Many things need to be considered in the process of creating APIs.
Here are some suggestions on how to best approach APIs and related business opportunities.
✨Define business goals first
Before you decide if an API is a good idea, you need to understand your business goals.
When moving up or down the maturity curve, focus on what you're trying to accomplish and keep the API in mind from day one.
APIs are great tools for helping businesses get where they want to go, but only if they plan accordingly.
We've seen companies develop a data model that will enable them to expand their business but end up creating an API for internal use.
APIs are great tools for speeding up time to market and improving integration, but make sure you get the right one first.
While it's no longer enough to offer up data or other assets in a consumable format, organizations will need to provide the correct information at the right time.
Check out https://bit.ly/3ppQwl0
🌿Get buy-in from all departments
Developers aren't your only constituents when it comes to APIs.
It would help if you got everyone in the company involved to understand what you're building and how it will help sell your product or service.
The easiest way to do this is through a phased approach.
Build an MVP (minimum viable product) and put it in front of key stakeholders before investing more time and money into different versions.
Alternatively, you can build out different versions of your API.
You'll make some mistakes along the way, but don't be afraid to adjust the course midstream if things aren't working as planned
Check out https://bit.ly/3C67uZk.
💥Think big but start small
APIs often start with a single-use case that multiplies into more services that help drive innovation around the product or service.
For example, in the beginning, Netflix just had one API to let customers manage their DVD queues, but now they have several APIs that help drive much of their technology strategy.
🥢Don't become your competitor
Plenty of companies offer up multiple APIs for others to consume, which is great for everyone involved.
However, for every company that proactively builds and provides APIs, others build them in secret to release them only when they're ready to go to market.
Although these organizations may have good intentions, their nonshared API assets become a competitive advantage that locks other companies out of building similar services for customers
Check out https://bit.ly/3vyDXVv to further understand the impact of the emerging API economy on traditional and modern businesses.
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