting into an already established third party API network immediately eliminates over 67% of the manual supply chain and transportation transactions required by EDI and legacy technology. Furthermore, 63% of IT decision-makers commented on how APIs significantly increase the pace of their advanced digital transformation projects.
Ultimately, connecting your supply chain faster via APIs will not only lower your transportation costs and increase your productivity, but it will fast-track your ability to implement and benefit from advanced strategies like AI, IoT and big data.
With strong digital companies like Amazon and Uber asserting themselves into the logistics space, supply chain entities must modernise how they execute in order to remain competitive and avoid shrinking margins. Subscribing to an already existing network will allow companies to get to market quicker and react to ever-changing IT requirements at a lower cost.