APIs have become the connective tissue for the digital enterprise. From app development, to open APIs, to API-led integration, the adoption of best practices and success of your API program is a key indicator of your strategic success as a digital enterprise.
Enterprises are doing a number of things with APIs, including using them as an endpoint for application development, and as a new business model for B2B innovation. The combination of architecture and integration with a digital business platform is the key to successful API management — but only if facilitated through an API management platform.
APIs must be managed across their full lifecycle, from creation to testing, to publishing and securing, and measuring performance, all while maintaining robust enterprise governance over standards, controls, and access. The business of APIs is the other side of the coin to the internal app development use cases for APIs.
How do you turn API’s into products?
In order to treat your APIs like products, you must: manage the full lifecycle, collaborate with others in your organization, get developer feedback, have agile iteration, monetize them, and measure their performance. As a result, you will enable a digital platform within your organization, create marketplaces, achieve new partner models and revenue streams, and expand your channels.
Additional considerations are needed when attracting and engaging open ecosystem developers who are considering including your API services in their app or platform. Whether internal or external, the engagement between the API developer and their internal business leaders is key to establishing a symbiotic process of developing the right APIs that the business needs, and the APIs delivering on business KPIs, whether revenue or otherwise.
Ultimately, the entire API program must be measured to determine whether the KPIs are successfully achieved. This is key to solving API operational challenges, and determining the ultimate value of your APIs internally and externally.
To learn more about how your company can achieve these API goals, tune into our educational webinar featuring Cox Automotive, where we’ll dive into:
- API program best practices
- Distributed API management across user groups
- API-led integration
- The evolution to event-driven architecture
Cox will discuss their evolution to event-driven architecture that is driving better connectivity with their business units and strategic partners. We’ll also cover the ABCs of APIs, the API program lifecycle, use case demos, and visualized API performance analytics.