As the age of IoT beckons, the telecom industry is at the cusp of a mega transformation. The time is ripe for those who want to take a leap and truly transform their business into something spectacular. In these highly competitive times, the IoT platform presents a remarkable opportunity for those who are willing to change according to time.
Pressing Requirements for Tackling IoT
IoT, unlike other technologies, requires great versatility. For MVNOs and MNOs, it presents a unique challenge that can be only overcome by thriving in different verticals. The challenge is not simple for those who are stuck on their rudimentary work methodology. Some of the pressing requirements of IoT are:
- Precise service offerings – IoT connectivity and its monetization need to be very precise. The informative and knowledgeable customers of today do not want to pay a penny more than what is necessary. They would rather switch their providers than get fleeced. As a fair share of IoT revenue comes through connectivity monetization, it is necessary to offer customers precisely the connectivity they need. For example, a parking lot IoT use case does not require a high speed connection. Therefore, it makes a lot of sense to use relevant technologies like LoRa or Sigfox instead of delivering a high-bandwidth connection.
- Surpass limits – IoT use case requires you to transcend SLAs, connectivity, telecom services, cloud technology and QoS. As many telcos consider such an initiative to be risky (as they do not have knowledge of so many verticals), they never really fully exploit the new technologies.
- Procurement of hardware and software – IoT requires a range of new hardware and software for its rightful deployment and implementation. From sensors to batteries to powerful computers, the hardware requirements are mind-boggling. The same is the case with software as you need revolutionary BSS/OSS platforms along with a cutting-edge telecom billing system.
How to Handle IoT the Right Way?
Despite all the challenges, IoT provides immense opportunities to telecom operators. It is anticipated that the number of IoT devices will increase to 25 billion by the year 2020. Such a rise will offer great benefits to telcos that are already proficient in handling different IoT use cases. Below are a few competencies that are needed to handle the IoT use cases in the right way:
- Partnership and its monetization – As mentioned before, IoT has a wide scope and it pushes telcos to operate in different verticals. As all telcos do not have the capabilities to start new services from the scratch, it makes good business sense to use vendors for getting the job done. By associating with capable internet of things companies, it is possible to access pre-existing relationships via APIs. Application Program Interface (API) can be installed on client systems for fulfilling different requirements. For example, it is possible to use a shipping service for the distribution of IoT SIMs to customers without venturing into a new partnership.
- Scalability – A myriad of devices are connected via an IoT network. Zillions of bytes of data is generated every other day and this data generation can increase or decrease at any time. To handle an ever-changing requirement, you need an IoT platform that can effectively monetize, track and bill a wide gamut of IoT services conveniently and scale according to the future requirements.
IoT is all the rage nowadays as telcos look to leverage it for improving their revenue. However, running an IoT platform does come with its inherent challenges like thriving in different verticals. To simplify IoT application and improve the revenue generated, it is best to partner with internet of things companies that are expert in their field and can offer completely scalable solutions and have provisions for multiple vendor partnerships via APIs.