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What exactly are APIs – and why is this question more important than it sounds?

The term API is everywhere—in apps, in the cloud, in business meetings. But what exactly do these three letters stand for? And why is it so crucial to understand APIs not just technically, but strategically as well? APIs are products, building blocks of platforms, and enablers of AI—they are the operating system of the digital world.
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What exactly are APIs – and why is this question more important than it sounds?
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