5 Strategies for IoT Monetization
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Billing Platforms
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When it comes to monetizing the IoT, multiple billing options are available for companies including subscription, one-time, usage-based, tiered, threshold or rules-based billing scenarios. At the same time, many market segments are highly regulated and subject to both internal and external audits.
To maintain compliance and avoid receiving fines or legal actions by investors or customers, companies should turn to experienced, agile billing platform providers who understand what is needed to ensure that implementation schedules don’t delay revenue and that the process is done correctly. These providers should also offer flexibility in packaging, pricing and billing on a postpaid, prepaid or hybrid basis so companies can provide leading customer service in rapidly evolving markets.
It’s estimated that there will be 26 billion connected devices in homes and businesses by 2020 and that the Internet of Things (IoT) has a potential economic impact of up to $11.1 trillion a year by 2025. Although still in its infancy stage, connected devices are becoming the new normal, and the IoT is already proving to have a significant impact on the creation of new products and services across verticals such as telecom, transportation and health care.
As IoT adoption continues to increase over the next few years, new opportunities will arise for companies to track and measure how customers are consuming products and services. Companies looking to generate revenue from the IoT will need to transform the information from smart, connected products into services by offering the entire product as a service, or using the product’s data stream to engage customers with additional services.
To help companies understand how best to monetize the IoT effectively, goTransverse has compiled five strategies to keep in mind.
Related Topics : Blade Servers, Business Integration, Ethernet, LAN, Network Protocols
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