The best business model is a function of technology and business process
I’m enjoying some of the great speakers hosted by the Ricardo Mobility Summit today. I thought Ernie Garcia’s (Founder & CEO of Carvana) response to a question, “What can the automotive industry learn from Carvana’s success?” was very astute. He called out that there have been big changes in both technology and customer preferences. He defined technology not just as code, software or systems; but also as process. Ernie observes that the best business model is a function of those two things: technology and business process.
The same applies to your partner API strategy’s success. If your technology includes sharing data with partners, and you’re building APIs that focus only on the latest tech (in the traditional sense of code/software) or YOUR INTERNAL processes or data needs – and NOT those of your dealer partners’ or, more importantly, the consumer’s, it’s time to rethink your strategy!