Monetize Your API and Unlock New Revenue Streams With SoftServe
5 min readAs industries increasingly focus on digital transformation, businesses are recognizing the untapped potential of their APIs to drive new revenue streams. For one global water technology leader, turning APIs into a lucrative opportunity required the expertise of a versatile and trusted partner. That’s where SoftServe stepped in.
THE CHALLENGE
Our client, a leading provider of advanced water technologies and industrial pumps, had a clear mission — leverage their APIs and connectors to unlock fresh revenue opportunities. However, achieving this vision came with its fair share of challenges.
The company needed a comprehensive evaluation and development of an API strategy that worked seamlessly with its existing systems and infrastructure. They also required clarity on integrating disparate partner systems with their API management platform while ensuring the solution was business-ready and met real-world use cases.
To put it simply, they needed more than just technical support. They needed visionary consultation to turn their digital assets into tangible financial gains.
OUR APPROACH
At SoftServe, empowering businesses through custom-tailored digital solutions is what we do best. Our mission in this project was clear — identify API monetization opportunities and ensure the solution’s feasibility. Throughout the discovery phase, our cross-functional team took a deep dive into the client’s ecosystem to craft an efficient plan.
Here’s how we made it happen:
Comprehensive Analysis.
We conducted a detailed review of the client’s current state, identifying barriers, analyzing infrastructure, reviewing competitors, and assessing organizational culture.
Partner System Evaluation.
We assessed five partner systems to ensure their technical compatibility and readiness for integration with the client’s API management platform.
API Inventory Creation.
Our team compiled an API inventory, mapping out APIs from the partner systems to identify monetizable assets.
Platform Scope and PoC Development.
We defined the solution scope, identified KPIs, and delivered a proof of concept (PoC) for an API platform, which included three core experience APIs.
Comprehensive Monetization Strategy.
We introduced a monetization roadmap by defining the platform’s proof of value (PoV), enabling the client to connect their API initiatives with business outcomes.
For the technology backbone, SoftServe selected MuleSoft Anypoint Platform as the best fit. The platform offered the security, flexibility, and scalability the client needed to build a powerful API product. Our selection process was supported by an in-depth comparison matrix, ensuring every aspect of the client’s requirements was addressed.
To help the client communicate the API platform's benefits effectively, we created short demo videos showcasing its value for stakeholders, focusing on C-level decision-makers.
THE RESULTS
The partnership delivered significant value and positioned the client to achieve their API monetization goals. Key outcomes included:
A monetization scenario that successfully outlined how to enable new revenue streams.
A proof of value that demonstrated the platform's usability and helped secure buy-in from decision-makers.
A change management strategy that offered a streamlined plan to substitute legacy systems with a robust API-driven platform.
Support for multiple subscription options to ensure flexibility and scalability for future users.
The result? An empowered organization prepared for faster ROI and sustained growth through an efficient API monetization model.
START YOUR API MODERNIZATION JOURNEY
With the right API management solutions, you can unlock greater connectivity and accelerate growth. By shaping a clear and effective API business strategy, you have the opportunity to maximize value and achieve your unique goals. SoftServe partners with you, offering expertise and support to help turn your vision into reality.
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