Apidays Singapore 2024 - Shift RIGHT to Better Product Resilience by Abhijit Dey, Axis Bank

API Productisation - Shift RIGHT to Better Product Resilience
Abhijit Dey Vice President - Product Head API Banking, WhatsApp and ChatBot - Axis Bank

Apidays Singapore 2024: Connecting Customers, Business and Technology (April 17 & 18, 2024)

------

Check out our conferences at https://www.apidays.global/

Do you want to sponsor or talk at one of our conferences?
https://apidays.typeform.com/to/ILJeAaV8

Learn more on APIscene, the global media made by the community for the community:
https://www.apiscene.io

Explore the API ecosystem with the API Landscape:
https://apilandscape.apiscene.io/

Transcript

1. API Productization - shift RIGHT to Better Product Resilience Abhijit Dey – VP Products – Axis Bank Ltd (India)
3. What we will cover today: 1. API Productization: What makes API a Product 2. API Product Managers: Roles and Responsibilities 3. API Product Manager: Unconventional PM 4. Developer Portal: Packaging & distribution point for API Products
4. Ideation Construct Growth Maturity Retirement API as a Product + API Productization: What makes API a Product
5. Evaluate the need to ideate a new product opportunity • Identify the problem statement • Discover the correct solution for the problem • Validate the solution and evaluate benefit • Defines: ◦ What problem(s) we are solving ◦ Who we are solving problem(s) for ◦ Why now is the right time to build this What makes API a Product? Ideation + Construct + Growth + Maturity + Retirement = API as a Product An API Analogy It’s the Discover stage, evaluation of each market needs or identifying the use cases that happened here. Solutioning problem statements with correct API, and mapping of available and to-be-built APIs done at this stage.
6. What makes API a Product? Ideation + Construct + Growth + Maturity + Retirement = API as a Product Build a Product Construct • Identify the product features • Write the ungroomed user stories • Validate the groomed user stories received from BAs • Identify stakeholders and create cohorts An API Analogy Once the discovery phase is over, APIs are already identified and need to be orchestrated to deliver a new product. APIs are being built in the AGILE method, and PMs are the SCRUM from each API product.
7. Make the Product a Market-Fit • Validate the end product before the market launch • Grow product awareness • Focus on customer experience • Design the growth strategy • Ensure conformance What makes API a Product? Ideation + Construct + Growth + Maturity + Retirement = API as a Product An API Analogy Every successful API enters to Growth stage, at this point APIs need awareness in the internal/external channel. For example, Netflix API was built over the internal network and got externalised via Gateway as a new product.
8. What makes API a Product? Ideation + Construct + Growth + Maturity + Retirement = API as a Product Monetized the product to make it profitable one • Scale up the product adoption by adding features • Adding use cases to make • Seamless onboarding and usage policies • Measure Success Metrics for the product • Multiple revenue streams for one product An API Analogy API is the new currency in the Digital Economy, where monetizing API is always a trendy affair. Creating a Success Metrics for each API is the prime task for PMs. Few metrics are: 1. API Success/Failure ratio 2. Revenue generation 3. Easy Onboarding and product manuals
9. What makes API a Product? Ideation + Construct + Growth + Maturity + Retirement = API as a Product Identify the SATURATION of the Product • Identify the demand and trend of the market • Versioning each product’s variances • Discover the Shadow or Zombie features of the product • Validating Product Strategy before the EOL An API Analogy API goes for End-of-Life once the demand or trend in the market goes downwards; sometimes technology plays a huge role. The inception of REST APIs has compelled many SOAP-based API products to sunset.
10. What makes API a Product? Ideation + Construct + Growth + Maturity + Retirement = API as a Product Why APIs are turning into a Product? • It has a complete discovery, build, growth and decline life cycle. • APIs are being monetized and earn revenue for orgs. • APIs have use cases, packaging and distribution • APIs can be retired, depreciated and regenerate as a new version. Productization of APIs is one of the key nuances of Digital Product Strategy
11. Define API Strategy Identify the target market, determining the API’s key features and functionalities, and creating a plan for API development, launch, and maintenance Manage Construct Oversee development, create and validate user stories and work in synergy with engineering team for timely delivery of the end product within budget perimeter. Identify Use Cases Identify use cases for the API and analyze how customers are using the API to ensure that it is meeting customer needs and achieving business goals Strategize Growth Identify the growth potential for each API, understand TAM and define Pricing strategy to make a complete API product suite. • Product-led Growth- Creating a funnel to grow the business by increasing adoption without a lead-based approach; it is cost-effective as it evolves around self onboarding model. • Community-led Growth- Creating a community of users to enrich organic content, use cases etc. It is effective as the developer communities are becoming stronger day by day. API Product Managers: Roles and Responsibilities
12. Documentation & Packaging Creating API documentation, externalizing those in developer portal to increase the adoption. API PM ensures a seamless onboarding for developers and users. Analytics & Performance Analyse and monitor API product performance post-GOLIVE, and revalidate the outcome with the agreed LTV. Identify the future scope of development by analysing the performance. Campaign & Outreach Planning marketing strategies with the help of the marketing team to reach maximum customers, validating EDMs, and media campaigns in various social, e-media platforms. Conclusion: API Product managers need fundamental product knowledge, with deeper understanding of core API management and API life cycle. API PM are accountable for strategizing the API First approach of any organisation which needs a strong hold on governance and development experience. API Product Managers: Roles and Responsibilities
13. API Product Manager: Unconventional PM The roles of product managers depend on the use case and growth focus of the product. Unlike other PM types, an API Product Manager needs to own the product through the entire lifecycle, beginning with discovery and ending with maturity and growth. The roles are like technical product manager but at some point, of time an API product manager needs to own up to the business discussions also. As an API product manager, you need to own the entire program from product ideation to development life cycle with the nuances of market launch being the responsibilities of an API product manager.
14. Open API Products Product Documentation Touchless Onboarding Supports & Analytics API Product Developer Portal + Developer Portal: Package and distribute your API Product
15. Open API Products Externalizing APIs into multiple product catalogues with use cases, standardized journeys for business users. Documentation API Documentation is the end product visible to consumers and it should be more interactive. Swaggers/RAML are the new-age tools that are been integrated with the portal. Seamless Onboarding Onboarding is the key differentiator and making it completely digital is the ask needs to be fulfilled here. Self-service onboarding in the staging environment is the future. Supports & Analytics Interactive support like AI-enabled Chatbots with tech support in different layers of integration makes the portal more interactive. API is no longer an Endpoint URL; it needs Packaging, documentation and a seamless distribution strategy for augmented adoption. Developer Portal: Package and distribute your API Product
16. /in/abhijit-dey-2958617/ Thank You! @abhijit9924 abhijit9924@gmail.com