How to lead disruptive change in an evolving marketplace
The number of devices connected to the Internet of Things (IoT) will triple in the next five years. Already a billion dollar industry, IoT will grow much, much faster than the US GDP. Such a fast-growing industry presents enormous opportunities for those who know how to monetize services. Whoever monetizes fastest wins, and for go-to-market speed, you need an AMP.
What is the Internet of Things (IoT)? IoT refers to all the objects connected to the internet that didn’t used to be. Think of anything that’s considered ‘dumb’ compared to a smartphone or a computer: a pair of shoes, a water faucet, or a pump in a factory. IoT innovators add sensors and connectivity to these objects, unleashing a torrent of analytics and service possibilities never before imagined.
The Future of IoT: AMPs
Consumers are connecting light bulbs, microwaves, ironing boards, and other simple appliances to IoT. Commercial enterprises are connecting their buildings, air conditioning units, factory machinery, and anything else that can be optimized.
IoT service providers who connect the devices and work with the data face a complex challenge. What’s the best way to monetize the connectivity, data transfer and usage, and analytics of these new products and services? Furthermore, how can businesses package and rate these new offerings when IoT is evolving in real time?
Enter Agile Monetization Platforms (or AMPs). AMPs, the evolution of the modern billing system, seamlessly join all of the elements to automate the quote to cash process and enable improved collaboration between sales, marketing, operations, and finance.
Businesses can launch and maintain AMPs for a fraction of the cost of old, monolithic, on-premise systems. And businesses can deploy those AMPs in a fraction of the time.
How AMPs Enable IoT: Some examples
At BillingPlatform, we have seen it all. One of our customers put it best - “With BillingPlatform we have Velocity. Speed - with direction.” Our cloud-based platform gives our customers all the agility they need to innovate in IoT.
Have you seen the bike share programs in major cities? Well imagine you ran such a company. Your customers pay monthly, weekly, hourly, or per ride. You may provide unique incentives depending on where and when they pick up or drop off their bikes. Time, distance, frequency, location….
How do you manage through all of the variations and permutations?
AMPs absorb rider information and turn rider transactions into accurate, timely, revenue generating events for your company. Want to change a service, or add or delete an incentive? No problem. AMPs have you covered.
The real benefit? If the company’s needs - or the customer’s buying behaviors - change, those demands can be enabled and deployed in hours or days. Revenue leakage - or lost opportunity - disappears. And the customer benefits because they can interact how they want, when they want.
This transportation leader achieved a much lower cost of maintenance and dramatically increased organizational agility.
By automating the end-to-end process, and seamlessly integrating all of these components with BillingPlatform, this industry leader has been able to continue to blaze a trail of innovation, and realize increased efficiencies across all aspects of their operations, and significantly reduce change cycles.
The Bottom Line
Agile Monetization Platforms give IoT companies the power to create disruptive change. AMPs enable innovation in the IoT space without bound. And they allow companies to focus on maximizing value to the customer while limiting operational expense. How will IoT impact your market? Will you be riding the wave of innovation, or caught in the backwash?