torryharrisintegrationsolut-blog

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Torry Harris is a global leader in API Strategy, Integration Solutions, Digital Transformation Consulting, and API Management.

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Torry Harris is a global leader in API Strategy, Integration Solutions, Digital Transformation Consulting, and API Management.

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Top #business, #trade and #news publications: Business Standard, India Today, Business Today, Business Insider, APA-OTS, The Week, CXM Magazine, PTI, Yahoo Finance, Vestors Capital Magazine, Press Portal Germany, MarketWatch, The Street, IT News Africa, VAR India Magazine, Pittsburgh Post-Gazette, Daily Herald, IBTN9 and HT Media feature Torry Harris for winning “two important UK Digital Experience

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Torry Harris Wins Two Significant UK Digital Experience Awards

Top #business, #trade and #news publications: Business Standard, India Today, Business Today, Business Insider, APA-OTS, The Week, CXM Magazine, PTI, Yahoo Finance, Vestors Capital Magazine, Press Portal Germany, MarketWatch, The Street, IT News Africa, VAR India Magazine, Pittsburgh Post-Gazette, Daily Herald, IBTN9 and HT Media feature Torry Harris for winning “two important UK Digital Experience Awards (DXA).” Here is the link to the full coverage –

 https://www.thbs.com/news/torry-harris-wins-two-significant-uk-digital-experience-awards

 #THISisIT #DigitalEcosystems #APIManagement #Integration #DigitalTransformation #DigitalExperience #Awards #DXA

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Role of API Management in Digital Transformation

What Is Digital Transformation?

A key outcome of Digital transformation is in the creation of new business models and meaningful partner and customer ecosystems that allow a business to evolve with the times. Instead of trying to compete by bettering your existing products and services, digital transformation is about disrupting the norm and offering new services and products that transform your business.

Digital transformation is becoming a crucial boardroom discussion, with a recent IDC study proving that two thirds of CEOs place digital transformation at the heart of their business strategies. The process of digital transformation aims to automate, simplify and integrate systems in order to increase profits and streamline business through expanding ecosystems.

How does API management accelerate the creation of digital business ecosystems?

API Management is essential to digital transformation and is integral to providing seamless connections between digital assets. Whilst traditionally APIs have been thought of as functional assets that provide an easy interface for developers, they are now coming into their own as tools that can create new, innovative digital ecosystems.

When APIs are managed well, as products, they become tools to propel your business forward as they facilitate easy communication within and outside the business. Having mature, marketable APIs help other developers and partner businesses to access and integrate your data and resources for their specific applications thereby creating and expanding your digital business ecosystem. As APIs minimize barriers to change, they allow quicker product innovation and overall progress.

DigitMarket™ — a market leading product to accelerate Digital Transformation

In order to use your APIs effectively for transformation, your business may need products and services that help you create, manage and monetize them successfully. DigitMarket™ is a leading tool for simplifying the creation of digital ecosystems. Take a look at what you can expect from it below:

- One platform that lets you optimize, monetize and accelerate your digital transformation initiative

- Highly modular, out-of-the-box API Management capability with an integrated Marketplace to rapidly kick-start your marketplace business

- Ability to use the Marketplace component with other industry-leading API Management products such as APIgee, WSO2, MuleSoft, CA Technologies etc.

- Digit-IT services to assist you with securing the value of APIs

- Fast-tracks the creation of digital ecosystems

Why Is An integrated Marketplace and API Management Solution Like This Effective?

Common business challenges can slow down your enterprise digital transformation initiatives. As a result, the focus gets diverted from realizing your digital objectives to addressing these challenges. To name a few:

- Often, business leaders and people on the ground struggle to strategize and realize value from their digital transformation initiatives. Clear business objectives every step of the way, is the need of the hour.

