Companies can use pricing to reflect the value of a service to a market. But when you connect pricing to situational demand, companies can create increased value and competitive differentiation.
This is done using data from IoT sensors or operational systems that can provide insights into usage, capacity, availability of assets or customer behavior, which can then be used to guide a customer’s behavior through pricing incentives.
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Usage based charging
Companies and industries are discovering that profitability and customer value can be enhanced by gaining insights from customer behavior and product and service utilization and offering pricing / rating that reflects this usage. Usage based charging can greatly enable data driven businesses. These mechanisms can enable competitive advantage against less capable competitors. For example in automotive markets manufacturers are creating repositories of vehicle operational data from IoT sensors. In Utilities, companies capture hourly consumption from meters. In Telecom, providers capture bandwidth usage from carriers' operational support systems.
Challenge
Many companies do not have the capability to offer pricing or charging at granular levels that reflect a customer's situation, location or segment. Not all customers, in all segments, in all locations, in all situations will value your services at a similar price. Connecting pricing / rating / charging to customer situations will enable you to maximize revenue and provide optimal value to customers.
Usage based charging allows you to overcome these challenges and creates competitive opportunities.
Omniware Approach
Dynamics Billing has a powerful data mediation hub, which assesses data from IoT sensors or operational systems for the purposes of rating specific customer situations. Moreover situational rules, such as revenue thresholds, service utilization or customer contract terms can be applied to offer customers pricing unique to their segment and situation.
For example, in the energy industry, hourly electricity use is captured from utility meters and offset by power generated from community solar panels. Customers can be charged net amounts of power from the utility vs locally generated solar power at each specific time of day.
Benefits
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Maximize revenue
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Improve customer satisfaction
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Incent customer loyalty
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Improve the value of services for customers by recognizing their unique situations.
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Improve market share by creating loyalty through situational awareness
Omniware Dynamics Billing is integrated with Microsoft Dynamics, which allows you to enhance your ERP / CRM system with powerful billing capabilities and a familiar interface.
