Why APIs Matter
In today’s market, companies in every industry worldwide are assessing and deploying business API solutions. “2017 is quickly becoming the year of the API Economy,” Louis Colombus writes in Forbes Magazine. As more businesses are powered by APIs, it is up to today’s software architects to develop products that people want and need. Itemize Corp has stepped up to the challenge by developing a receipt-processing API, fully automated with proprietary Optical Character Recognition (OCR) and Machine Learning. The proprietary OCR and ML are part of a complex and intelligent core engine, and the API gives instant access to any business with documents to process. Itemize’s API is highly competitive – demonstrating speed, increasing accuracy, and completely eradicating human error.
An API (Application Programming Interface) is a set of programming instructions, standards, and tools for building app software. APIs are easy to build and easy to integrate, making them a popular and integral offering for today’s software developers. Over the last 50 years, APIs have grown from solely being a framework for delivering content to becoming a channel of communication between computers, the backbone of the internet, and the pathway to unlocking and extracting data. “Today, APIs rule the industry,” says Hitesh Chitalia, VP of Technology at Itemize Corp.
Developers today build and promote APIs because they can be tailored to just about any use. “APIs are a great skeleton that plug into anyone’s app offerings. They are a standardized structure that the company can decide what they want to do with it,” explains Samantha Fisher, Tech Lead at Itemize Corp. Some APIs are more general while others are more specialized. The more general APIs are “motherships” that are the back-end that handle all processes. Specialized APIs, however, are built to perform a more specific task.
The API developed by Itemize is specialized. It focuses on document extraction specifically from receipts. Itemize Receipt OCR Data Extraction API automates granular receipt data extraction in less than 30 seconds, with a 95% success rate. As Fisher notes, “everything these days is about the ‘now.’ In response, Itemize’s API allows for a quick data-in-and-data-out-transaction.” Itemize powers expense management companies, enabling them to deploy the API as a component of their own expense applications. By doing so, these companies eliminate manual data entry and provide their customers with a faster and more accurate user experience without building all the complexity into their system. “We’ve done the hard work of unlocking data by building the best system out there to get companies the data that they need,” explains Chitalia.
As Fisher says, “APIs are not the future; they are the present.” And there’s not a company that is more on its toes than Itemize.