API Marketplace Q&A | How Do I Drive Greater Value with API Products?

📊 2024 State of Enterprise API Maturity Survey: https://resources.axway.com/build-api-marketplace/rpt-state-of-enterprise-api-maturity-in-2024-en?utm_source=youtube&utm_medium=social&utm_campaign=api_marketplace_lob_gc&utm_content=VB_Q_A_videos 📦 Dive deeper into the role API productization plays in a value-driven enterprise strategy: https://resources.axway.com/page/productize-api-marketplace?utm_source=youtube&utm_medium=social&utm_campaign=api_marketplace_lob_gc&utm_content=VB_Q_A_videos 🎥 Join a 30-minute live demo to learn how to get the most out of your APIs with a custom, turnkey enterprise marketplace: https://go2.axway.com/NA-WBN-2024-09-17BuildingyourAPIMarketplace_LP-AX-Registration.html?utm_source=youtube&utm_medium=social&utm_campaign=api_marketplace_lob_gc&utm_content=VB_Q_A_videos Video Transcript Hello and welcome back to our What's Next series on getting to the next step of your API journey with an API marketplace. We at Axway just published a survey of 600 IT and business decision-makers (https://resources.axway.com/build-api-marketplace/rpt-state-of-enterprise-api-maturity-in-2024-en?utm_source=youtube&utm_medium=social&utm_campaign=api_marketplace_lob_gc&utm_content=VB_Q_A_videos), which found that many enterprises are struggling to secure their APIs as they continue to grow in adoption. Many don't even know how many APIs they have. Amid this unchecked growth, there are encouraging numbers that hint at a shift in how decision-makers are treating APIs, namely as business capabilities—an integral part of their go-to-market strategy. Axway VP of Catalysts Brian Otten joins us now. Brian, what did we learn about the level of enterprise API maturity? And more importantly, what will it take to close the gap between their vision and the execution of an aligned API program? Brian Otten: Thanks, Lydia. It's a really encouraging survey. The results are promising for those of us who've been talking for a while about the fact that APIs are not just technical integration components. We’re moving beyond that thinking and application of APIs. I call it "beyond API integration"—embracing these transformative components as real business assets. The results show this clearly. Let’s start with a big one: APIs are part of the go-to-market strategy for 99.5% of organizations. Leaders on both the business and technology sides understand the value of APIs as digital assets, and they’re making the shift to treat them as products. Products that go through a lifecycle with the right governance, not just one-offs or point-to-point integrations delivered as part of a project and then left unattended. That product-focused vision for APIs is becoming a reality, understood at the highest organizational levels. Another key takeaway is that 85% of organizations have dedicated product managers for their key APIs. That’s a huge shift. In the past, the role of API product management was talked about but not widely adopted. Now, we’re seeing it in action, even to the point where it’s not always an IT person filling this role. Sometimes, it’s a business product manager who understands that APIs are business capabilities, packaged for developers and delivery teams to build digital products and services more easily and quickly. Another important stat: 55% of enterprises say they're monetizing their APIs. That was surprising to me. Many start with internal APIs and don’t match them up with a commercial strategy, but over half of enterprises are doing just that. To achieve this, alignment between IT, business lines, and digital strategy folks is critical. Unfortunately, that alignment is often lacking, though it's acknowledged as necessary. One final point from the survey: 46% of decision-makers say they need stronger alignment between IT and business decision-makers to succeed. Adoption of APIs as products, with the proper management, governance, and control, is key here. This is where an API marketplace comes in—bringing together experiences and capabilities to deliver tangible returns. Lydia Defranchi: Thanks, Brian. We have another video where you dive deeper into how an API marketplace gives API product managers the tools they need to manage and market APIs. (https://youtu.be/HVj6b30MpqI?utm_source=youtube&utm_medium=social&utm_campaign=api_marketplace_lob_gc&utm_content=VB_Q_A_videos) And of course, download the report (https://resources.axway.com/build-api-marketplace/rpt-state-of-enterprise-api-maturity-in-2024-en?utm_source=youtube&utm_medium=social&utm_campaign=api_marketplace_lob_gc&utm_content=VB_Q_A_videos) for more takeaways to inform your own API strategy. Thanks for being with us!