Many business in past have demonstrated their API success.On the other hand, I have also seen failure of API. The lesson learnt from these observations are worthy.If a business have intelligent API strategy then it move towards success else it get back to the point where they are at beginning.
Business has to ask them-self : Private or Public or Partner ? All of them expose company’s data asset in varying levels. Company’s long term business strategy must guide to find answer to this question. This blog post throw some light on practical business possibilities with all of them.
Business starts it’s API journey with private API.
- They help to facilitate integration of the different application and system used in the company.
- They improve the internal operation
- Reduce the cost
- Make business decisions based on real-time data
Read my another blog post to understand Top 5 business benefits of private API
After private API has proved for itself internally in the company, business open up their API with 3rd parties
- They help them to discover new opportunity with their partners
- Add value to their service
- Allow key business data to be shared between the business or interested 3rd party
- Opens up a channel for up selling
Going public would be part of API strategy some businesses. In fact nature of the business force the companies to go public.
- They would increase the revenue stream
- They would help to reach larger audience and build traffic
- Establish open market to support a variety of business initiatives
It’s not either/or decision
Eventually, company may have to mix of private, partner and public API. However, being clear about the options allows to choose of proper approach for API that matches their company culture.