An API, or application programming interface, is a data delivery mechanism that allows for data from one source (EquipmentWatch in this case) to be embedded into the application of a third party. The major benefit to APIs are the following:
- Workflow efficiency gains
- Derivative products
The EquipmentWatch API, specifically, is an API composed of the same data points powering our web based product, used by thousands of companies in the construction industry. Here are a few benefits of using our API:
- For contractors, direct embed of cost data into internal systems to speed the cost recovery process or allow for more accurate internal charge rates to be created. Example internal systems include JD Edwards, SAP, HCSS, and Sage/Timberline
- For lenders/banks/finance companies, direct embed of values data to allow for much faster collateral valuation or residual value creation. Example internal systems include LeaseWave, SuperTrump and others
- For insurance companies, integration of the values and verification APIs allows for insured assets to be verified for model year accuracy, in real time, while getting the most accurate FMV/FLV in the market assessed instantly. Example internal systems include Insurity and Guidewire
How does one get an API implemented in their own organization?
APIs typically require executive support and require close collaboration with technology teams for integration.
How long does it take to get an API integrated?
The time to integrate an API into internal systems can be anywhere from weeks to 12 months or longer.
What’s the business case for API integrations?
- APIs can provide significant workflow efficiency, shaving 50% or more off the time of any specific task
- APIs most often extend access to all members of an organization, so as need grows in an organization, it’s an ideal way to extend large scale access at a lower per person subscription cost
- For third party software vendors, API integrations can increase platform stickiness, thereby increasing revenue and renewal rates