What’s the Market Context for Developing a Winning API Product Strategy?

Overview:

This ADAPT Tech Trends sets out the market context for developing a winning API strategy. Based upon ADAPT’s national surveys with Australian, CIOs, CISOs and CDOs, we explore the essential outcomes, barriers and investments that can help to frame and articulate the value of driving your API initiatives forwards.

Key takeaways:

1. The priority to acquire and retain customers fell sharply since 2022 and now sits at the CIO’s number 14 priority. At the same time, just 27% of organisations are effectively capturing value (revenues, services adoption) from customers.
2. Digital order capture grew into 2023 before falling back this year. 47% of orders are now captured online. However, as only 68% of those orders are fulfilled online, the question is how – to the extent possible – effective API strategies can connect orders to fulfilment and thereby reduce this loss of value.
3. Demonstrating value to customers is crucial right now, given as they’re less willing or able to outlay on discretionary areas. But our abilities to cross-sell – to meet more of their needs and wants – has fallen 41% over the past 2 years.
4. Problems with data are the most pressing challenges to building world-class employee and customer experiences (CX, EX). Experience inconsistencies, evolving privacy requirements and decision delays are also key sticking points.
5. While organisations have strongly modernised the foundations, app connectivity has suffered a precipitous 33% fall over the past 12m. That’s a critical risk to CX and customer value.
6. A more open, modular and agile operating model – supported by effective API management – can help deliver value more effectively. As does evolving how cross-functional teams work to create that value across the organisation.
7. And while CIOs are prioritising investments for modernisation, integration and simplification, more aligned spend with CDOs can help to realise these intents at an optimised cost.
8. Those intents for cost optimisation are borne out in executives’ top value measures for their partners. Delivering change in line with commitments, where flex and shared vision at the core of the partnership are key to success.

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