API business strategy is a component of your overall business strategy, where APIs are positioned as monetizable business offerings. A strong API strategy enables creation of Digital Platform business models that exponentially increase the value of transactions by creating a network effect. It opens up adjacent business models (B2B, B2C, B2B2X) and allows leveraging of partners, enterprise customers, third-party advertisers etc.

The Underlying Principles

APIs are not technical components

They are to be seen as concrete business products

APIs should allow for efficient orchestration

APIs are moving parts that fit into one or more assembly lines for the creation of integrated wholes involving other APIs, legacy systems etc. Each such orchestration in real-time should render very specific functionality

APIs are not the agent of execution

They are keys to the door behind which the execution agent lies. Therefore, what lies underneath will have to be reviewed to determine if it is fit for purpose under the new expectations of use and interoperability that may be required

Implementation

An interactive, collaborative approach is needed to implement API Strategies through role-play. The three key roles involved are that of Beneficiaries, Enablers and Catalysts. The realization of the initiative may be entrusted to a team as depicted below:

What do we bring to the table?

Our API Business strategy services offer industry vertical templates and starter packs for Banking, Telcos and Energy companies. The industry vertical templates provide a reference model with the following artifacts that can be used as a starting point for customers to build their own business strategy:

• Business model repository that represent adjacent business models. Each business model is presented in the form of a Business Model Canvas
• Strategy playbooks for platform businesses tailored for specific industries
• Stock screen designs that represent customer facing use cases
• Enterprise Data model (entity diagrams with attributes and relationships)
• Key customer journeys and business processes
• Candidate APIs with their use cases for both internal and external consumers

Torry Harris can work with you to design your API business strategy, CONTACT US today.