- Publishing and managing APIs can require different platforms, unless these needs are evaluated upfront

- Scalability can hold businesses back, with delays in developing, testing and exposing APIs

A solution such as DigitMarket™ is effective as it helps address these challenges. It has frameworks to help you strategize. It provides aids for clear thinking when setting your objectives for the digital initiative you plan. It caters to the needs of multiple stakeholders involved in the API Management Lifecycle — be it engaging with your community of users on a forum, promoting and rewarding the usage of APIs to advocating best practices. It is a highly modular, cost-effective Marketplace product which you can seamlessly use in a plug-and-play model with other products you may have invested in.

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API Monetization, 3 Key Areas for a successful Digital Strategy

Businesses across industries are looking at ways to extend and enhance their digital business and service offerings with the help of external APIs. However, for better revenues and digital collaborations, businesses must make the most of their API Marketplaces or in more technical terms the “developer portal”, as part of their API management lifecycle.

A well-managed, robust API marketplace is a competitive advantage for enterprises to market their APIs. In this post, you will find three areas that will need your attention when building an API-driven digital ecosystem.

What is API Monetization?

It is the process by which a business can generate revenue by selling their APIs (Application Programming Interfaces). APIs are to be visualized as sellable products. Having well-established, marketable APIs help other developers to access and integrate your data and resources for their specific applications.

Most businesses are excited about monetizing their APIs. A word of caution here is to consider this monetization aspect in the context of your overall business objectives and your digital imperative.

Top three areas to consider for a successful digital strategy:

The Pricing

Simply put, APIs reflect the value of your business. Hence, the pricing strategy should be indicative of your overall business strategy. Consider where your APIs fit into the overall market, to identify the right pricing strategies.

Figure out whether you are using the APIs to generate awareness and increase user adoption, or if you are focused on boosting revenues. Depending on your goals, you can work out your enterprise API strategy, thereby helping to figure out the ideal pricing strategies.

Most companies use a mixture of different pricing strategies like:

Per Usage: Also known as pay-as-you-go. This is based on the number of API calls. For instance, you can charge “$X for every 1000 calls made by the customer.”

Tiered License: Also known as freemium, this pricing model allows customers to try out parts of your API and pay for advanced features.

Subscription Model: You can offer customers a weekly/monthly/annual rate for usage of the API.

Per Unit: Also known as the “per seat” model, this pricing strategy provides a certain number of key or developer licenses for the product.

Revenue Share: Let’s say, Company A uses your API and makes $X. The company offers a % of X as a fee for using the API.

Other pricing models include open-share, cost-savings, etc. Before you publish an API, you need to consider the pricing strategy you want to adopt.

Effective API Management – the Cornerstone for a successful Digital initiative

Generally, most businesses first publish APIs, then catalog and display these APIs using a developer portal. By doing so, the publisher of APIs can provide access to developers to explore the portal to find and discover appropriate APIs. The portal contains several APIs, and developers can filter APIs based on their type, category, and division.

An API management system is the foundation for a Digital Marketplace and consists of the following components:

An API gateway solution which acts as the API runtime and policy enforcement point handling rate limiting, throttling, and other security policies.

API security can either be provided at the basic level via the gateway or by using an Integrated IAM (Identity and Access Management) solution.

The developer portal acts as a digital catalog and helps developers discover, subscribe to, and test various APIs on the portal.

The publisher portal is the place where API definition, design, publishing, promotions and monitoring happen.

API analytics provides details of API usage and making the feed data available for API monetization.

Successfully building and implementing monetizable APIs, requires a strategic approach. It needs all the above components in place, along with the right organizational practices to make it a functional and profitable initiative.

Focus on API Analytics, expanding your Digital Ecosystem

Once you have figured out the basics of API management, you need to start growing your digital ecosystem. Having a robust marketing plan around your revenue-generating APIs is a must-have to bring awareness and increase usage.

API analytics help you identify the best performers, find out how partners and customers are interacting with your APIs. Use it extensively to gain insights so you can Upsell and cross-sell the right products at the right time.

By deliberating on the three key areas listed here, you can start building an effective digital strategy which drives expansion, creates new business opportunities, and helps you increase revenues.

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What is API Management

What is API Management?

