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
APIs should allow for efficient orchestration
APIs are not the agent of execution
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.