Today the Internet of things (IoT) is focused primarily on services that record and relay sensory data; however, as all technologies evolve, so too will IoT services. As more complex business models emerge, billing solutions must be able to support the agile needs of a business as changes occur rapidly in pace with technology. Don’t get stuck with a one-trick billing solution. Instead, invest in a billing solution that can handle any business model, or combination of business models – including those not yet defined. Agility is key for the Internet of things billing solutions.
IoT can be defined as an interconnected group of uniquely identifiable devices that can communicate with themselves, their owners and control centers. Home automation, health monitoring and vehicle tracking are areas where the IoT is at work today. IoT services focused on recording and relaying sensory data simply scratch the surface if its potential. IoT services become much more interesting when more sophisticated applications treat things as agents empowering devices to autonomously trigger actions based off the date they receive and record. By programming these agents to act in alignment with complex business rules, businesses benefit from increased productivity from reduced intervention. Suddenly devices evolve from merely sensing and reporting environmental data or sensing and reporting their own status to devices that can carry out actions autonomously from pre-defined rules.
Internet of Things Billing Solutions
The vast reservoir of IoT service opportunities will inspire companies to investigate and implement significantly more complex business models to achieve personalization and differentiation. Pricing models will be forced to flexibly account for recurring and non-recurring transactions, long and short-term client commitments, service bundling along with multi-partner settlement. MetraTech is embracing the emergence of an XaaS reality, offering a metadata-driven billing and settlement platform that quickly configures highly customized innovative business models.
Looking for more info on MetraTech’s Internet of Things billing solutions? Keep reading about Internet of Things billing.