Using B2B Connectivity To Fuel Growth
From tech tool to business asset, organizations are using B2B connectivity to fuel growth in different ways. Check out this McKinsey article on how organizations in the financial services industry are transforming their industry through B2B API Connectivity.
APIs make many online products and services possible for consumers. They also open up a wide range of possibilities for banks in financial services, fulfilment companies in logistics and many more eCommerce use cases. This connectivity has the potential to generate income growth from existing and new customer segments, improve customer experience, and energize innovation. To take advantage of this potential, organizations need to see APIs as not just a tech tool for software developers but an important strategic asset and mainstream business priority.
Even though the particular McKinsey survey is specific for banks, the five key dimensions in their survey are equally important to any organization looking to leverage connectivity as a business asset to fuel growth so we definitely urge organizations to take them into consideration:
Strategy. Are APIs and the solutions they can enable central to the decision making of your top management and a front-and-center topic for your business units?
Operating model. Have you created agile, cross-functional teams consisting of business and IT talent, as well as third-party development partners?
Technology enablement. Has IT adopted an open-source approach to development, including software development kits (SDKs), which make it easy for outside programmers to create and integrate applications?
Talent. Do your IT teams understand the strategic and business value of APIs? Do your business units have basic literacy around the technical capabilities of APIs, as well as an understanding of how they open up new revenue potential?
Go-to-market approach. Do you have a clear and comprehensive plan for the implementation of new products and services?
Itembase is already powering commerce connectivity use cases for the largest enterprises and the smallest merchants. From UPS using Itembase to power their commerce plug-ins to offer their merchants an easy way of integrating a wide range of UPS delivery services to Mastercard and VISA leveraging Itembase technology to onboard merchants and access detailed, Level III merchant transaction data.
Lets connect further on how you can leverage these capabilities to fuel growth for your organization.
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