Usage-Based Billing Models Enable Manufacturers to Charge Based on Usage — All Based On Real-Time IoT Data From the Connected Products
In some machine-to-machine (M2M) segments, such as mobile health (mHealth), it's unrealistic and too cost prohibitive for patients in the home to purchase medical equipment, such as dialysis machines, in providing critical treatments.
Connected products alone enable these companies to measure or track the amount of turns, clicks, or spins of the equipment as well as to establish thresholds and generate alarms when thresholds are approaching or have been met. By integrating this M2M data with CRM/ERP and billing systems, product manufacturers can improve the reporting accuracy and expedite the billing cycle since they do no need to rely on customers providing these reports.
The Axeda Integration Framework accelerates the integration between the Axeda Platform and enterprise systems, including ERP, CRM, billing, and data warehouses. With this integration, usage-based billing models can be achieved to generate new sources of revenue, automate the billing process, and provide competitive differentiation.
With a usage-based billing solution, you can:
- Establish a "pay-per-use" equipment pricing model
- Integrate service, parts, and replenishment to lock out third-party suppliers
- Deliver usage- and performance-based warranty and service agreements
- Proactively sell consumables based on part wear forecasting and inventory levels
- Enable prompt and automated invoicing by integrating usage data with billing