![]() ![]() APIs power this innovation by allowing for easy access to the necessary data for integrations to occur. If one software company can spend their time perfecting a product, (like project management software) while outsourcing less essential tasks to third parties such as payment processing, they can create greater differentiation in the market and as a result, produce a better final product. Today we see a new Industrial Revolution, with cloud-based software and APIs. During the first and second Industrial Revolutions, businesses became more productive and wealth became more abundant because production could be broken down into tasks, laborers could specialize themselves.Īmazing levels of productivity were possible because specialization allows less essential tasks to be deferred to others so that more essential tasks can receive the most amount of labor and time, leading to greater productivity overall. In economics, there is a very important concept related to technology: specialization. ![]()
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