Steps to Monetize APIs to Grow Your Business

Eric Roch, principal of SOA and Integration Solutions at Perficient, recently wrote about the architecture needed to enable successful adoption and monetization in your API program. “APIs are a foundational technology that enables companies to participate in the digital economy,” wrote Eric. “APIs open up the potential for the creation of entirely new business models or the establishment of new primary channels for products and services.”

In his post, Architecture Needed to Monetize APIs, Eric draws upon the Harvard Business Reviews Article on the value of APIs in business strategy to point out the essential elements to build your API foundation:

1. API design and strategy
2. API management
3. API consistency and governance

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All of these elements must be executed purposefully for an API program to be effective and successful. To monetize your API management investment, that strategy must be built into the entire API life cycle, from design to governance.

Read Eric’s full blog post here, and also check out his post on crafting a successful API team.