Business and Industry Perspective

IoT: A Mystery No More

April 8, 2016 Evan Rice

Since the invention of the first internet connected toaster in 1989, the Internet of Things (IoT) has been an inevitable part of both our personal and professional lives. While the Internet of Things might sound like a phrase straight out of an episode of “The Big Bang Theory,” it’s actually a little less mysterious than it sounds. So what exactly is IoT? In the simplest of terms, the Internet of Things is the ability for any device to connect to the internet with an on and off switch. Meaning a simple slide to the left or right on your smartphone instantly connects you to the internet. The same definition applies to tablets, computers, televisions, automobiles, and even accessories (Apple watch, anyone?). Further, IoT also includes any devices that can speak to each other using the internet, like your laptop’s connection to your wireless printer.

As the IT world continues to wow us with the latest and greatest products, inevitably the world of IoT will continue to grow, too. Analyst firm Gartner predicts that by 2020, there will be over 26 billion connected devices. Most notable, and perhaps the easiest to understand, is the concept of the smart house. Products like the Nest thermostat program invite themselves into your home and your behaviors. The Nest thermostat notices when you’re not home or when you’re sleeping, adjusting its heating and cooling accordingly. Placing products even further into the IoT market, Nest can be controlled remotely by an app on a smart device. The Nest product line also includes a camera and smoke alarm, but these products are only the beginning. Imagine a refrigerator that can take inventory of items that are running low and let you know via text that you should restock, or even alert a grocery delivery service. With products like these, it’s only a matter of time before we’re living in IoT cities.

Personal application and creating the ultimate smart home is one thing, but what does IoT connectivity mean for business? IoT innovation has opened the door for companies to add new business models and develop new streams of revenue. With each addition, there is a need for a successful billing solution that is both fluid and agile. That’s where we come in. Our billing system is comprehensive and scalable, allowing customers to buy monthly plans or one-time timed-expiration plans, all with real-time data. Plus with auto pay, accounts are debited automatically. Additionally, our cloud-based system can be configured to send emails to customers, make automated calls, mail letters, suspend customers, and more. The real beauty of, however, is our scalable capabilities. Rapidly growing markets encourage high volumes of billing, and we’re right there every step of the way.

IoT and billing are required puzzle pieces of the future of business. With the ever-evolving internet of things future, you’ll need a reliable billing system to evolve, too. Our forward thinking solution might be exactly what your business needs as society heads toward the world of IoT connectivity. If you’re ready to upgrade your usage-based billing system for the future, contact Rev.ioWe’re ready when you are.

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