Any finance leader will tell you that it’s nearly impossible to do our jobs without tools in place to provide us with the data we need to make informed, actionable business decisions. Because how do you plan for the future without a clear view of the past, and an accurate pulse on the present? And how do you have confidence in your models when the numbers change every day?
For those of us tracking the dollar signs at an organization where IoT is involved, the simple answer to those questions is, “you can’t – at least not reliably.” That’s because the world of IoT connected devices is as vast as it is complicated, and many of us are working with tools that simply can’t keep up.
With so much data flowing in from IoT devices worldwide, organizations need more than Excel spreadsheets pulled from single carrier platforms. These tools try to give us visibility into our data, but they only give us a slice of our device ecosystem, and we’re left to cobble it together on our own. Even worse, the data we get is stale – with usage and cost that’s already yesterday’s news.
For finance teams, this means that despite painstakingly tedious month-, quarter-, and year-end processes, the end result is rarely accurate. And when carrier plans are constantly changing and difficult to manage, it also means hidden dollars get trapped in the complexity, waiting for tools powerful enough to properly optimize IoT investments and reinvest those dollars into our businesses.
Good news, though, my finance colleagues: that wait for the right tool is over. Simetric is making our lives easier and doing good for our businesses.
A single source of truth - and a paradigm shift
Simetric gives you real-time insight into your IoT device ecosystem – and its associated costs. In just a few clicks, it pulls together the data streams from your entire device ecosystem into a single view. Forget every other feature of the platform for now, this unified data alone is immensely powerful for finance teams.
Instead of cobbling together data from disparate sources, with Simetric you have everything in one place. This not only saves your team time (and headaches) but serves as a single source of truth for data across the organization. On the ground, that looks like reports that align no matter who’s pulling them, and a foundation of accurate, truthful data upon which to build financial models.
It also means a complete paradigm shift for accounting and finance teams, as data is available in real-time. Rather than scrambling at the end of a given time period when the data comes in (be it month-, quarter-, or year-end), these processes can run whenever you need them to. So, if your CEO needs a realistic view of the business on a random Tuesday afternoon, you can provide it in real-time. That’s a huge win for businesses operating in hyper-competitive markets where the ability to make informed, strategic business decisions mid-cycle is what gives you an edge.
Consistent billing and predictable revenue
Simetric is more than just a single pane of glass, though. It’s an optimization platform that enables businesses to automate cost management and data utilization across devices in real-time. This means you can activate, deploy, govern, and deactivate every asset within your IoT ecosystem – regardless of device type, operator, or geography – at any moment. Combine that with Simetric’s ability to automatically align device usage with the most cost-effective carrier plan, and you have the most powerful tool the industry has ever seen at your fingertips.
Those two pieces together – right-sizing your IoT device ecosystem and getting those devices on the best possible plans – saves our customers at least 30 percent in their first month with us. In fact, one of our customers just saw their connectivity bill reduced by $1 million immediately upon implementing Simetric. That’s money that can be strategically reinvested in their business.
Beyond that, Simetric enables integrations with third-party systems with APIaaS that can support revenue assurance. Single carrier platforms cannot provide this service, given the cross-functional nature of revenue assurance activities and the complexity of the data that informs such activities. With Simetric, however, you can communicate with credit card companies to activate a device upon payment, or deactivate a device upon overdue account status, thereby ensuring financial performance. This provides predictable, reliable revenue assurance that no other platform can offer.
A bright future
Simetric is bringing the world of IoT connected devices under control. In doing so, it’s saving your team and your business time, money, and sanity. Try it out.