July 2022
Beginner to intermediate
47 pages
1h 2m
English
Content preview from API Strategy for Decision Makers
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Chapter 1. What Is API Product Strategy?
As the report title suggests, this report covers application programming interface (API) strategy for decision-makers. In an era of APIs everywhere, it is no longer enough for a company to simply have an API. APIs must be planned and designed properly to achieve product-market fit. That means it is essential to have a vision and a plan to make sure the APIs you are offering to your target audience are solving important problems and adding value for both you, as an API producer, and your API customers.
The 2021 edition of Cloud Elements’ State of API Integration report pointed to a series of statistics on the advantages of a well-planned and implemented API strategy. Over 44% said it increased speed in meeting line-of-business needs, and 40% identified increased innovation as a result of their API strategy.
While this report focuses mainly on the work of designing, implementing, and managing external API products—ones designed to meet the needs of external customers—the basic elements can be applied to internal efforts as well. The recommendations here apply both to companies that already have an established set of products and a culture that supports them (we refer to them as established enterprises) and to digital natives—companies that focused on an API product from the start. While the path to success might be slightly different, the goals are the same: creating and executing on a coherent product strategy for APIs.
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