Creating an Efficient API Ecosystem

The variety of analogies to explain how an API management platform works to the average person can be almost comical: from car engines to tapestries woven from fabric pieces – APIs have even been likened to magic. One of the most common and useful metaphors for what API products actually do is to compare their function to waiters in a restaurant. A thriving API ecosystem is similar to a well-run eatery with servers taking orders, running to the kitchen, and returning with the desired result.

With this comparison, the value of effectively managed API technologies is clear for protecting any company’s bottom line. Digital transformation will continue to dominate the year ahead, and companies should already be thinking about improving API management and integration. Just as you would create a business plan to open a restaurant, a rewarding and durable ecosystem will grow when you have an API strategy that aligns with your business goals.

API management platforms maximize the investment companies make into their digital transformations by equipping them with the tools for scale and growth needed to start their next chapters. If you’re thinking about what APIs can do for your business, here are our do’s and don’t for creating an efficient API ecosystem from scratch.

The do’s

1. Do think of APIs as products

Whether you’re developing for a company or as a freelancer, APIs are the face of your business – and first impressions count. Reliable and secure products are how to build a community of external buyers or internal users that will return because they trust your products and services. Trying a free demo before investing in an API management platform will help you start right – especially if you’re thinking about monetization techniques and joining the API economy.

2. Do identify your goals.

Before you begin developing your API, you need to decide what requirements it will serve, which architecture to use, and whether it will be for internally or externally. Decide what problems your API will need to solve and ensure your ecosystem is secure. Knowing your needs and devising a design-first approach API strategy as part of your business plan is our best advice for companies initiating or revamping their digital operations.

3. Do future-proof your business.

Building an API ecosystem from the ground up may seem daunting, but its long-term investment value is clear, and low-code collaborative platforms simplify upgrading. API technologies are a fast-growing sector, powering Web 2.0 and Web 3.0 developments, fueling the API economy, and turbocharging digital transformations in online services and global remote working spurred on from the pandemic. Companies that build and manage resilient API ecosystems from the beginning will find themselves at an advantage in a competitive market while slow-adopters are left playing catch-up.

The don’ts

1. Don’t forget API performance testing.

They say practice makes perfect, so the APIwiz platform’s Sandbox feature provides tools for greater API mock and function testing. API performance testing is critical to releasing trustworthy products that provide users with a frictionless experience. Complete overview and control over API automation and continuous testing from a single platform also make it easier to identify inefficiencies and improve lifecycle management.

2. Don’t reinvent the wheel.

Having one platform with standardized API documentation improves familiarity with your products. Standardizing templates, blueprints, and patterns for APIs help teams build collective knowledge and learn from past lessons. As a result, APIs are more predictable, making challenges faster to overcome. The best API documentation tool? Low-code platforms are instrumental in producing consistency for creating and accessing documentation.

3. Don’t underestimate the value of good governance.

Building an API ecosystem from scratch is an opportunity to ensure good governance at every stage of development. Whether you’re selling APIs externally or using them to collaborate within your internal digital ecosystem, a unified approach to API governance will only slow and complicate your business logistics and make progress hard to track. Good governance adds value by saving time and illuminating issues for both users and providers. The most important thing to remember when building an API ecosystem from scratch is to have a vision and know how individual APIs will contribute. API-centered thinking with a design-first approach means you can avoid creating an excess of APIs serving the same function and repeating poor coding that leads to recurring and time-consuming errors. Whether you want to monetize your external APIs or make internal improvements to online architectures, API management platforms are essential to maximizing your investment.

To see how APIwiz helps enterprises remain competitive today, and prepares you for future success in the API economy, simply book your demo.