IoT is a booming industry. Now the question is how it can be monetized

IoT is a booming industry. Now the question is how it can be monetized.

Many of us have already witnessed the recent invasion of aliens - the sensors. We may not always see them, but we are surrounded by them. Your smartphone alone comprises over 25 different sensors; Cars are equipped with dozens of sensors, and car manufacturers plan to incorporate more sensors intended for preventive maintenance and as innovative features in leased cars. Smart homes have numerous detectors with sensors utilized for alarm systems, refrigerators, a/c units, window blinds and more. Wearables are expected to increase in popularity, utilizing a new type of sensor that will indicate the real-time state of our body’s health, with other applications coming down the road.

Converting data into dollars and cents
How can we transform these new types of sensors into monetary terms? That depends on the value of the data collected from each device’s sensors, and whether this data addresses a real need: A location-based sensor that alerts regarding car theft, or a sensor alerting about a senior acting in an abnormal way, are a few examples of applications for which consumers and businesses may be inclined to pay for.

The challenge, however, is in maintaining a long-term relationship with your customers, and in sustaining the value created by each of these applications. What are the means for supporting the business interaction between customers and providers? Here’s where billing comes in.

Billing as a key component for sustaining value
The billing system is the link that defines the value of a product, or service, provided to a customer as a function of the duration of the relationship with the customer. A great billing system can provide the platform to maintain and even strengthen customer relations. Moreover, such a billing system could have the ability to factor in multiple rating parameters regarding the actual sensors, the customer, the usage method, or a combination of the above.

In this era of new devices and futuristic cutting-edge apps being continuously developed, you need an affordable and scalable billing solution that can address such challenges as agility, flexibility and elasticity.

BillRun: the smart billing system for IoT devices
Having been designed from inception to integrate different types of data and data structures, BillRun enables seamless processing, rating, billing and charging of all types of data. Users simply input any type of information related to customers, sensors, products or plans. Based on an agile, open-source NoSQL-database design, BillRun is the perfect choice for IoT implementations.