With the number of application programming interfaces (APIs) on the rise, technology and media industries are seeing a new set of business models for building applications emerging. But choosing and deploying the right API monetization model is tricky because most APIs have indirect business benefits and legacy financial systems that aren’t optimised for digital goods.
According to Gartner: “The term ‘API monetization’ refers to the generation of incremental revenue generated through APIs – directly or indirectly. The most common API monetization models are indirect. In an indirect monetization model, an API enables an interaction that delivers value to the API of the provider and the API of the consumer, as part of a larger business outcome.”
With Workday Financial Management, you get the flexibility to manage contracts, billing, collection, accounting and analytics all from a single system. It supports a variety of billing arrangements, including usage-based, subscription, time and materials, fixed fee, pre-paid, milestone, and more. And this flexibility helps you to iterate new pricing models for APIs with ease and confidence.
Download Gartner Research, ‘Choose the right API monetization and pricing model’, March 2019, by Saikat Ray, Mark O'Neill, Paolo Malinverno and John Santoro. You’ll learn how you can develop your API monetization strategy, and implement it in an agile and scalable way.
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