The Benefits of Real-Time Data Checking Using APIs

The definition of ‘real-time data checking’

Not so many years ago, one of the lenses that businesses used when looking at new technology investments was assessing whether a given tech solution would give them an edge over their competitors. Now, in today’s fast-paced, ultra-competitive world, getting a competitive advantage from technology is an expectation.

In part, this has been driven by the proliferation of apps and software tools that utilize an Application Programming Interface (API) to allow for integration with other complementary third-party technologies.

This allows data to be securely and pretty much instantly shared between applications or platforms which might otherwise be seemingly incompatible.

One key use case of API data sharing is real-time data checking. To understand and fully appreciate the value and benefits of using APIs for real-time data checking, it’s important to understand what the expression ‘real-time data checking’ actually means.

Essentially, it is the process of using APIs to continually and automatically check for updates of specific data. Some common examples include monitoring stock prices, weather, or social media mentions. When applied for specific business purposes, API real-time data checking allows enterprises to quickly and easily stay up-to-date on the latest information, which is often crucial in making decisions and taking action.

API data checking Vs. Data export and import

By automatically monitoring data in real-time, enterprises can quickly and easily identify trends, patterns, and anomalies that may be important. This can help them make better decisions and take action more quickly than would be possible with manual data-checking processes.

Typically, this might take the form of manually exporting from a source system and then manually uploading a static .csv file to the destination system to allow the checking process to take place. This can only ever provide a snapshot, of the moment when the data was exported. In a fast-moving, dynamic business environment, it is out of date before it is even uploaded.

The benefits of API data checking

• Insight, analytics and decision-making
  API-based data checking also enables enterprises to obtain better analytics and a deeper level of insight. Today, many large organizations have started to rely heavily on real-time data checking to identify patterns and trends in the data they are monitoring, making it easier for them to make data-driven decisions. With the use of proper APIs and analytics, businesses can improve their forecasting capabilities, leading to a better understanding of market trends and customer needs.
• Processing efficiency
  Besides the continual stream of fresh data provided by automated real-time data checking, it also brings many additional benefits. This method of data sharing between systems brings increased efficiency while also allowing for greater flexibility and scalability. With APIs, organizations can access and process large amounts of data in real-time without the need for manual intervention or expensive data processing systems. Additionally, APIs can be easily integrated into existing systems, which can help organizations improve their overall data management processes.
• Secure data exchange
  Another huge advantage of using APIs for real-time data checking is increased security. APIs provide a secure and controlled way of accessing data, which can help organizations protect against unauthorized access or data breaches. This security feature is especially crucial in industries such as finance, healthcare, and e-commerce, where highly sensitive data is frequently exchanged.
• Cost reductions
  Finally, using APIs for real-time data checking invites cost savings. By automating data collection and processing, enterprises reduce the need for manual labor and also avoid expensive data storage and management costs.

Get the benefit of real-time API data checking with APMatching

API real-time data checking is an important part of the technical architecture of our accounts payable solutions. Automating accounts payable with APMatching’s complementary solutions lets enterprises close the loop in AP.

• Invoice-Matching: Automating invoice processing
• Statement-Matching: Verifying AP ledgers
• Duplicate-Matching: Preventing overpayment

Take a personalized demo with one of our representatives, and we’ll show you how the software eliminates tedious, time-consuming manual invoice processing and automates duplicate invoice detection.

If you like what you see, we’ll give you full support so that you can more fully evaluate APMatching with a Proof of Concept (PoC), demonstrating how effective it is using your own data.