Caching data in Drupal 7

For a project at work we're working with a bunch of api's for this one application we produce. Through this experience i've had to create methods of caching for it so that we're not constantly hitting API endpoints when we don't need to necessarily.

First in my module i've created a my_module.install file which will include a hook_schema() implementation. This is where we will be creating the new cache table.