Global provider of telecoms software Redknee has released a new platform created to monetize the Internet of Things for utilities, smart meters, transportation and connected homes.
According to ITBusiness.ca, the business models associated with Internet of Things devices, can be more complex as they involve data analytics, data transfers and often include the delivery of a service component as an added value when providing products.
A company release states that the Redknee Connected Suite enables businesses to monetize anything in real-time and create new offers and complex pricing models instantly. It adds that the IoT monetization platform allows businesses to control their price points and promotions, including where and when they are offered.
Prepaid energy solution
The platform features a Prepaid Energy Solution module, giving customers a way to track energy consumption using their mobile phones.
The solution also assists customers to reduce bad debt for energy providers and enables smart meters to be remotely connected and disconnected, saving on operational costs.
In August, Redknee signed an agreement with energy management company Elster to market an end-to-end prepayment solution for their customers in the gas, electricity and water utility industries.
Metering & Smart Energy International reported that the combined prepayment metering solution is targeted at Asian, European and South American markets.
Alongside Elster's existing smart grid software that gives utilities a single way to collect, process, store and manage smart grid data, the Redknee Connected Suite would rate billing data from smart meters and home energy management systems in real-time.
According to a report by Machina Research, which is sponsored by Redknee, companies with sophisticated monetisation capabilities could generate USD$1.3 trillion (CDN$1.73 trillion) through IoT between 2014 and 2024.
Matt Hatton, founder and CEO, at Machina Research, said: “The growth of the Internet of Things (IoT) will be the defining trend in the technology landscape over the next ten years, and it will permeate every vertical sector and influence the majority of business processes in some way.
"Redknee provides the ability to rate, charge and bill for digital services across today's connected world, helping businesses to monetise the IoT revolution."