Technology continues to advance rapidly thanks to the improvements made in connectivity and networks. There has been a recent global trend that is disrupting just about every industry emerging as a result. That is smart devices connecting to the internet. This Internet of Things (IoT) as people call it can affect B2B and B2C service models and is becoming a part of daily life around the world.
It’s obvious that there is plenty of potential to capitalise on the trends created by having billing systems and service management that is capable of billing and managing the frontier of the Internet of Things.
The IoT represents the opportunity for a company that is agile enough to get in on the trend early. Billing has become a critical factor in supporting the IoT.
The IoT has created different ways to create a unique monetisation model provided you’ve got the flexibility and the agility to really make use of them. Today we’ll be looking at two of the ways the IoT has changed how things are monetised but also made it easier to automate the management of products by connecting them to the internet.
The IoT Makes Green Transportation Easier
There is an alternative transportation company that rents out bikes in eight countries and all of them use IoT technology to keep track of inventory and use to properly bill customers.
Every bike has their own unique identifier and has sensors transmitting data and status notifications. As such the company knows when their bikes have been accessed, when they have been used, and how they have been used. The information is then transmitted to a cloud billing and customer management system to keep track of the billing, credits, entitlements, and charges for a customer in real-time based entirely on their live usage of the product. The information can also be used by the company to learn more about which routes are being used and which ones aren’t; allowing them to make use of the data through offering incentives and discounts to customers to use the lesser-used routes.
The kiosks integrate with FlyBilling using REST web-services in order to manage entitlements and process payments. Metrics such as consumption, availability, and customer eligibility are all tracked and accessed in real time with a cad swipe. Intelligent kiosks can detect if the customer has enough funds and can track their rental history and riding behaviour in order to avoid any potential damage or theft. The bike would be released for an approved customer and their use o the bike would then be tracked against their account.
FlyBilling has centralised management and communication through a single cloud system and has replaced many different specific billing and information systems. It consolidates multi-currency, multi-tax, multi-lingual, and multi-time zone service management. It also has the ability to cross-sell, up-sell, and offer time-based discounts to specific subscribers. All the customer and service data collected can then be accessed and managed across different countries through a single application. FlyBilling is flexible enough to offer region-specific rules for payments, languages, pricing, taxation, and currency. This dramatically reduces the cost of maintenance; automates customer service and entitlements, and improves business agility.
IoT and In-Flight Entertainment
FlyBilling is also used by an in-flight entertainment provider offering their services to private and commercial aircraft. They use IoT to monetise how people use their broadband satellite service and their network traffic while also maintaining their equipment inventory all in real-time.
FlyBilling is capable of rating all sort usage events. As such it can invoice many different dimensions of service data by the specific amount a customer uses. The application interface and configurable data model allow providers to track and report usage, along with managing the details about a specific customer’s specific device. This includes when the device moves between people and planes. The data from the IoT devices can then be reported to provide the company with a complete view of where their products are and how they have been used.
Thanks to the Internet of Things and FlyBilling the company has a complete device management and monetisation solution that improves their agility while also streamlining how they manage and track their expensive satellite devices.
FlyBilling as your Cloud Billing
These are a few examples of the many ways that managing and monetising products and services can be changed by IoT to create new and innovative business opportunities. However, in order to truly capitalise on these capabilities companies will need to employ agile and flexible cloud billing platforms that are able to integrate and monitor the evolving world of device usage, as well as quickly come up with new ways to conduct business and offer products, along with monetising these new products.