India-Canada collaboration aims to monetise IoT
June 23, 2016
A collaboration between Indian company L&T Technology Services and Canada-based Redknee, a provider of real-time monetisation services, aims to offer a complete architecture for enterprises to enable connectivity, analytics and monetisation for the IoT.
By leveraging technologies from both L&T and Redknee, the partnership wants to enable easy billing and monetisation for enterprises across the transport, energy and insurance markets, and support new business models and opportunities for those enterprises using the IoT ecosystem.
L&T will integrate Redknee's connected suite to provide IoT end-point connectivity, advanced analytics and monetisation in one integrated system.
The use case for usage based insurance was demonstrated by the firms in Paris this month in an event organised by Sierra Wireless.
L&T has been deploying IoT services through its open frameworks, which enable digital engineering of smart products, manufacturing, operations and services. The company received Nasscom's recognition for innovative application of analytics for businesses in 2015.
"We have been collaborating with technology leaders to develop enhanced delivery systems that create opportunities and solve challenges for our customers,” said Amit Chadha, chief sales officer for L&T Technology Services. “Our partnership with Redknee is another step in that direction. We will leverage IoT technologies to provide unique and differentiated solutions, offering digital engineering to a number of industries."
The Redknee connected suite provides all the necessary tools to monetise enterprise applications in real time, including bundled offers, promotions and new offers with complex pricing models. The modular system was built with the diverse requirements of IoT in mind, and its monetisation capabilities already support emerging IoT demands.
"The internet of things is disrupting markets with the emergence of new and innovative business models,” said Lucas Skoczkowski, Redknee's CEO. “Redknee is excited to partner with L&T Technology Services to offer an end-to-end IoT to provide connectivity, monetisation and subscriber management that supports new and innovative monetisation models as part of the IoT revolution."
L&T Technology Services is a wholly-owned subsidiary of Larsen & Toubro, an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with US$16bn in revenue. It operates in more than 30 countries worldwide.