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
![Business integration](https://thmedia.blob.core.windows.net/assets/blog/businessIntegration.png)
APIs are not technical components
![API integration](https://thmedia.blob.core.windows.net/assets/blog/apiIntegration.png)
APIs should allow for efficient orchestration
![API strategy](https://thmedia.blob.core.windows.net/assets/blog/api_strategy.png)
APIs are not the agent of execution
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.
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