Archive for the ‘IoT’ Category

4 Plans for Monetizing IoT

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The IoT industry isn’t new. After all, we’ve been using connected devices for quite some time now to capture information and monitor statuses. But, despite forecasts from Bain Capital of annual revenues of $470 billion by 2020, many organizations who have invested in an IoT project have yet to capture any significant revenue from their solution. So how can you go about monetizing IoT? We’re glad you asked!

The current market for Internet of Things (IoT) reflects a growing focus on driving results using sensor-based data with the ultimate goal of solving complex logistics, manufacturing, services, and supply chain challenges. However, organizations will fail to see results if they continue without a clear strategy to generate revenue from their devices, services or data.

Here are our 4 plans for IoT monetization and IoT billing management:

iot household & consumer devices

Companies such as Nest have become household names for monitoring home security, managing energy consumption, and replacing “dumb” devices (think doorbell and smoke alarms) with “smart” ones.

Selling these devices at a premium, one-time charge and supplying the consumer with a better, app-enabled mouse-trap has made houses more secure, more sustainable, and safer. What’s even better, the end-user can adjust settings and monitor devices from anywhere.

The IoT monetization model here is a software-as-a-service model paired with physical products. The benefit to offering this type of pricing model is the scalability and one-time customer acquisition cost. That being said, a recurring revenue or subscription-based business is more predictable and profitable than flat-rate billing.

subscription & flat-rate iot billing

Subscription and flat-rate pricing models have become more popular among both B2B SaaS companies and consumer products. Subscription billing is common for consumers, easy to manage for providers, and allows companies to better predict revenue. However, flat-rate billing doesn’t take into account the fluctuation in end-customer usage.

Most businesses offer a few one-size-fits-all plans and rely on the customer to mold themselves into their desired choice. Whereas, a pay-as-you-go plan gives customers what they want – potentially increasing sales and decreasing revenue leakage.

That being said, connecting billions of devices and managing usage-rating, taxation, and inventory can be a lofty task. Fortunately, adopting a technology like Rev.io can alleviate these IoT monetization problems, automate usage-based billing, and collect payments.

usage-based iot billing & rating

Billing for a usage-based offering is not an easily achievable task but there are several companies disrupting the market and fully embracing consumption-based pricing. A recent study found that Generations Y and Z are more financially conservative than the Baby Boomers – these younger generations have developed spending habits that reflect those of the Great Depression (or the Silent Generation).

The fiscally conscious generations will not pay for what they don’t need and many will discontinue a service if they aren’t being billed fairly. Service providers must take note – the time is now to adopt a usage-based billing model and the infrastructure to support it.

The service providers that offer pay-as-you-go services will have a significant competitive advantage in the market. In the coming years, usage-based revenue models will overcome the Communications, cable, music subscriptions, GPS trackers, energy providers, and eventually transportation.

If this is your first time monetizing IoT or offering a new pricing model, prepare yourself for the change with our 4 Considerations of Consumption-Based Pricing blog post.

capturing & sharing customer & device data

Another way IoT companies can monetize their offering is through their data. Measuring and analyzing customer or device data will become a staple for IoT monetization offerings.

We’re predicting insurance companies, healthcare facilities, and car manufacturers to be big buyers for scenarios like tracking good drivers versus bad drivers, monitoring patients after a physical therapy session or checkup, and evaluating future opportunities for automobile design and manufacturing.

In order to capture and share data with key stakeholders, companies also need to track the amount of money they’re spending on data usage. This will help your organization’s IoT monetization strategy in developing a profitable price point and generate revenue from your data.

The good news? Rev.io does the heavy lifting on usage-rating and IoT billing operations, so you can spend time scaling your business. With existing integrations in place to seamlessly manage new orders, service usage, tax calculation, and support, Rev.io alleviates IoT billing and customer management pain. The proof is in the platform – Rev.io clients grow by more than double the industry average. Contact Rev.io to get in touch with our team of experts today to see what our subscription billing platform can do for you.

 

5 Signs Your Business is Suffering From Revenue Leakage

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Could your business be losing money from revenue leakage? According to experts, the Communications industry saw estimated losses of $953 million due to revenue leakage. Don’t let your business suffer from this growing epidemic.Take a look at the following five signs of revenue leakage and see if any of these apply to your business.

