Effective Business Development for In-Market IT Innovations with Industry-Driven API Composition

Businesses around the world are recognizing the need for continuous in-market IT innovations to differentiate their products and services with competition and drive business success. However, they find it difficult to invest and incorporate innovative solutions because, by definition, the innovations have not been field tested enough before to become off-the-shelf offerings and provide proven cost versus benefit business case. On the other hand, the providers of innovative solutions also face the problem of communicating business value while making their technology available for demonstration because they do not have access to the proprietary client data and business processes to estimate their technology’s impact on client’s dynamic environment and cannot part with the solution without adequate compensation for their intellectual property in the innovations. To resolve these twin issues, in this paper, we propose a framework to develop and incorporate innovative solutions in the context of industry business processes and metrics using (Web) API composition. We have implemented this approach into a prototype, and early experience shows that it is able to expedite business development for in-market innovations.