Whether your Internet of Things, or IoT, service is connecting cars, homes, appliances, wearables, cameras or other devices, TRACT enables you to easily monetize and scale your service offering. Uniquely track devices associated with billing accounts with unprecedented flexibility of monetization capabilities and cost allocation. TRACT is built to support innovative IoT invoicing and billing needs while effortlessly scaling to meet growing market demand.
Monetizing Connected Services
TRACT is natively architected to handle the unique needs of IoT-based business models with flexible monetization and packaging features found in no other solution. When you sell something as a one-time charge or as a simple straight subscription, you are potentially missing out on additional revenue streams. With more granular information, the possibilities for revenue capture become boundless. This is the opportunity for monetization of IoT. TRACT allows your IoT business the ultimate flexibility in packaging, pricing and billing on a postpaid, prepaid or hybrid basis.
TRACT can support virtually any combination of subscription, one-time, usage-based, tiered, threshold or rules-based billing scenarios. With TRACT®, clients can bundle services into base subscriptions and then add charges for “pay as you consume” services based on events, usage and other data. The most exciting opportunity about usage-based monetization for IoT is the ability to leverage real time information and create dynamic pricing to meet market demands quickly.
The granular nature of IoT usage data creates opportunities for new monetization and innovative pricing models. TRACT is ideally designed for the significant growth anticipated in the IoT sector. By combining subscription and usage pricing, companies are finding dynamic strategies to maximize revenue. The highly flexible usage processing and rating capabilities in TRACT are capable of monetizing IoT now and well into the future.
Real-Time Capture and Rating
Creating services from connected products and offering an entire product as-a-service or as-you-consume are at the heart of IoT business models. With the right IoT billing engine, machine-to-machine communications can transform information from smart, connected products into monetizable events. Not only does TRACT capture granular event transactions, but it also measures and meters them. TRACT can also rate usage data in real time to support innovative pricing models on IoT-enabled objects. Ready to handle any level of IoT complexity, TRACT supports billions of events per tenant every day. TRACT uses Internet-scale event capture and real-time rating to trigger monetizable events.
Monetization is remarkably difficult in today’s complex business ecosystems. You want to partner with someone who has deep billing expertise and understands what is needed to ensure implementation schedules don’t delay revenue. TRACT has a highly configurable design and our monetization experts have more than 175-years of collective domain experience building billing systems for some of the world’s largest enterprises. Built-in extensibility to support partner and industry-specific configurations along with goTransverse’s focus on white-glove customer service ensure that TRACT implementations provide a solid foundation to grow in rapidly evolving IoT markets.
There is no need to rip out and replace current infrastructure or processes when architected the technology needed to support the latest IoT-driven business models. TRACT is an ideal adjunct billing solution for companies with existing systems that are unable to scale to meet the high-volume needs of IoT.
Instead of initiating a costly migration from existing legacy billing system with a full replacement, in most cases, the fastest, most cost effective solution is to implement TRACT as an Adjunct Rater. With its robust adjunct rating capabilities, TRACT can easily carry your product catalog. The cloud-based, real-time, rules-based rating and multi-tenant capabilities allow rapid deployment and configuration to quickly bring new services to market. TRACT can easily output real-time data to append to client bills via batch or API access.
TRACT Features for IoT
TRACT provides a host of unique features specifically beneficial for IoT business models, including its sophisticated decisioning framework, multi-element device identifiers, client-side pre-processors and native revenue recognition. IoT-pertinent features within TRACT include the following:
- Sophisticated Decisioning Action Framework
- Multi-element Device Identifiers
- Bulk Load of Device Identifiers
- Client-side Usage Pre-processor
- Ad-hoc and Pre-formatted Reporting
- Revenue Recognition and Settlement Engine
- Bundled Services and Monetization
- Adjunct Rating and Billing
- Cost Allocation Engine