Functions of an IoT Monetization Solution
Enterprises choose IoT solutions to reduce their operating and capital expenses and to add IoT to the products they sell to their customers. The former comes in the form of factory automation, fleet management, remote asset monitoring, and many more. Examples of adding IoT to the products are in-vehicle infotainment, connecte3d commercial-grade power devices, connected welding tools, and more.
For enterprises to make revenue, they need to find a way to capture data and charge their customers for new IoT services. It is more complicated than it sounds. For example, billing a customer for the type of new connectivity-based application and times it has been used is tough. In another scenario, it is tough to determine whether the product’s performance met a contracted SLA for power consumption over the last quarter. Enterprises’ legacy solutions can’t handle such complex scenarios.
IoT Monetization Solutions
IoT monetization solutions allow businesses to understand the magnitude of the IoT device, platform, solution, or application usage.
An IoT monetization solution gathers insights regarding customer utilization and behavior to find how the customer is treated, new services offered to the customers, and the way the solution provider interacts with the customer throughout the customer relationship lifecycle.
Rapidly defining and launching new IoT services and creating new revenue streams must be one of the functions of a leading IoT monetization solution. Furthermore, it must also enable enterprises to launch new services, provide IoT services flexibility, support service metadata, and manage bundled products and services.
An IoT monetization solution must be flexible enough to deploy models on a private cloud, on-premises, or on a multi-tenant public cloud. A flexible operational model must provide monetization capabilities such as platform integrations with IoT application enablement, connectivity management platforms, and device management.
Clear documentation for both developers and solution operators must be one of the functions of an IoT monetization vendor. Making the developer documentation publicly available helps enterprises to determine the right monetization solution to their business.
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