October 14, 2015 | Written by: Aarti Borkar
Categorized: Digital transformation
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If I think about my life today compared to five years ago, and how my interactions paying for an object or service are now through a digital transaction. I shop for everything I need from milk to shoes on a digital device. I bank, check the weather, book travel, check into my flights, walk through immigration, and check in with friends living in the city I am visiting through one or more mobile devices. My car reminds me it needs to be serviced and why, my phone reminds me which friends I need to wish happy birthday, and I am told by a pesky fitness band that I’ve just not exercised enough. All made possible through APIs that are in my apps. It has fundamentally disrupted, in a positive way, my daily life. Welcome to the API economy.
Translate that to your business; are you a disruptor now or are you being disrupted? Growth in today’s world is going to come from only one of those options and it’s very easy to guess which one. Every one of your customers is living their personal and professional lives differently than they were before. Are you in their line of sight? Do they consider you a part of their now-disrupted lifestyles? Now is the age of the digital economy and provides the opportunity to grow and reach new markets, new partners, new customers.
This does not mean you need to give up the way you do business today, it just means you need to extend your business to engage with your customers in a way they expect, and be accessible in the digital realm where they spend most of their time. This is about taking your existing business to a new level of growth by exploiting this digital realm to expand and serve new geographies, new demographics, to partner with enterprises you would have never counted in your ecosystem circle before and to find assets you have in your company you never realized could be valuable to the community.
This change is about people, business strategy and technology. It’s about creating a culture that accepts the need to do business at the speed of innovation, moving one step ahead of the market and your customer. It’s a business decision to make the digital channel a primary channel for the growth of your enterprise, and to have a well-defined plan to grow that from the small impact it has on your business today to potentially being a major source of your revenue. Ensure that you have the technology that helps you leverage what you have today, grow with limited initial investment and expand quickly when you become wildly successful. We in the technology world call this the API economy Welcome to the new world.
I am an IBMer in the Silicon Valley who wakes up every morning to the sounds of digital transformation and the excitement of the API economy.
For more information visit our API economy site, and watch the latest video from Ashok Reddy introducing the topic: API economy making an impact.