Many IoT application enablers fail to win business because they can’t build an efficient end-to-end approach to monetisation that supports new charging models required for sustainable IoT business models.
There is no global standard in the way IoT applications are monetised, but there is a commercial trend for market viability. In our on-demand and rental society, IoT enables many ‘products’ to become ‘services’, which are then charged on a service outcome, subscription and/or usage model basis as defined by application value. With an obligation to billing-on-behalf and settling with multiple partners on new metrics, your monetisation operation suddenly becomes more complex and risky. And as a service enabler for many businesses, you have to offer this flexibility from deal to deal.
IoTMonetised is a dedicated solution designed to deliver and manage this complexity and agility for your business.
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You have already introduced an IoT platform from which to offer IoT application development and enablement services. You now need to complete your service offering by incorporating and operating a flexible monetisation capability which is different from traditional telco usage billing models.
The charging and settlement models you need are challenging for your existing monetisation solution. The combination of simple application charges and compound business rules is generating significant costs and timeframes for each IoT project. Subsequent settlement rules with suppliers and partners adds further complexity and risk.
Your business development teams are demanding more autonomy in defining the commercial proposition for each IoT application project, in which the value generated can be shared between multiple stakeholders. This autonomy is restricted so that your delivery and operations are not fraught with the high levels of cost, risk and timelines that would make your proposition untenable.
Whilst there are many large (>$100m pa), medium (>$10m pa) and small (>$1m pa) IoT opportunities, it is only feasible for you to target the larger ones, due to the high cost of running your operation. You cannot effectively support the larger volumes of medium to small IoT projects that make up the majority share of the projected $200 billion market (2025).
You don’t have the charging, billing, credit management, settlement and service provisioning skills or experience you need to run an assured monetisation service for the IoT applications you are building. This could result in inaccuracy, security and business exceptions that would be costly for your business.
The many collaborators and partners supporting your IoT application are demanding transparency and control over service revenues, usages and trends so that they can manage their businesses effectively. Providing enterprise-grade hierarchical controls, processes and access is not a core capability of your current tool set.
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Our solution integrates directly into your IoT platform using APIs. We configure and operationalise the IoT revenue models against the events sent by your applications. We share charges, notifications and insights against the consumer and partner accounts – so that you can provide a seamless, end-to-end customer experience. We look after network provisioning and control as part of an extended set of business processes for your IoT applications.
We deliver our capabilities within defined Service Levels Agreements, all as-a-Service.
Managing Director at eir Business
Our open integration and enterprise services approach delivers the following advantages
In collaboration with Heavy Reading, MDS Global conducted a survey of 110 global CSPs, probing their current and future strategies for IoT billing and monetisation.
Based on the findings of the survey, Heavy Reading have produced a whitepaper which outlines why the strategic approach taken by global CSPs to launch IoT services is proving important when shaping the development of propositions, specifically regarding the billing of IoT services.
