Monetizing IoT

Posted by admin, January 8, 2017

Most IoT providers require three components to establish an IoT offering:

- A device, typically sourced from a third party
- A network, which can take many forms:  wifi, cellular, satellite, etc.
- A portal, of which there are many portal platforms on which to build

The barrier to entry continues to lower as the first two components, devices and networks are somewhat commoditized and the portal platforms become more and more sophisticated, benefitting from significant market momentum.

As sophisticated as these platforms are, in support of capturing and analyzing data, they are not equipped to managed the complexities of monetizing this data.

As in most markets, as they evolve, the ability to adapt and align pricing with realized value will become a significant competitive advantage.  With IoT this realized value is the data and analytics derived from that data. 

From this standpoint, monetizing IoT requires 5 key functions:

- Metering and rating usage and other data sets while applying costs through flexible price plans.
- Automating the creation and management of invoicing.
- The ability to associate charges with a device via mac address, sim, imei, etc.
- Integration with portals to capture data – network portals, IoT portals, etc.
- Customer self-care for bill payment, usage reporting, invoice management and e-commerce.

Multiply these functions across hundreds of customers and thousands, or millions, of devices and automating these functions becomes a requirement to scale.

BluLogix was a first mover in this space as one of the first billing platforms to integrate with cellular network platforms like Jasper / AT&T and ThingSpace / Verizon.  BluLogix leveraged its heritage in the carrier and mobility billing space to easily transition into IoT.

While the business scenarios for monetizing IoT are very diverse the functional components are like the carrier and mobility space.  They key to successful implementation of BluLogix technology is, realizing this, and addressing it with our IoT Monetization Discovery process.

For more information on how BluLogix might be able to help your IoT business, please contact sales@blulogix.com or call 443-333-4100.