Gartner predicts the Internet of Things (IoT) will grow to 30 billion devices by 2020, fueling new recurring revenue streams that create billions of dollars in value.
You’re likely asking, “How can I get in on this recurring revenue opportunity?” It starts by making sure you have the right systems in place to handle a successful recurring revenue business. Does your current system enable you to manage every customer interaction, from customer acquisition to recurring billing to customer care? In order to cash in on IoT and the recurring revenue opportunity, you need a system that gives you the flexibility to quickly bring new services for these devices to market, optimizes plan and pricing strategy, and maximizes revenue and customer loyalty.
There are a handful of options out there for recurring revenue management, from homegrown systems to cloud-based vendor solutions. Make sure you choose a solution that gives you the opportunity to maximize revenue by fully monetizing your core services for current and future business needs. But before committing budget and IT resources to building an in-house RRM system, seek a vendor that specializes in monetization and billing solutions.
Check out the infographic below for the 10 must have qualities in an effective recurring revenue management system.
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