API economy is the driving force to
enable business leaders transform their organizations build new ecosystems, and
monetise assets in order to react the market challenges throughout the
digital transformation nowadays Imagine in the past decades if you had
some brilliant products or services probably opening a store would be your
only choice for introducing to the market However your business would be
limited by many physical limitations like location Call center being popular
in 1990s and tele sales used to be an effective channel for reaching out the
market. When it comes to 2000s with the blooming of Internet, you could easily reach out the entire world and promote your products or services through e-commerce. However the business model keeps evolving as technology advances, now the
business ecosystems is being reformed More and more people doing daily
transactions through mobile devices M-commerce being the trend. Another
research shows mobile games dominate almost 50% market share of in-app purchase. Facebook, Twitter or what so called social media being the biggest target
market segment. Partnership got redefine as now your business partner could be
someone from the entire different industry in this digital world Wearable devices capture all your daily
activities and engaged into your life Internet TV connects you to different
online shopping malls or games Your smart car reports your actual miles to insurance company from premium pricing calculation This new ecosystem creates
unusual user experiences and opportunities It generates huge demands
on mobility, digital marketing, big data and Internet of Things. And in fact, all
these are related to a new business model that is Omni Channel. It requires a very agile business operation in order to address the rapidly changing requirements from
different channels. Unfortunately most companies may not be able to achieve it
due to the heavy internal processes and systems. API is the technology to
enable a company’s commercial exchange of business functions, capabilities, or
competencies as services in order to support Omni Channel business
under the new ecosystem. Who’s doing API? In fact, if you have any needs on mobile strategy, enriching your omni channel business expanding your market share coverage,
introducing new business models speeding up your partner acquisition, providing value-added services, monetising your assets or services provided, or branding
your products, services in social media then you shall consider how to start
your API journey The API economy value chain is talking about to expose the company’s valuable business assets as API for internal users, business partners, or third-party developers to consume the usage.
Developers and business partners can base on the API you exposed to create
innovative applications or provide value-added services, in all means to
provide delightful experiences to your customers Next you may ask what is the business
returns from API investment? Of course initially you can provide your API services for free to create demands and build your user community. Next you may consider to charge the API consumers base on their actual usage. Another option is to have
revenue split with your business practices who’s using your API services for dollar transactions. More important, it is an intangible asset allows you to unlock
business opportunities l in digital transformation. For building your API, you shall consider
whether it is designed for public access, dedicated for business partner
use, or limited for internal access. However, it is always a good practice to
start building your API for internal use first. It is the common API journey to go
through So what you need for building your API
journey? Basically it consists of four key essential components: first, design and create your API; second, publish and promote your API to developer community; third, secure the consumption of your API; and forth, manage the usage of your API Now you know what is API Economy
about. To be or not to be, that is a question to you. Whether you decide to
ride on the API Economy and to be a disruptor for leading your competitors;
or to sit back and miss all business opportunities in the digital
transformation era, it’s all subject to your own decision

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4 thoughts on “API Economy”

  1. Jason wonderful work. It will be great if you could avoid the music, it not supporting the audience at all. Good Luck

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