Customers demand—and suppliers offer—a diverse mix of monetization models for Software and Digital Services related to IoT Devices. However, many suppliers still struggle to get a full view of what’s being used by customers, what is owed to the vendors, and how a product is being used across the customer’s business. Despite this problem, many suppliers have yet to take the step towards solutions that would provide them with these insights.
Approximately a third (34%) of respondents in this year’s annual software and IoT monetization survey still rely on homegrown solutions. While these might do the job to help enforce usage limits, they generally fall short on monetization model flexibility (the ability to implement a new model) or usage insights (the ability to see how a product is being used). Reliable insights aren’t getting easier as technology evolves. Fast innovation (SaaS, IoT, etc.) across varied companies and industries demands rapid adaptation.
The COVID-19 global pandemic emphasizes the need to both protect current revenues and build a foundation that promotes growth as the economy recovers. The need to grow revenue by helping customers be successful with their solutions is as strong as ever. Tech companies must focus on how to take products to market, through effective pricing, delivery, and monetization.
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