How API Will Transform Your Business With Global Trade Data Integration?
26 May 2023
In the technologically advanced world, we are following in the footsteps of a tech-savvy way of doing business. Businesses are transforming by indulging in the footsteps of the new technological advancements being introduced by the pioneers of any particular industry. One of the advancements businesses are taking advantage of the data is through Application Programming Interfaces (APIs). APIs are shaping the industries and the way businesses are strategically executing their business operations and building work models to generate revenue.
What Is An API?
An Application Programming Interface (API) is a type of software that allows the application of one organization to communicate with the system of another organization. This helps in sharing the required data between both organizations with ease and a level of security.
Application Programming Interface is not a new technology that is being developed recently, instead, it is a kind of business application that has been developed way back in the 2000s, while its history dating back to the years of 1940s-1970s.
APIs are particularly important for B2B communication where one is looking for a business model tailored to their specific needs and requirements, allowing seamless integration of appropriate datasets into their applications without needing to have any physical exchange.
How Does It Work?
The model and mechanism of APIs work on building a bridge between the business model of one organization and the application/software(s) of another organization. The bridge allows the seamless integration of requirements with specific codes, which allows processes to take place.
Requests and Responses – a simple pattern of communication in an application programming interface that initiates the model of the data integration process. The specific codes designed enable the application to set up a model for exchanging specific information with another party.
The process of data integration through Application Programming Interfaces (APIs) can be understood as –
● Connection With Business Systems
The integration of data begins with the first step of initiating communication with the other party’s systems and applications, allowing the integration of data in the next step. Our system connects to your business systems to allow the integration of crucial trade data.
● Setting Up The Data Integration
The second step is to set up an integration process of our import-export data into your business’s application. With the help of cloud computing, our API system will set up a connection between your system and our database to make way for data transfer.
● Database Access In Workflow
With the data integration between your system and our database handling system has been established, your workflow will begin to reflect the changes to be taken place as per the communication of both the systems, your requirements, and usage of the APIs.
● Pricing As Per The Usage
The pricing structure allows us to calculate the amount of data transferred into your system through the use of Application Programming Interfaces (APIs). It defines the pricing structure as a “Usage-Based” model, which means you will only pay for what you use.
What Are API Benefits?
Businesses from different backgrounds and sizes take advantage of the APIs in different ways that can differ from business to business, including their work model and daily business operational requirements.
The basic benefits of using the application programming interface can be in the form of:
● Faster Communication
The data integration of global import-export data gives instant access to our comprehensive database of over 190+ countries and allows a quick transfer of required information to evaluate the findings, strategize plans, and implement the ideas.
● Better Target Lists
Our database consists of a variety of profiles of different companies, ranging from small-scale companies to large multinational corporations. With the integration of data, you can access all the information on specific companies to identify potential prospects.
● In-Depth Details
With a wide range of information available in our database regarding the trade between countries, you can interpret the market trends, determine the market share and find better alternatives to find locations where you can conduct your business in.
● Thorough Analysis
Data integration of the global trade data will give you a competitive edge with an array of insights into the top-traded commodities and specific products. Analyze and interpret the metrics on the basis of HS Code and come up with ideas to build your own new product.
● Level Up Workspace
By allowing you to transfer the import-export trade data into your business’s applications and software such as CRM, ERP, including other business systems; you can build a customized workspace for your own and transform the way you work efficiently.
The multiple benefits that API brings to your businesses exist in a wide range of dimensions as you allow it and analyze, and finally how well you execute the strategical implementation. To better understand how our API system work and bring maximum results to your business, you can visit our website here and/or request a brief on our API system to know more about our Trade Data API.