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The Managed Service Provider’s Guide to Stronger Customer Relationships

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According to CRN, the managed services market reached $145.3 billion in 2016 and “will grow at a rate of 10.8% to $245.5 billion by 2021.”

As cloud computing technology continues to gain traction in the market, more and more organizations are turning towards Managed Service Providers (MSPS) to leverage expertise, improve security, cut costs and improve uptime. With increased demand comes a slew of competition, making strong customer relationships even more critical for today’s MSPs. Continue reading our guide for managed service providers to start building customer relationships today.

As the IT industry continues to shift away from traditional professional services towards cloud and Saas applications, MSPs must find a way to adapt their strategies. What was once a matter of selling physical products has now grown into something much bigger – Infrastructure as a Service, or, “a standardized, highly automated offering, where compute resources, complemented by storage and networking capabilities are owned and hosted by a service provider and offered to customers on-demand.”

How can managed service providers adapt to this shifting technology marketplace?

As a managed service provider, it’s your job to help your customers see the future and provide a way to help them reach those goals through technology. At the same time, you must stay committed to internal innovation. For MSPs, no two accounts are alike, so you must tailor your services based on the evolving needs of your customers. Adding recurring and usage based offerings to your portfolio will help your customers transform their businesses and, in turn, keep you competitive. In order to succeed in this space, MSPs must find a sophisticated billing solution that is capable of usage based billing.

When it comes right down to it, MSPs must keep their focus on value-added services and an up-to-date solutions stack.

CompTIA, the world’s leading tech association, is spearheading this usage based service movement for MSPs. Annette Taber, CompTIA’s vice president of industry outreach, had this to say about their recent Business Apps Council launch, “Companies represented on the council come from the ‘as a service’ world, with applications and solutions delivered via the cloud and sold to customers as subscriptions. But while their route to market may differ from traditional channel companies, we believe there are many opportunities for the two to coexist and cooperate. Our goal is to identify opportunities for collaboration and create the tools to make it possible.”

It’s an exciting time for MSPs. If you want to learn more about how our telecom billing platform can help you scale your managed services businesses, contact Rev.io at any time.

Exploring Mobility & Connectivity in 2017

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At Rev.io, we are passionate about the industries we serve and are always looking to keep a pulse on what’s next. Today, we will examine the current state of IoT connectivity and mobility, take a deep dive into what the future holds, and explore the potential implications for service providers.

A Brief History of Connectivity

In the late 1980s, a company called CompuServe introduced “CompuServe Information Service” (CIS), a new service offering giving users widespread access to what would eventually become known as the Internet. Personal computing quickly gained traction, ushering in a new era of connectivity. The 1990s brought 2G technology, faster connection speeds, the first SMS message, and wifi. And by 2010, the snowball had continued with the widespread adoption of broadband, cloud computing, social networks, and connectivity over cellular networks, paving a new path towards global mobility and a digital revolution.

Today, almost two-thirds of the world’s population have a mobile phone, and more than half have a smartphone. Over half of the world’s web traffic comes from mobile devices and more than half of those mobile connections are broadband. This widespread connectivity has not only revolutionized the way consumers connect but also the way business is done, giving key decision makers access to data on demand.

The Next Era of Connectivity? IoT

A recent Gartner survey found that 8.4 billion connected things will be in use worldwide in 2017, up 31 percent from 2016. As infrastructure expands, that number will continue to grow, forecasted to reach 20.4 billion by 2020. The phenomenal growth is stemming from two main groups:

Consumers:

Consumers represent the largest group of users of connected things, with 5.2 billion units in 2017. This year, consumer applications will represent 63% of total IoT applications.

Businesses:

While consumers are on track to purchase more devices, businesses will outspend the consumer group on Internet of Things solutions. IoT services represent a major driver of this growth. In 2017, IoT services spending (professional, consumer, and connectivity) is on pace to reach $273 billion.

More Data = More Opportunity

As users are looking to their service providers for new and improved ways to connect with their data, businesses are looking for real-time ways to leverage it. This growing need for management and maintenance of connected services, and the massive slew of data that comes with it, is opening new revenue opportunities for providers. In fact, by 2022, the connectivity market will account for 24.69 billion total.

In the last 30 years, connectivity has evolved at a rapid pace, ushering in a new generation of mobility and opportunity. 2017 is the year for service providers to step up to the plate and create better experiences for end users. If you’re ready to take advantage of a space facing phenomenal growth, we’d love to help. Schedule a demo or contact Rev.io today to learn more about how Rev.io can help you grow in 2017 and beyond.

The One Major Gap in the IoT Data Ecosystem

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IoT Data = Infinite Potential for Service Providers

It’s no longer a secret – the Internet of Things (what many are calling the next Industrial Revolution) has made its debut and the world is starting to get a glimpse of its infinite potential. One group that has certainly taken notice – the global business community – and for good reason.

With the potential to generate about $19 trillion in value over the next few years, it’s becoming clear that IoT data represents the future of opportunity for service providers rather than a passing trend. Companies both big and small are entering the IoT ecosystem, eager to win a piece of the pie. In fact, a study commissioned by Oxford Economics shows that revenue growth is by far the biggest factor driving IoT adoption.

