More than a decade on, the API economy continues to boom. As digital transformation sweeps organizations of every size in every industry and API-enabled digital channels like smart home devices become mainstream, the importance of APIs in people’s everyday lives is only increasing. However, just as the original gold rush that ballooned the population and wealth of San Francisco had devastating consequences for California’s original inhabitants, the 21st-century digital gold rush for which Silicon Valley stakes a major claim also has its collateral damage.
Consumer technology moves fast. What’s shiny and new one day can quickly become a relic of the past when the next innovation or iteration comes along. Unfortunately, enterprises don’t have the luxury of simply plugging and unplugging technology into their digital ecosystem the way we as consumers unplugged our Sony Walkmans in favor of iPods and iPhones. This is especially true as we look to artificial intelligence (AI). AI has the potential to produce game-changing business outcomes based on data stored in legacy systems—if enterprises can figure out how to make it work.
One of the most important parts of an organization’s API ecosystem is the community of developers who build applications that consume its APIs. The success of an API strategy often depends on understanding the target audience of developers for your APIs, identifying their different sub-groups, and then consciously growing the community.
As the API economy matures, not only are more and more companies publishing their digital services through APIs; an increasing number of organizations are working together to deliver API-based products that are mutually beneficial for themselves, and valuable for their collective customers.
As more business people become exposed to the API economy – the idea of turning business capabilities into APIs that are subsequently monetized in some way – they often race to the most obvious question: What should my strategy for the API economy be?
There’s no doubt that today’s businesses are under increasing pressure to innovate faster. Looking to deliver innovative offerings at an accelerated pace to meet ever-evolving customer expectations, many are turning to modern development models underpinned by the cloud, microservices architectures, and containerization technologies.
In 1989, when Jan Carlzon, the now former CEO of Scandinavian Airlines (SAS), published his bookMoments of Truth, he posited that a customer’s journey with any organization involves an untold number of seminal moments, each of which possesses the power to make or break that company’s future with that customer. Yet, somehow, long after his book was published, if you ask anyone who regularly travels by air about their experiences,
When an organization uses APIs to build new products, new business channels, and new business models in ways that ultimately produce new revenue or other measurable value, that organization is often said to be “monetizing its APIs.”
When people and companies grow wildly successful, we often forget that they have the same number of hours in the day as everyone else. Yet, we often find ourselves speculating, how do they do what they do…and how do they do it so well?
MuleSoft provides the most widely used integration platform for connecting any application, data source or API, whether in the cloud or on-premises. With Anypoint Platform®, MuleSoft delivers a complete integration experience built on proven open source technology, eliminating the pain and cost of point-to-point integration. Anypoint Platform includes CloudHub™ iPaaS, Mule ESB™, and a unified solution for API management™, design and publishing.