To help businesses monetize the Internet of Things, the new Redknee Connected Suite from Mississauga-based Redknee Solutions provides a software platform designed to monetize anything from utilities and smart meters, to transportation, connected homes and more.

The business models associated with IoT devices can be more complex than those of traditional businesses, often involving data analytics, servitisation, and data transfers.

Businesses can use Redknee’s cloud-based IoT monetization platform and any industry.

But there are also modules for specific purposes. For instance, the Prepaid Energy Solution module lets customers track their energy consumption and pay instantly on their smartphone. Energy providers can also use it to remotely connect and disconnect smart meters without having to send out technicians.

In the smart metering space, Redknee has a partnership agreement with metering solutions provider Elster to market the solution to their customers in the gas, electricity and water utility provider industries.

A report from Machina Research sponsored by Redknee notes that companies with sophisticated monetization capabilities could generate USD$1.3 trillion (CDN$1.73 trillion) through IoT between 2014 and 2024. And despite more than half of Canadian businesses not being aware of IoT, the number of devices is continuing to proliferate with 22 billion IoT devices expected to be operational by 2018. And, for those businesses cognizant of the opportunities of IoT, there need to be ways to make these devices drive revenue.

“The growth of the Internet of Things will be the defining trend in the technology landscape over the next ten years, and it will permeate every vertical sector and influence the majority of business processes in some way,” Machina Research founder and CEO Matt Hatton said in a statement.

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