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Leveraging the API Economy to Empower Your Finance Team

Leveraging the API Economy to Empower Your Finance Team

There are many factors that go into the evolution of businesses. What was once touted as “the cloud is the secret to digital transformation” (circa 2012) evolved to become “big data will be the next big thing” and began to include everything from Industry 4.0, Internet of Things, the idea of IT as a revenue driver, and the movement incorporating ‘low code’ applications and citizen developers.

All of this points to one thing—change. Organizations, departments, and individuals need to embrace a change in thinking and acting that positions them for growth and success in a digital future.

How the API Economy is Empowering Organizations

One such change in thinking has become the mentality that one-size-fits-all is actually one-size-fits-none, and that departments can rarely rely on a catchall application that can suit everyone. In this, organizations have been moving away from the bulkiness and rigidness of traditional software options to something that can suit everyone’s unique needs.

Organizations are leveraging this through Application programing interfaces, or APIs. APIs are ever-present and used for everything including posting a message on a social network, reading the news on a smartphone, or buying a theatre ticket online.

While Nothing New, the API Economy is Enabling Organizations to do More

This trend—the API Economy—is nothing new, and the idea of it has been percolating at organizations for at least the past half-decade, as described in a 2012 Forbes article:

“APIs used to be a technical implementation detail reserved for developers and architects. Most executives could hardly spell A-P-I, let alone understand their purpose for programmatic access to software-based products. But that’s quickly changing, as APIs become a primary customer interface for technology-driven products and services and a key channel for driving revenue and brand engagement.”

Easing the Pains of an Increasingly Complex IT Environment

Today, however, APIs have become one of the most critical ways to reduce friction in bimodal IT (legacy run-the-business applications (Mode 1) working alongside less constrained solutions and approaches (Mode 2)) as well as by allowing organizations to leverage the true power of the cloud by connecting multiple cloud applications to build a truly connected and automated ecosystem.

How APIs Fit into the Digital Transformation

Cloud Computing News recently presented an article on how APIs are helping organizations transform and maximize the value of a hybrid environment, noting that a 2016 report found 44 percent of IT decision-makers believe building and managing APIs is fundamental to IT’s ability to complete digital transformation projects more quickly, and the same number said API reuse would significantly speed up digital transformation.

Building Your Own Ecosystems

As we’ve said, one of the biggest advantages of using APIs is that organizations can build their own ecosystem of best-of-breed products that work together to make everyone’s day easier. By leveraging the value created by the API Economy, you can allow your sales and customer success teams to use the CRM that works for them, your accounts payable department to use invoice management software that saves them time and money, your business travel managers to use software that empowers travelers and managers to save time and provide mobility, among others.

Learn more about how a plug and play, best-of-breed ecosystem empowers organizations to make smarter decisions by reading our comparison of suites and best-of-breed applications, and see how one of the leaders in this plug and play field connects to applications you already use by visiting the Intacct Marketplace.

Wipfli/Brittenford has designed a multitude of solutions that leverage Intacct to help organizations do more, make informed decisions, and work more efficiently. Whether that’s our solution for Private/Independent Schools that allows business managers to simplify the student management process, our award-winning Concur Connectors (ExpenseConnect/InvoiceConnect) which simplify the expense management and invoice payment process, or our check fraud prevention system (PositivePay), we have worked with Intacct to design products focused on the end user. Contact us for more information.

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