But, as is the case with most revolutionary opportunities, there is a catch.

Let’s say you’re building the next big thing in IoT. You have an idea, a team and a product that you believe in. Here’s the million dollar question – how do you plan to monetize the solution? Even further, how will you leverage IoT data to bill customers for the services provided? The possibility and potential of IoT is everywhere. But we’ve noticed a major gap in the IoT ecosystem – a way to translate this slew of IoT data into cold hard revenue.

This gap isn’t slowing down IoT adoption. According to a recent survey of business leaders around the globe, 96% said their companies would be using IoT in some way within the next 3 years and 68% are already investing budgets into IoT. Yet, 70% of organizations are not generating service revenues from their IoT solutions and through 2018, 80% of IoT implementations will fail to monetize IoT data.

The lesson learned? IoT technology is exciting and has incredible implications for service providers, but the ability to monetize and bill for these solutions is critical and shouldn’t be overlooked.

“In short, the vast majority of the data being generated by connected devices remains undervalued and unmonetized.”

– Roman Stanek, Founder & CEO of GoodData

IoT solutions will give consumers more control over products and services like never before and, in turn, open new doors for service providers looking to locate new streams of revenue. But know that if you place “monetizing the solution” at the end of your IoT to-do list – you’re in trouble.

When you’re building IoT offerings, the last thing you need to be worrying about is IoT billing infrastructure. So that is why we built out an ebook dedicated to helping businesses not just navigate this uncharted territory, but master it.
Download Ebook Now

 

Have questions about what you read – or want to just hop on the phone instead of reading more? Contact Rev.io anytime – we would love to be a sounding board to help you be a head of the pack when it comes to IoT.

Looking Ahead: How IoT Will Impact Business

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“The Internet of Things is giving us new and better experiences by allowing things that were not connected to work seamlessly together, making our lives more efficient in ways that were previously impossible or impractical.”

– AT&T

Back in 2014, 87% of people had never heard the phrase “Internet of Things.” Fast forward three years to a world where 6.4 billion connected devices are being used daily. From connected homes to smart cities, IoT is emerging into a soon-to-be $6 trillion industry. Although confusion surrounding the idea of IoT is fading, the mystery of how it will impact business remains.

The Internet of Things (what some are calling the next Industrial Revolution) is transforming the communications landscape and, in turn, the way service providers are conducting business. Experts forecast that there will be 34 billion devices connected to the internet by 2020 – up from the 10 billion in 2015. As IoT continues to penetrate the enterprise and consumer markets, the number of “connected things” grows, along with its implications.

Without doubt, the rise of IoT is giving business owners major growth opportunities like lower operating costs, increased productivity and the potential to expand into new markets. However, it’s also presenting new challenges that require an overhaul of fragmented systems. Without question, the internet of things future will open the doors for an array of new possibilities and demand new processes for businesses to keep up.

“The combination of telecom infrastructure and smart technologies, in my opinion is one of the great catalysts and facilitators of sustainable growth. By making things smarter, by increasing efficiency and clearing clutter, by bringing companies so much closer to their clients – it is almost without boundaries.”

– Pieter Puijpe, Head of Telecom Media and Technology at ING Commercial Banking

Higher Productivity, Improved Efficiency

As Internet of Things applications become more commonplace, businesses of all kinds will enjoy higher levels of productivity and efficiency.

In fact, Elemica, a supply chain optimization company, used IoT to help them address volume issues with suppliers. Before IoT implementation, an employee would have to to drive miles out to gas tanks, check levels, and relay the information back to the supplier. Now, the company uses IoT applications to report real-time data to the supplier, even when the tank is thousands of miles away. Their tanks are constantly filled at their optimal levels, increasing productivity and lowering cost structure dramatically. This is just one example of the potential impact of connected devices.

More Data, New Pricing Models

In the midst of a data revolution, IoT will provide a much-needed infrastructure to analyze and implement data in real time. This represents potential value for businesses ready to leverage the opportunity. All of these interconnected devices talking to each other leads to one major implication for businesses – more data.

“The real value that the Internet of Things creates is at the intersection of gathering data and leveraging it.” – Daniel Burruss

IoT technology will encourage businesses to adopt usage-based pricing models. As consumers gain increased connectivity, on-demand, pay-as-you-go pricing will become the norm. Organizations will need to adapt to usage-based pricing and all the back-office implications that come with it. Legacy systems will reveal themselves as obsolete, lacking the capabilities necessary to support new IoT products.

Increased Mobility

Mobile devices are a major disruption factor in the new IoT ecosystem. The need to manage and secure an extensive network of interconnected devices will only increase in scope and organizations will need to evolve to manage these endpoint devices while supporting this major explosion of data. IoT is centered around machine learning, humans will play an integral role in the process – especially ensuring app security. How will you keep up with and track the way devices flow between customers? Visibility will be key.

The way organization choose to address IoT could prove instrumental in protecting their ability to thrive. Are you ready? If you are in the communications industry, you may be wondering how you will manage this massive change or how you will even be able to monetize.  If you want to explore IoT billing platform solutions, we have a team of experts here to chat.

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