Aria Systems, a subscription and usage-based revenue services provider, has announced Aria for Connected Vehicles, a cloud-based offering for IoT-enabled connected cars, heavy equipment, on-demand transportation as a service, telematics, and post-sale or lease add-on services.
Manufacturers are shifting business models from a transactional sales focus to owning long-term recurring customer relationships. To facilitate longer, more predictable revenue streams, they are looking to become closer to their end customer, gain better feedback, and align their offerings with customer choices, Aria said. Industry disruption is opening up new opportunities for recurring revenue streams from services inside and outside the vehicle.
Aria for Connected Vehicles is designed to be used by OEMs, third-party device manufacturers, and service providers looking to rapidly create, introduce, test, and scale IoT and digital products and services. It manages the monetization of innovative subscription and usage-based IoT services without compromising enterprise-grade scalability, performance, and security. With this platform, connected vehicle offerings can be constructed into combinations of one-to-one and one-to-many permutations of users, data services, and devices.
Possible through this solution is usage monitoring, monetization, and billing of on-board diagnostics (ODB) data streams at both the IoT platform and application levels. It integrates with smartphone apps, entitlement and provisioning systems, payment processors, and existing accounting/GL systems to provide a single view of accounts, activity, invoices, and accounting.
The connected vehicle moves cars, equipment, and machinery from a simple world of isolated tasks to being interactive providers of information for end consumers of value-added digital services that improve productivity, enable innovative practices, and increase safety. The OEM capitalizes on these closer relationships through increased revenue from digital services and stronger brand loyalty, leading to reuse and repurchase.
Aria for Connected Vehicles enables: on-demand access to cars, equipment, and machinery by the hour; subscription to a pool of cars so users can swap out car types as needed; road use and mileage tracking; giving customers access to expertise online including rating, diagnostics, management tools, and marketing tools; recurring revenue; data monetization via downstream analytics of driver patterns.
“IoT-enabled features have become strategic growth drivers for automobiles, farm machinery, heavy equipment and even automobile insurance companies,” said Tom Dibble, President & CEO, Aria Systems. “Aria for Connected Vehicles helps OEMs, third-party providers and others monetize the tremendous opportunities arriving from the wealth of valuable data streaming from vehicles.”
Edited by Alicia Young