Pioneering B2B Transactions with REST APIs

When it comes to the realm of business operations, optimizing processes is essential for efficiency and growth. REST APIs (Representational State Transfer Application Programming Interfaces) have emerged as a key technology in B2B transactions as a mean of standardizing data exchange and process automation, in simpler terms a cleaner way for applications to communicate over HTTP.

What is an API ? 

An API, or application programming interface, is a set of rules or protocols that enables software applications to communicate with each other to exchange data, features and functionality.

Understanding REST APIs

A REST API (also called a RESTful API or RESTful web API) is an application programming interface (API) that conforms to the design principles of the representational state transfer (REST) architectural style.

REST APIs communicate through HTTP requests to perform standard database functions like creating, reading, updating and deleting records (also known as CRUD) within a resource.

For example, a REST API would use a GET request to retrieve a record. A POST request creates a new record. A PUT request updates a record, and a DELETE request deletes one. All HTTP methods can be used in API calls. A well-designed REST API is similar to a website running in a web browser with built-in HTTP functionality.

One of the significant challenges faced by companies is the manual handling of Order-to-Cash processes and its sub-components-Order management, Billing dispatches or e-Invoicing, Receivables Management, Internal Collections & External/3rd party collections

The Order to Cash process extends all through request creation right up until payment collection.

REST APIs are key to automating and streamlining this, REST APIs can ensure businesses will have real-time communication between your systems, and automate changes to inventory levels, processing orders or generating invoices. Its result is a better O2C workflow that requires fewer manual tasks, which in turn means less room for error.

According to a 2023 report by Forrester Research, “52% of companies report that integrating disparate systems remains a significant barrier to achieving digital transformation.” Furthermore, a study by IBM highlights that “businesses using REST APIs experience a 30% reduction in operational costs due to streamlined data exchange and automation.” These statistics underline the critical role of REST APIs in improving business efficiency and reducing costs.

If you would like a deeper dive into REST APIs, check out IBM's REST API page here.

Streamlining B2B Transactions

REST APIs Support Various B2B Transactions-Businesses can streamline a large number of operations involving interaction for the stakeholders having varied discussions within an enterprise which are :

·      Order Management: Utilize API calls for automated order placement, receipt and acknowledgment. This well phase out now manual data entry errors and quickly increase the speed of order fulfilment.

·      Inventory Management - APIs can provide real-time information regarding the trading partners’ inventory levels helping in keeping sufficient stock availability and avoiding time lags.

·      Invoicing: self-service APIs for sending and receiving invoices between systems to reduce days sales outstanding.

·      Payment Processing: This includes setting up payment gateways, so your APIs can process and make secure online B2B payments efficiently.

Securing Your B2B Interactions

The single most effective way of guaranteeing secure B2B transactions is to have very strong API authentication. Common Techniques and their Special Advantages

·      Basic Authentication: An easy method of using only username and password for the API fetch. But a basic authentication in plain text is less safe for such sensitive data.

·      API Key (Security): Convenience and additional security to access into your system using an unique API key. This technique is efficient if your application has only one user.

·      OAuth2 with mTLS (Mutual TLS): The most secured combination of OAuth 2 token and mutual server-authenticating client-certificate based heightened layer of protection. This is the best approach for high potential businesses like B2B.

Unveiling the Power of IBM’s Inflight Tool Reporting

In the modern era with IBM B2Bi SaaS providers have debriefed "what if and inflight features reporting dashboards," which provide you a real-time snapshot of where your b2b transactions are standing. This empowers you to:

·      Real-time Progress Monitoring: Monitor the progress of your API flows, from end-to-end and deal with bottlenecks as they arise to be processed on time.

·      Discover Errors: Know exactly what errors are hit during transaction processing with instant diagnosability.

·      Power Your Business: Make intelligent decisions by leveraging historical data to uncover trends and optimize your B2B workflows.

Ready to Take Control of Your B2B Transactions?

Watch Replay for our webinar to dig more into REST APIs and B2B Transactions. Register for our next webinar to learn more about how REST APIs can help you modernize your B2B transactions. Learn setting up API flows, authentication methods and the new features in IBM B2BI SaaS.

Reserve your spot now to discover more about how REST APIs can boost your B2B capabilities. That presents an invaluable opportunity for businesses to be at the forefront of such advancements by streamlining their business processes even further.

Pioneering B2B Transactions with REST APIs - Watch REPLAY