Modern devices and applications communicate with each other with the help of internet communication tools and technologies. The devices either speak the same language or there are now translating functions, a common language that both parties can understand, to help them communicate with each other. APIs or Application Programming Interfaces function as software intermediaries which enable seamless communication between applications, devices and components.

With the help of APIs, businesses are able to better address the time-consuming and expensive process of integrating disparate systems. They can now easily connect and transact with the outside world; third-parties, partner channels and other businesses, thereby creating newer revenue channels.

While APIs have great potential, a solid API strategy is needed to get the most out of the APIs being built by businesses all over the world. A robust API Strategy, among other things should help a business determine how to engage with the API economy, which APIs to publish, API design guidelines such that it meets the needs of real consumers and most importantly, how it enables business ecosystems.

Role of API Management

API management as the name suggests, helps manage the entire lifecycle of APIs – from the initial planning, design and documentation of APIs to deploying them and tracking their usage till their retirement. The API strategy of an organization sets the context for API Management. The core functionalities of API Management include:

· Aligning with and understanding the API business strategy needs of the organization

· Planning the different components needed to build a strategic digital business platform that is envisioned

· Designing APIs as products, defining usage parameters, configuring pricing models & billing

· Enabling collaboration and communication between API providers and API users

· Monitoring and tracking API usage and consumption, providing the required support for robust consumption of APIs

· Providing Security, Integrity and access control

· Versioning and retirement

API management acts as an anchor to the organization’s digital platform objectives, while also centralizing the control of API programs, including their governance, policies, access control, analytics, developer workflows, and monetization.

Benefits of Using API Management Solutions

Most market-leading API Management products provide out-of-the-box functionality to address the different API Management needs of enterprises. A few stand-out in their ability to meet the strategic digital platform goals of an enterprise. One such is DigitMarket™ , a digital marketplace solution, which has the API Management component built into its capability, as an integral part of the offering.

A very practical use for APIs and API Management to an organization is in growing revenue through building platform ecosystems. DigitMarket™ does just that - accelerates the creation of platform-based ecosystems with an integrated API Management component. The solution is being used by enterprises for optimizing, monetizing, and accelerating enterprise digital transformation initiatives.

To know more about the DigitMarketTM API Manager component and the marketplace solution, visit - https://www.thbs.com/products/digitmarket

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Digital transformation is the integration of digital technology into all areas of a business. Torry Harris Digital Transformation Services - For a powerful network that is greater than the sum of its parts.

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Digital Transformation: Enterprise Digital Transformation Consulting Services & Solutions

Digital transformation is the integration of digital technology into all areas of a business. Torry Harris Digital Transformation Services - For a powerful network that is greater than the sum of its parts.

A typical DT initiative starts with interpreting the business model canvas and strategic goals of the customer. It then progresses to value-stream mapping, co-creating the capability roadmap and architecting a solution to achieve set objectives. Torry Harris brings a portfolio of industry-recognized products and 20 years of focused experience to accelerate customer digital journeys.

Torry Harris works with enterprises to increase their digital ability through comprehensive solutions that enable automated integration and accelerate marketplace business.

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Digital Transformation Conference

Torry Harris is a GOLD SPONSOR of #DigitalTransformation Conference – London. Meet team Torry Harris on May 15th and 16th to know about the all-new DigitMarket™.

DigitMarket™ accelerates your ability to become a Marketplace. It facilitates speedy on-boarding of providers and consumers, enables effortless transactions on your platform.

Know more - https://www.thbs.com/events/digital-transformation-conference-2019

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Torry Harris - a Leader in the Forrester Wave™: Specialist API Strategy and Delivery Service Providers, Q2 2019. Our top strengths were API business strategy, maturity assessment, program strategy, design guidance, design and build services, business technology vision, and its innovation road map.

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This episode of Mahiti, a tech-talk series produced by Torry Harris Business Solutions (THBS), features Srivastava C.M., Head of Digital Transformation initiatives at THBS. He explains the true meaning of the word digitization or digital transformation and highlights how integration is essential to realize such transformation. Srivastava says, “Digitization means smart integrations done in an automated manner, creating tangible value to the businesses concerned.”