ROI of API Management
February 21, 2020

API Management Project: What You Need to Know Before You Start

ROI
Digital Transformation

Starting a new API management project? There's a lot you need to know in order to succeed.

The Biggest Questions Your API Management Project Needs to Answer

Some of the biggest questions you need to answer when starting an API management project are...

"What will this project do for our company?"

"What value will this project yield?"

Do you know the answers?

In the world of API-first strategies, these questions are common. You need to build robust cases to demonstrate business value. But this sometimes slows down projects. It can even change your initial strategy. 

But it doesn't need to. 

When you partner with Akana, we'll help you define the business value of your strategy. That's why we set out to establish critical industry KPIs and benchmarks. After nearly two years of research, we are excited to launch the very first comprehensive API performance indicators tool. 

The ROI of API Management

In the webinar below, we introduce you to key concepts of API ROI. This will help you answer tough questions from executives and prove the value of your API management project.

Executives Ask Tough Questions

CFOs and other C-suite leadership like asking tough questions before approving projects — and, more importantly, approving funding for new initiatives. 

What will this do to increase our profitability?

Why do we need this? 

What is this doing for us?

Why might your CFO be asking these questions?

There are two drivers.

1. History of APIs

First, there is the history of APIs themselves. Twenty years ago, APIs were seen as cool projects for marketing or sales. APIs and API management have since evolved. Today, APIs are critical controlling systems, reducing costs, and improving IT efficiency.

In the last several years, they have evolved further to the point of becoming mainstream in global business. CFOs and other executives, now know what API management is and why it is important. It has become a mission-critical strategy to avoid becoming overran by the competition. Netflix's disruption of Blockbuster serving as a poster child of what could happen.

2. Value of API Investment

Second, executives want documented proof of the value of this investment.

They want to know:

  • What the API management project will cost.
  • How long until the cost is recouped.
  • What is the business outcome today.
  • What is the outcome in the future.

👉 Become an Expert

 

API Management Project Research and Methodology

When starting on a new API management project, there's a lot of work you'll need to do in research and methodology. This helps you determine the business value.

But what if you could start your API management project the easy way, with the research and methodology handed to you?

That's why we created our API performance indicators KPI tool

Where the Data Comes From

We used a number of factors in our framework. We also drew on over twenty years of experience in API management — and our Fortune 1000 customer base across the world. 

Additionally, data was collected from key publications by industry thought leaders, analysts (such as Forrester), and Akana-initiated surveys and assessments.

This framework is viewed as a dynamic process, with the foundation being updated as the industry evolves.

How to Get Results From Your API Management Project

There are six key areas to pay attention to in order to get the right results from your API management project: 

  • Revenue Optimization
  • Time to Market
  • IT Efficiency
  • Security and Compliance
  • Operational Efficiency
  • Cloud Deployment

Some of the API performance indicators we measure in these areas include:

  • Cost and Risk of a Data Breach
  • Efficiency Targets Associated With Publishing and Documenting APIs
  • Reduction of Application Maintenance Cost Through Rationalization
  • Increased Revenue Due to Reduced Time to Market

Your Easy Path to Results

Take the easy path to results for your API management project.

Use our KPI tool to measure the value of an API management project to your business. We'll get started with a few simple questions now. Then an Akana expert will get in touch to analyze your data and deliver a detailed benchmark report. Plus, we'll share your potential business outcomes and key steps of your API strategy. 

Get started with your KPI analysis now, so you can prove the value of your API management project faster. 

measure api performance indicators