Sensors can be found in just about everything thanks to the advent of IoT devices. IoT and M2M have become very popular topics of discussion lately. Many people predict that the hot trend will lead to new markets and opportunities being created, along with an increase in business efficiency. However, there is still the issue of tackling the challenges of monetizing IoT devices.
What’s Next for IoT?
We can already see how early IoT adopters are riding the wave. Industries including transportation, healthcare, utilities, and others are making use of IoT to great effect. Smart cities are an example of where IoT sensors are being used to monitor traffic and street lights, parking lots, and even the water supply.
However, it will still take a lot of time and money to bring the technology to a level where customers see enough value to pay for it. Given how much investment is required – beginning with the individual device, to the communication infrastructure, through collecting and analysing data – there appears to be a major dilemma that must be solved before the financial benefits of the technology can be reaped; what will the return on this investment be?
Of course, the quicker people can expect to have a return on their investment, the more willing they will be to continue their investment. However, if the return takes too long and isn’t very much, then there is less of a chance that investment will continue.
IoT is still in the early stages; meaning that there aren’t really any proven business models or best practices just yet. With this in mind, it becomes even more essential for a company entering the market to have their own flexible and affordable billing solution that can be adapted to any sudden changes in the future business models.
A Beacon of Light in the Uncharted Waters of IoT/M2M
FlyBilling Cloud offers businesses an affordable solution that can handle these challenges. As most devices will be connected through SIM cards via communication service providers (CSPs) or through mobile operators, the real dilemma will be whether one should engage a single operator and benefit from a low penetration price (which would mean becoming dependent on that provider in the future), or engaging with multiple operators; thereby potentially increasing charges, but keeping flexibility.
FlyBilling Cloud is designed to support a range of data formats from a range of different sources. It gives companies the power to choose their own preferred path and make adjustments to their engagements quickly and easily.
Another big question is how to choose the right charging model. It’s not possible to predict the potential costs and risks of the new technology. As such, companies providing services related to IoT or M2M need to ensure they improve their profitability while satisfying their customers. They must also be able to address the changing needs of subscribers through flexible, content-rich plans.
With the help of FlyBilling Cloud, you will be able to define an infinite number of charging plans, combining base-fee plans, usage-based plans, metered billing or any other parameter of your choosing to meet the needs and expectations of your customers.
Because FlyBilling is designed and built on open-source, scale-out, and takes an affordable approach with “pay as you go”, it’s designed to support companies of all shapes and sizes tackling the rapidly growing IoT market – whether they are in the seed-stage or have fully matured.