The most accepted IOT monetization models
1. IOT-Monetization-Model-1: SAAAS (State Assessment as a Service)
Flutura is working on a strategic initiative with one of the largest Shale Gas OEMs and processing billions of events for them across 20,000+ assets for their customers. These assets include Fracturing Pumps, Additive Units, Engines, etc. and are operationally critical. Any downtime can result in massive maintenance costs and opportunity costs that go up to millions daily. As such, the OEM’s customers saw immense value in such a service that could provide them ground level visibility into operations. The pricing model was ‘price per asset per month’ and the OEM is expecting a 3% topline growth over the next 3 years.
2. IOT-Monetization-Model-2: DAAS (Diagnostics as a Service)
Flutura is working with one of the largest LNG & Shipping Engineering companies in the world to diagnose problems with their customer’s assets and detect asset health deterioration that may lead to Emergency Situations. These critical assets, such as tanks, and compressors, need to be operated under very controlled conditions as they handle highly flammable gasses. Any deviation from standard operating conditions or fluctuations in process variables could prove to be disastrous and result in direct losses of more than USD 1.4+ Million per day. This automated asset diagnostics service provided a new revenue stream for this company as it helped mitigate safety risk from asset failure for their customer.
3. IOT-Monetization-Model-3: PAAS (Prognostics as a Service )
Flutura is working with a global industrial giant and enabling them to provide PAAS to their customers. Most of these assets were installed with default settings and field conditions necessitate recalibration interventions. This service would proactively recommend which of their electrical assets needs to be recalibrated in order to improve their performance depending on the age of the asset, operating history, current operating conditions, as well as the performance of other similar assets.