Ten Cool Companies That Are Monetizing IoT and How You Can Too!

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Tips for Monetizing the Internet of Things

  1. If IoT is about one thing, it is usage data – part of an IoT strategy should address deployment of a billing system that is capable of processing and centralizing an enormous quantity of data for analysis, to enable comparison of consumption to revenue.
  2. Bring the CFO to the table early for discussions on monetization - don’t relegate the “billing system” to a downstream “slave location” in the design process.
  3. Audit current IT systems for customer “touch point” fragmentation – if people need to share their information at more than one “touch point,” customers will leave for better integrated operations, despite your products and services.
  4. Determine if your systems can “push” information to other systems to automate broadcasts of critical data-state changes to external systems.
  5. Design for global implementation – variations in currency, language and time, and laws and regulations including compliance requirements across many different industries, privacy and data security standards and customer service protections, must all be considered as part of the strategic plan.

With growth in the Internet of Things (IoT) projected to be 26 billion units installed by 2020 resulting in billions of dollars of additional value for suppliers, the potential for revenue is there for those who develop successful IoT strategies.

“Soon it will be easier and easier for developers with killer IoT app ideas to get to market quicker than ever before, but these developers need to think early and often about their ultimate monetization strategies rather than tacking monetization concerns to the bottom of their to-do lists,” said Brendan O’Brien, co-founder and chief architect, Aria Systems.

“Monetization itself is often a market differentiator, sometimes more so than the core offering. To stay ahead of competitors businesses need to gain real insight into their customers' habits and adjust their monetization strategy accordingly, and quickly, to avoid premature obsolescence.” Ultimately, IoT provides more customer control over products and services (including devices and other physical assets) and more revenue opportunities for developers and manufacturers.

In this slideshow, Aria Systems has identified 10 cool companies that are already monetizing IoT and outlines some success strategies to help companies prepare for the imperative of IoT adoption.

 

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