Certain things changed the world. When someone added hot fudge to vanilla ice cream, the sundae was invented. When zippers went into jeans instead of buttons, putting on jeans became much faster.
And when software went inside physical devices, it changed how manufacturers created products. You didn’t have to rebuild products for every change. Product shipping moved faster. You gained the power to customize to meet a customer or market segment need.
It also required you to add a business process that you never had to think about — how to manage software. Software needs to be protected just like a physical product with a copyright. It’s just that the type of protection is different. Licenses are used to protect software intellectual property. Plus, software is complicated with multiple versions, editions, upgrades and more (not tracked by a CRM). Without the ability to track multiple scenarios and users, you can miss the big benefit — a recurring revenue stream.
If you’re thinking about how to capture that lost revenue, start with this assessment:
- Has our organization shifted its thinking about being both a device manufacturer and software producer? Are we giving valuable software inside our products away for free?
Monetizing the software you provide in addition to your traditional devices opens up revenue opportunities. You can create a recurring revenue stream to benefit from its value, which can be easily managed through software licensing technology.
- Can we increase revenue with more sophisticated license management?
Using modern licensing technology opens up all sorts of doors to revenue. You can offer multiple versions of products to tap into unexplored markets. You can speed upsell revenue, quickly monetizing an upgrade in what customers own by delivering it instantly through a licensing mechanism.
- Could we improve margins with a new approach to licensing our software?
Licensing empowers change in how you build products. You can ship one device and turn features on and off to create different products. Product updates become simpler and take less time when you update licensing through the cloud. You can even lower your SKU variant by using licensing to decide what version the customer gets on common hardware.
- Can you currently handle any licensing needs in a few seconds?
Modern licensing technology follows this simple rule — 10-seconds for any licensing actions. That’s easier for customers and easier for your team.
- Are you on top of the full device lifecycle?
Software licensing takes care of it all — from manufacturing provisioning to end-user consumption in any environment and online or offline.
The software you provide in your devices provides a valuable service to your customers. It’s important to protect that intellectual property and realize the value of related revenue. The cloud-based licensing platform, Zentitle, provides everything you need monetize your software. Used by today’s most demanding software vendors, it focuses on a fantastic experience for you, your support team and your end-users.
Want to learn more? Grab a meeting with Nalpeiron about their class-leading licensing platform: Zentitle