1. lack of integrated usage-rating

Whether you’re charging a flat rate or billing for consumption, it’s imperative that you can view and manage customer usage in (near) real-time. A best-in-class billing platform automates usage-rating, giving you a pulse on your business and better visibility into your customers.

If you’re thinking about adopting a usage-based pricing model, take a look at our 4 Considerations for Consumption-Based Pricing blog post.   

2. spending time on manual processes

Communications and IoT service providers have experienced unprecedented growth rates in the last few years. The scalability of your business depends on the effectiveness of your internal processes. Whether you’re spending time calculating taxation, creating invoices, or managing payments, you’re losing hours that could be dedicated to growth.

Fortunately, a telecom billing or IoT monetization engine, like Rev.io, automates billing and improves customer service – so you can get back to building your business.

3. bill-run flexibility

Not all billing platforms are created equally. It’s important to know that the Billing-as-a-Service provider is evolving alongside your business. Before you trust any company with your revenue, ask yourself these questions:

  • Is your billing platform enhancing their software with +1,600 releases each year?
  • Can you make last minute changes on the spot, create ad-hoc bills, reverse charges, and run bill cycles on your own?
  • Does your billing system provide an open API to support new integrations?
  • Are there programs in place for ongoing training or unlimited access to support teams and resources?

If you answered “no” to any of these questions, your business may have outgrown your billing system.

Telecom Billing System

In 2017, Rev.io enhanced their usage-based billing platform with 1,845 new development releases.

4. Built-in and CUSTOMIZABLE REPORTING

Very few businesses can prosper without proper business intelligence. At a bare minimum, your billing platform should come with backed-in reports for managing un-billable calls, past-due balances, and at-risk customers. However, a growing company looking to stay lean, add new offerings, and beat their competition will also need advanced functionality, like Rev.io’s robust report builder.  

5. limited customer experience tools

Regardless of your industry, superior customer experience is the number one separating factor for top-notch brands. Look for a telecom billing or IoT monetization engine that helps you improve customer satisfaction and revenue retention. Rev.io’s integrated customer and agent portals reduce support hours, elevate user experience, and streamline internal operations.

Rev.io exists to help our clients grow revenue efficiently. With a consultative approach to providing IoT telecom billing solutions, we see your customers as our customers. As a leader in usage-based billing, Rev.io’s company values and mission drive our organization. Whether you’re a large, enterprise evaluating new billing systems or just starting out in the Communications and IoT space, Rev.io can help. Contact Rev.io to get in touch with our team of experts today to see what we can do for you.

3 Characteristics of an Intelligent Billing Platform

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Why is it important to have an intelligent cloud based billing platform? Particularly for Communications and IoT service providers, operating without an automated billing, usage-rating, and customer/ device management solution can inhibit growth.

In our most recent survey, The Current State of Communications and IoT, 73% of companies said they’re seeing at least a 20% annual growth rate. If you’ve found the financial health of your business suffering from revenue leakage, billing errors, or high employee overhead, it’s time to consider other options.

Communications Billing System

When evaluating billing platforms, there are several ways to separate the duds from the game-changers. Look for a cloud based billing platform that meets the following characteristics:

1. customizable platform with scalability

Adopting a new technology consumes one of your biggest resources – time. Before you make an investment, be sure to think about where your company is headed. Will you be adding a new offering? Expanding into a new market? Moving from an inside sales to an agent model? Be sure to consider the scalability of the new software and your future company initiatives.

 An intelligent cloud based billing platform should eliminate manual processes and make it easier to grow.  Look for a customizable IoT and Communications billing platform with built-in inventory management, integrated tax calculation, and workflow automation capabilities. The leading Billing-as-a-Service platforms allow you to consolidate multiple systems and provides a clear picture into your revenue and customers.

A good platform will not only meet your company’s needs but will also empower your customers. Complement your offering with a robust self-service customer portal for tracking usage, support tickets, locations, and new orders. At Rev.io, we think of ourselves as your billing partner – rather than just another software – and we’ve developed additional tools to help clients improve satisfaction and reduce churn. By coupling our intelligent telecom billing platform with self-enablement portals, our clients build lasting relationships with customers and agents.

2. intelligent billing & integrated usage-rating

Subscription and pay-as-you-go pricing models have changed the way modern consumers and businesses interact. In order to stay current, Communications and IoT service providers must incorporate usage-based offerings into their services. With the right technology, consumption-based billing becomes simple. Look for an IoT and Communications billing platform with an established network of strategic partners and integrations; this will streamline manual processes by populating usage-rating and automating new orders, service suspensions, and disconnects. For additional usage-based billing tips, check out our 4 Considerations of Consumption-Based Pricing blog post!

In addition to facilitating usage-based pricing structures, you can identify a top-notch billing system by evaluating your billing partner’s development roadmap, ease of integration, and internal team. Here are some questions to ask while your searching for potential billing partners:

  • What percentage of your revenue do you reinvest into R&D for platform enhancements?
  • Are your software engineers?
  • Do you have a REST API or other method to build new integrations? (Check out Rev.io’s REST API design documentation here)
  • What methods are in place for clients to share their ideas or influence your development roadmap?
  • How many enhancements were made to the platform last year?
  • How many integrations have you built to third-party platforms?
  • BONUS QUESTION: How can I create custom proposals in the billing platform to quote potential new customers or orders?

3. established onboarding and ongoing training programs

After spending the time to thoroughly vet a new software and deciding to implement the technology, the last thing you want is to fall on your face during the onboarding or training phase. Inquiring about the onboarding process can save you time and money (and possibly a huge headache). The best billing platforms have created a detailed implementation model and have knowledgeable, in-house onboarding and training teams.

When evaluating a billing partner, here are the best questions to ask about onboarding:

  • Can you share with me the full onboarding plan and detailed documentation about the process?
  • Will our company have an assigned, main point of contact that works with us during the entire implementation?
  • Do you have technical experts to help with migrating data from our old platform?
  • How will I be notified as we move through different onboarding stages?
  • Who will be training our team on how to use the platform and what’s the process for the getting additional training afterwards?
  • Will any of our training sessions be in person?
  • BONUS QUESTION: Can I speak to two references who recently went through onboarding your platform?

Whether you’re just ensuring you’re in good hands with your current IoT or Communications billing system or already evaluating new back-office technologies, we can help! And the good news is, adopting a new platform doesn’t have to be daunting. Subscribe to receive industry news and tips to help you grow, delivered straight to your inbox. Or, request a demo to see how Rev.io can help you achieve revenue goals.

4 Considerations of Consumption-Based Pricing

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Is a pay-as-you-go pricing model and billing strategy the next big industry trend?

As subscription and IoT service providers, you can’t afford to fall behind your competition or ignore key changes in the market. That’s why we’ve decided to take a closer look at consumption-based pricing and what it takes to successfully support a usage-based service.

Subscription-based billing models have become the go-to strategy for many industries. In 2000, Salesforce.com was among the first in the software industry to charge a per-user, per-month price. Today, industry leaders are looking further than a simple subscription model to adopting consumption-based offerings instead. In fact, a growing number of subscription and IoT companies are shifting from flat-rate monthly fees to pay-as-you-go pricing. If you’re looking to disrupt your market with a usage-based service, take a look at our 4 “gotchas” and avoid some of the potential pitfalls.

1. managing usage

One key element to offering a  pay-per-use model is advanced billing capabilities. In order to successfully create a consumption-based business, you’ll need to be an expert in managing customers, calculating usage, and billing operations. Rather than throwing people at a broken problem, look for a usage-based billing system that can take your back-office to the next level. Carefully evaluate each vendor’s ease of integration, existing carrier provisioning, and development roadmap for enhancements. It’s important to find a partner that will evolve with your business.

2. forecasting revenue

Subscription services are predictable – making it easy to forecast long-term revenue. When offering a pay-per-use service, one thing to consider is standardizing your revenue with a monthly minimum charge. Even a small monthly minimum fee will help you forecast and provide a baseline for the financial health of your organization.

3. avoiding bill shock

Alleviate the possibility of higher-than-anticipated bills by providing your end-customers with a self-service portal for viewing usage, creating support tickets, and monitoring new orders. The best types of customer portals come with built-in reports and the ability to create custom reports. In addition to avoiding bill shock, customer-facing portals increase satisfaction and retention.

4. consumption based technologies

Your success hinges on your technologies. Consumption-based pricing solutions require different technologies and processes than traditional flat-rate pricing models. When you’re looking for new or improved billing and back-office software, be sure your platform has functionality for real-time usage reporting, automated rating, built-in tax calculation, improving customer visibility, and billing flexibility. An intelligent usage-based billing system will complement your service offering – and make it easier for you to monetize any pricing model.

Don’t let a flat-rate flat-line your revenue, check out our full Capturing Recurring Revenue with Usage-Based Pricing eBook for more information!

LEARN MORE

Don’t leave your success to chance. Partner with the right technology providers to ensure successful pay-as-you-go pricing adoption. Rev.io’s all-in-one-solution can tackle billing, customer management, tax calculation, reporting, order and service tracking, and more. We would love to help you disrupt your market! Our usage-based billing platform is perfect for subscription and IoT service providers looking to scale – let Rev.io take your team to the next level! Contact Rev.io by filling out a quick form or giving us a call at 866-470-5502 and learn more today!

The Current State of Communications & IoT

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The communications and IoT industry is constantly evolving. In order to keep up with competition, service providers must remain in-tune with new technologies, opportunities to expand, and differentiating strategies. That’s why we decided to launch our first “State of Communications and IoT” report. Rev.io, in conjunction with Altaworx, surveyed Communications and IoT leaders nationwide to explore:

  • Communications providers’ interest in expanding into IoT
  • The current technology landscape for Communications and IoT companies
  • Plans for growth and challenges facing the market

By surveying companies in the space, we hope to provide you with a pulse on the industry. Here are the key findings from our report:

iot expansion is a priority

The growing IoT buzz has caused a majority of service providers to pursue ways to complement their existing offering with an IoT service. However, not many in the Communications space have breached the gap to IoT. With plenty of green space in the field, we believe that those able to get to market fastest will be most successful.

IoT billing

differentiate with self-service technology

Communications and IoT providers are lagging behind other industries in the customer experience movement. With this movement, customers now expect service excellence and user enablement as part of all products and services. Unfortunately, our industry has been slow to react to this change. For service providers looking to grow revenue, we recommend differentiating from the norm by leaning into the user experience movement. We’re predicting that the service providers with the most customer enablement and self-service technology will win more deals and grow revenue, faster.

While the Communications and IoT markets are growing their portfolio of offerings, enabling customers through self-service portals and support technologies has not been a priority.

Telecom Billing

growth plans in place

Growth is stable across the board – a large majority reported annual growth rates of 20% or more –  and one-third of companies surveyed said they’re considering a merger or acquisition in the next three years. As companies prepare for an M&A in the internet of things future, it’s important to have clear visibility into operating margins and accurate BI reports. Rev.io recommends maximizing your valuation by putting technology in place today to manage financial, customer, billing, and tax data.

IoT Billing

Companies surveyed are preparing for growth through investing in new service offerings and improving customer experience to reduce churn. The team at Rev.io predicts many of those new service offerings to be in the IoT segment. Along with the migration towards pay-as-you-go pricing models, it makes sense for customer retention strategies to be top-of-mind. When managing a recurring revenue business, improving customer experience and reducing churn is important for predicting revenue growth for the internet of things future.

IoT Billing

manual processes & outdated technologies are hindering growth

Manual processes was selected by surveyors as the most common challenge in managing a recurring revenue business model. In addition, our report found that the lack of scalable billing and back-office solutions was the greatest hurdle for reaching business objectives this year.

IoT billing

Check out the full State of Communications and IoT infographic.

The good news? Rev.io does the heavy lifting on usage-rating and billing operations, so you can spend time scaling your business. With existing integrations in place to seamlessly manage new orders, service usage, taxation calculation, and support, Rev.io alleviates billing and customer management pain. The proof is in the platform – Rev.io clients grow by more than double the industry average. Click here to learn more about the Rev.io platform.

 

IoT: Where We Are And Where We’re Going

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It is no secret that connectivity through the Internet of Things is expanding rapidly. From the implementation of smart washing machines to the rise of connected cars, our world is constantly changing to accommodate the large-scale growth of IoT.

In fact, IHS forecasts that the IoT market will grow from an installed base of 15.4 billion devices in 2015 to 30.7 billion devices in 2020 and 75.4 billion in 2025.

This past year alone, the rise of IoT devices has been apparent with the popularity of the Amazon Echo. Entering the homes of millions, “Alexa” instantly plays music, checks the weather, tells jokes, and more via simple voice commands.

In home devices are becoming more prevalent and will continue to rise.

In home devices are no longer strictly geared towards entertainment, however. The ability to streamline everyday activities such as controlling the lights, locking the doors, and changing the temperature in our homes from our devices is now possible through IoT.

Lowes provides these smart home capabilities and more through their device, Iris. Iris can alert you when your children get home from school, tell you when remote elderly family members wake up and eat breakfast, and even trigger a fan to turn on when your cat uses the litterbox.

Through IoT, we are constantly connected. These technological advancements are combining to connect more and more aspects of our lives to the internet.

IoT Security: A Rising Concern

With these advances, comes the question of security.

As IoT continues to expand and the number of devices/things being connected to the network increases, concern over secure internet practices are rising to the surface with over. A recent survey found that over 71% of Americans are somewhat or very concerned with the possibility of their information getting stolen from IoT devices. This worry over cybersecurity has become a potential hiccup in developing a more expansive IoT world.

The best way to combat the concern for IoT security is to build greater awareness for consumers and, more likely, future government regulation.

Fortunately, organizations are already working to solve the security problem. The Open Web Application Security Project’s (OWASP) IoT Top 10 Project aims to educate consumers on how to identify and prevent security problems. We believe the future is bright for IoT security.

What the future of IoT looks like

We are still in the early stages of what is going to become a highly connected world.

Across the board, IoT is furthering advancements in technology. The possibilities are endless: from the government using IoT for advancements like automated public transit and environmental monitoring to healthcare using IoT for patient monitoring and telemedicine. Bain is predicting revenue for IoT vendors to surpass $470B by 2020.

As we continue to connect systems and platforms, previous opportunities that were deemed impossible suddenly become not only possible, but reality.

See more about how Rev.io is providing a fully-integrated cloud based billing software and customer management platform for companies in the IoT space here or request a demo.

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.

IoT World 2017: Our Top 3 Takeaways

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IoT World 2017: Getting Connected to the IoT Revolution

This month, our team had the chance to attend IoT World 2017, the world’s largest IoT event. We joined thousands of IoT executives and enthusiasts from around the globe (in the beautiful city of Santa Clara, CA) to explore the current state and future of IoT. From consumer to industrial IoT, this 3-day event was jam packed with valuable insights, from leaders and innovators in the space, that we are excited to share with you.

In case you didn’t have a chance to attend the event, or simply want to relive the magic, here are our top three takeaways from the IoT World 2017 conference:

IoT Interest/ Adoption Isn’t Slowing Down

If there’s one thing that was made abundantly clear during the conference, it’s that the IoT market is growing and is showing no signs of slowing down. In fact, the IoT World conference itself has grown from 700 registered attendees in 2014 to 15,000 this year! One of the largest areas of growth? B2B solutions. Adoption of IoT technology is quickly shifting to the enterprise and industrial ream, with spend reaching $267B by 2020.

IoT Data is Exploding, Businesses are Shifting

The natural result of increased connectivity? More data. IoT World 2017 showcased business leaders finding new and exciting ways to provide data-driven, end-to-end solutions for their customers. From smart meters to automated inventory management, track and trace to remote patient monitoring, businesses in every industry of every size are finding ways to leverage IoT data. New business models are emerging to better tie IoT data to business objectives, allowing organizations to provide high-value offerings for their customers while adding to their bottom line.

One of the coolest aspects of the event was the chance to hear from both established, technologically advanced businesses and up-and-coming, innovative startups. And while we fully enjoyed listening in on how major keynotes like Mastercard and Silver Springs Network are leveraging IoT data, our team couldn’t help but be drawn to the excitement and innovation of Startup City, highlighting 100+ startups shaking up the IoT space.

IoT Partnerships Remain Top-Of-Mind

If there’s one thing we took away from IoT World, it’s that successful adoption and monetization of IoT requires multiple moving parts. As more businesses find ways to leverage IoT to provide greater value to their customers, it’s becoming abundantly clear that a strong ecosystem of partners is necessary to conquer the space. Lou Lutostanski, VP of IoT at Avnet said, “We’re here to gain a deeper understanding of partners in the ecosystem and see how we fit and how we can use them for a full-blown solution for multiple customers.” Organizations are looking outward to develop end-to-end solutions.

Side note, we loved this article from IoT Evolution World describing what they thought to be the most fascinating “real world” IoT solution introduced at the conference.

In conclusion? IoT World 2017 delivered.

As promised, the event provided ample partnership opportunities and is developing ecosystems to monetize the IoT evolution. Learn more about the future of IoT and how Rev.io’s fully-integrated cloud-based billing software and management platforms can help your business. If you’re looking for a telecom billing partner to dominate the IoT landscape with, we’d love to show you how Rev.io can help.

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.

KORE & Rev.io: Empowering Service Providers to Monetize IoT

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It’s the 20th anniversary of Channel Partners Conference & Expo, a 3-day event where over 5,000 partners, suppliers, exhibitors and industry-leading speakers from the technology services industry converge, and Rev.io has exciting news to share.

We are constantly seeking strategic partnership opportunities to help our clients stay ahead of the competition, and we are pleased to announce our partnership with KORE, the people powering IoT innovations and opportunities. The goal? To help deliver scalable subscription billing and device management to the IoT and M2M market.

Together with KORE’s reliable network and Rev.io’s back-end billing solution, technology providers have the opportunity to monetize and dominate the IoT landscape. This partnership helps take the guesswork out of monetizing your IoT solutions with our complete quote-to-cash service.

If you’re a solution provider looking for a way to participate in monetization in the IoT and M2M market, while increasing time-to-market, consider this your perfect option.

“We’re always looking to facilitate growth and support innovation for our clients. This partnership with KORE allows our clients to have the ultimate user experience, while growing their business, with the security of knowing they will never lose out on connectivity during an outage or crisis.”

Brent Maropis, CEO at Rev.io

Want to know more about this exciting, new partnership? Read the story. Or, come see Rev.io & KORE at Channel Partners Conference & Expo April 10-13, 2017.

[Press Release] Rev.io Showcases Newly Released Suite of IoT Features at IoT Evolution Conference & Expo

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Top innovator in sophisticated billing, Rev.io, expands into the IoT market by enhancing their platform to meet the needs of IoT / M2M service providers.

Atlanta, GA (February 8, 2017) – This week, Rev.io joins companies from around the world in Fort Lauderdale, FL for the IoT Evolution Conference & Expo, an annual Internet of Things event. During the event, Rev.io will announce their new IoT / M2M feature suite – dedicated to helping companies expand into IoT and get to market with speed.

In 2016, the IoT industry became a $150 billion market and is estimated to grow to three and a half times that by 2020.* Revenue growth is driving the widespread IoT adoption, but not all companies are equipped with the tools required to keep up with such a fast-growing market.

Rev.io’s suite of IoT features – comprised of new order entry and quoting, advanced proposal generation, and customizable fields and layouts – is, by far, the single largest strategic release for IoT in recent years. “Rev.io realizes that IoT is not just an industry, it’s a movement and we’re passionate about enabling that innovation” says Rev.io’s VP of Sales and Marketing, Evan Rice. “That is why we are innovating our platform to align with our clients as they make incredible technological advancements and widen their offerings.”

With the new platform advancements, communications and IoT service providers can enjoy a complete quote-to-cash solution for recurring and metered billing, device management, process automation, and business intelligence. Entering new customers into the Rev.io platform is quick and easy with a robust API, a two-step account activation tool, and a bulk-importing feature for complex accounts.

Altaworx, a leading provider of hosted PBX, mobile VoIP, and IoT solutions,will be co-exhibiting with Rev.io at the IoT Evolution Conference & Expo. As one of the first Rev.io clients to add an IoT offering to their services portfolio, Altaworx is leveraging its partnership with Rev.io to expand to new markets.

“As a longtime client of Rev.io, we again asked our Rev.io team to help us integrate AT&T’s Jasper-Contol Center billing data with the Rev.io web-based billing platform. Having access to the AT&T Jasper-Control Center platform has enabled Altaworx to rapidly expand its partner base over the past year,” says Atlaworx CEO, Richie Richey.

Rev.io keeps their clients ahead of the competition by constantly innovating their platform to meet the growing and ever-evolving needs of the communications and technology industries. The development work that Rev.io completed in 2016 puts them in a position to be the leader of sophisticated billing in the IoT space.

*Source: SDX Central online article, Utilities Could Reap Millions from IoT, Navigant Says by Sue Marek, December 9, 2016

 

ABOUT REV.IO

Rev.io, recognized as an Inc. 5000 company, provides sophisticated billing-as-a-service (BaaS) to communications and Internet of Things (IoT) service providers, enabling them to manage their end customers’ subscriptions, usage, taxation, billing, and payments. To learn more about Rev.io, go to the Rev.io website or give us a call at 866-470-5502.

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MEDIA CONTACT

Olivia Sekerak, Rev.io

marketing@rev.io

Direct: 540-529-3657

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.

IoT: A Mystery No More

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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 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 Rev.io, 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.

The Year for Connecting

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We’re all busy and have our own personal tasks and goals to accomplish. The new year brings us a fresh start and time to step back and re-evaluate where we are going and what we want to accomplish as a team. Most importantly for Rev.io, we revisit the “why” behind our efforts. For our team, the core idea that we find ourselves revisiting time and time again is the concept of connecting.

We work in the busy world of connected devices every day and want a connected team to drive our business. What might this look like? Departments working together and collaborating more frequently. Clients feeling free to bring any concern to us and confident in our ability to fix it. At an industry level, attending more events and learning more about how we can make integrations and processes easier for our clients.

This year we make a commitment to connection.

At Rev.io, we have seen the data and realize it’s imperative to set and achieve specific, measurable, attainable, realistic and timely goals. Unfortunately, over 80 percent of small business owners haven’t kept up with or set business goals … and this can really hurt their business. Have you created goals for 2016? In the U.S., only 50 percent of employees (management included) strongly agree that they understand what is expected of them in the workplace. Do your employees know the goals of your business? If not, it’s time to call a meeting. When employees know what the company is working toward, you will be more likely to successfully achieve these goals. In fact, if you review your goals and objectives at least once per quarter, you’re 45% more likely to have above-average financial performance. In short, if you want to make more money, setting goals is non-negotiable. In the spirit of transparency, here is a summary of Rev.io’s company goals for 2016:

People

We want to grow our team, move offices, increase our knowledge base, connect with more partners to improve our bandwidth and be a better service provider overall for our clients. When a telecom billing platform company grows like we plan to, they need to have a well-educated team, resources and partners to support their expansion. 

Processes

Everyone wants to improve their processes to be more effective and efficient. 2016 is the year we focus on automating more of our processes, such as prospecting and content marketing. We will work to expand our testing to make even more improvements, as well as define how we can help each client reach success through our client success playbook.

Extraordinary Service

Successful companies start with customer service that goes above and beyond client expectations. We aim to improve our Client Success Scorecard ratings, customer satisfaction surveys and perform executive business reviews. 2016 brings a new look and feel for Rev.io as we refresh our brand and website.

Innovation

When you stop innovating, you stop growing. This year we want to drive innovation in our industry and continue to expand our development standards, automate our testing and implement a single sign-on process. We are also opening a data center on the west coast and will be constructing a diagram of our entire database.

Performance

We want you to be able to get started with Rev.io faster than ever. That’s why we are launching a new website with the goal of reducing implementation time for midsize, strategic, enterprise and commercial accounts by at least 10-20 days. We will be defining quality metrics for installs this year, as well as enhancing our Client Success Scorecard.

Here’s the Nitty-gritty on Our Goals at Rev.io:

People:

  • Implement a Resale Partner Program
  • Relocate to New Office
  • Increase Sales Staff by 3x
  • Implement Learning Management System
  • Create Technical Certification Program
  • Expand our Partners for Development Work
  • Broaden our Prospect Universe

Processes

  • Modularize Development for Multi-Release Process
  • Define “On-Hold” Process for Pre-activated Accounts
  • Implement Prospecting Automation for Sales
  • Implement Content Marketing Automation
  • Update Peer Review Process and Timeline
  • Expand Quality Assurance and User Acceptance Testing Processes
  • Create a Client Success Manager Playbook

Extraordinary Service

  • Introduce Crowdfunded Pro Services
  • Refresh Company Brand
  • Implement Post-Activation Customer Satisfaction Survey
  • Achieve Top Ratings on Success Scorecard
  • Conduct Executive Business Reviews with Clients

Innovation

  • Expand on Development Standards
  • Implement Automated Testing
  • Construct a Database Diagram
  • Open a West Coast Data Center
  • Implement Single Sign-on

Performance

  • Increase Module Adoption
  • Launch a Redesigned Website
  • Promote and Enhance Scorecard
  • Reduce Implementation Time for Midsize, Strategic and Enterprise Accounts by 20 Days
  • Develop Commercial Account Automation
  • Reduce Implementation Time for Commercial Accounts by 10 Days
  • Further Define Quality Metrics for Installs

We welcome the new goals, innovation and exciting challenges we know 2016 has in store for us. If you’d like to join us in the adventure, learn more about the Rev.io culture today! If you’re inspired by our outlook for the year and would like to update your service provider, please let us know. We’re here to help.

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