Want IoT monetization success? You need extreme agility.
The Internet of Things has quickly emerged as a strategic transformation agent for all industries as they embrace digitalization. The move from a simplistic M2M world to a more complex IoT reality means companies are now finding themselves having to adjust to a multifaced ecosystem environment, where products are increasingly "servitized" and business conducted in an any-to-any relationship fashion.
While many of today’s IoT applications are deployed for operational efficiencies and cost savings, companies are setting their sights on IoT’s other major benefit: growing revenues. Flexible pricing for products and services, improved management of recurring revenue and enterprise contracts, and changing business models without constraints serve as a great competitive edge. However, few enterprise billing solution supports this fast-paced agility.
IoT monetization across the entire billing chain
The key to success in monetizing IoT lies in the monetization structure being able to support all business relationships and all levels of charging and processes across the entire billing chain.
Ericsson’s IoT Monetization solution was architected from ‘day-one’ to be metadata based – meaning it is fully service- and industry-agnostic, hence applicable to any business model and relationship.
With its billing-on-behalf-of and billing-and-settlement capabilities in one, Ericsson’s event-based IoT Monetization solution has been applied to a wide variety of use cases.
Automating billing at airports and in fare collection
One prominent example is Chicago’s O’Hare airport, where the solution automates the billing process for over 20 aviation and non-aviation business lines while reporting requirements within a single system for a full understanding of airport revenue streams. Another is smart mobility in the Netherlands, where multi-model fare collection is in use, providing commuters with one seamless payment mechanism across various transportation modes.
In an IoT world where success is dictated by agility, having a transformation partner with end-to-end capabilities, industry knowledge and a rich ecosystem is essential. When it comes to monetizing IoT, a sophisticated and extremely agile solution puts you ahead of the competition regardless of the services you launch, business models you introduce or ecosystem partners you team up with.
Check out report from Frost & Sullivan
And if you are interested in diving deeper into this topic, please download a report by analyst firm Frost & Sullivan on how to move monetization from a back-office necessity to a front-end business capability.
Or you can learn more about enterprise and cloud billing at airports in the video below: