SAN FRANCISCO, CA--(Marketwired - Apr 9, 2014) - Aria Systems, the innovator in recurring revenue management, today recognizes Internet of Things (IoT) Day by asserting the need for all businesses to develop a strategy to support flexible monetization of emerging IoT products and services. This year's IoT Day provides a worldwide opportunity to learn about technologies that can enable the IoT vision to come to fruition, with events planned in over 26 countries as well as online. The events primarily focus on new IoT capabilities, but not the accompanying need to strategically leverage existing IT investments in order to support these capabilities. With growth in the IoT projected to be 26 billion units installed by 2020 resulting in billions of dollars of additional value for suppliers,1 the potential for revenue is there for those who develop successful IoT strategies.
Aria Systems outlines some success strategies to help companies prepare for the imperative of IoT adoption:
- If IoT is about one thing, it is usage data - part of an IoT strategy should address deployment of a billing system that is capable of processing and centralizing an enormous quantity of data for analysis, to enable comparison of consumption to revenue.
- Bring the CFO to the table early for discussions on monetization - don't relegate the "billing system" to a downstream "slave location" in the design process.
- Audit current IT systems for customer "touch point" fragmentation - if people need to share their information at more than one "touch point," customers will leave for better integrated operations, despite your products and services.
- Determine if your systems can "push" information to other systems to automate broadcasts of critical data-state changes to external systems
- Design for global implementation - variations in currency, language and time, and laws and regulations including compliance requirements across many different industries, privacy and data security standards and customer service protections, must all be considered as part of the strategic plan.
"Soon it will be easier and easier for developers with killer IoT app ideas to get to market quicker than ever before, but these developers need to think early and often about their ultimate monetization strategies rather than tacking monetization concerns to the bottom of their to-do lists," said Brendan O'Brien, co-founder and chief architect, Aria Systems. "Monetization itself is often a market differentiator, sometimes more so than the core offering. To stay ahead of competitors they'll need to gain real insight into their users' habits and adjust their monetization strategy accordingly, and quickly, to avoid premature obsolescence."
1 Emerging Technology Analysis: Software Licensing and Entitlement Management Is the Key to Monetizing the Internet of Things, Analyst: Laurie F. Wurster, Gartner Inc. 31 March 2014 ID:G00251790
Aria continues to support the efforts of customers to help make the IoT a success and a customer-centric experience. Ultimately, IoT provides more customer control over products and services (including devices and other physical assets) and more revenue opportunities for developers and manufacturers. More than 53 groups in 26 countries have planned IoT events; in addition, online demonstrations and presentations will run from 7:30 am EDT -- 5:15 pm EDT.
View more of Brendan O'Brien on recurring revenue and the Internet of Things in this exclusive interview with eCornell.
About Aria Systems
Industry leaders like Pitney Bowes, Experian, AAA NCNU, VMware, HootSuite and many others choose Aria to power their recurring revenue business and deliver exceptional experiences to their customers. Learn more about us at www.ariasystems.com.
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