We are proud to announce that we made an equity donation to Tmura! Tmura is the Israeli Public Service Venture Fund. Thanks to our recent acquisition by GE Digital, Tmura received a donation through the sale of a portion of Nurego stock. They will be using these new funds to invest in education and youth-related activities in Israel.

 

This donation enabled us to share a the upside with our supportive society, and has been yet another factor of motivation for the Nurego team. Social responsibility is an important component of our business and we are delighted to partner with Tmura in this unique and worthwhile initiative!

 

For more information on Tmura and their social empowerment initiatives, take a look at their website.

 

After dancing with us as a customer and partner for the last two years, GE popped the acquisition question and of course, we said YES!

A handful of EMC executives started Nurego in 2013 after spending many hours searching in vain for a tool that could help them monetize their cloud-based software businesses in a smarter, leaner and customer-focused way. Existing monetization and BizOps solutions for digital business models consisted of various point products and required an army of developers to build and maintain. This created isolated digital and legacy opportunity-to-cash processes, resulting in a disjointed experience for customers and partners, increased operational costs, and missed revenue opportunities.

GE has been using Nurego’s monetization and business operations tool both internally and as a Predix microservice for nearly two years. GE’s Predix helps industrial companies develop, deploy and operate Industrial Internet applications from the edge to the cloud. Nurego makes it easy for companies to monetize their Predix-based Industrial Internet applications alongside their legacy products and businesses.

We cannot thank you enough for letting us serve your monetization and business operations needs. Special thanks go to The Hive, EMC, and Paul Maritz for your continuous support. The Nurego team will continue to operate out of the product office, located in Tel Aviv, Israel and is thrilled to join the GE Digital team! Together, we look forward to creating new Industrial IoT business models with our customers and partners.

 

To date, much of the focus in IoT has been on the enabling technology – from devices and sensors (or ‘things’), to the cloud. Open source hardware and tools make it easier and more inexpensive to build devices and sensors, while new networks and protocols efficiently

move device and sensor data to the cloud. Data scientists using cloud-based big data and predictive analytics platforms analyze device and sensor data in real-time. Meanwhile many developers are utilizing IoT platforms such as GE’s Predix to build applications more holistically and faster.

The pace of innovation for these IoT technologies is extremely rapid, and with almost every company on the planet jumping into the IoT fray, many of the technologies are either being disrupted quickly or are becoming commoditized. Companies realize that the business models and third-party ecosystems surrounding these technologies will be the key to whether or not they can build a sustainable IoT business. As investment in the new IoT businesses increase, CEOs and CFOs also look for rapid ROI while minimizing the financial risk associated with investing in these new product and business model innovations.

The Industrial IOT Business Challenge

Manufacturing is being revolutionized by the Internet of Things more than any other industry.  Manufacturers are set to invest up to $70 billion in the Industrial Internet of Things (IIoT) by 2020 (according to John Greenough of Business Insider, March, 2016). Many enterprise

companies, in particular manufacturers of ‘things’, are looking to IIoT as a new growth engine that will help them differentiate their offerings by adopting subscription/recurring revenue business models. However, the effectiveness and capacity to implement Industrial IoT solutions in today’s manufacturing processes is often questioned. This new world of cloud-native products, which is very different from the traditional business, creates new technological and business challenges, such as:  

  • Fast innovation cycle times, for both the product and business model, as customer, competitor, and market demands shift.
  • Lean “thinking” – build-test-measure-adapt every feature, product, and business model to minimize the associated financial risk.
  • Focus on building products and business models that maximize customer lifetime and recurring revenue.
  • Quote-to-cash processes that are customer-centric vs. traditional transaction-centric models.
  • Revenue models based on recurring and subscription models vs. large, one-time transactions.

It’s not just about technology innovation

This move to cloud-native products impacts almost every business/functional role in the company. Product teams use Minimal Viable Products (MVPs), agile development, cloud services, and DevOps to quickly and efficiently innovate and iterate on their cloud-native products. Customer facing and finance teams, however, depend heavily on the CIO to provide an army of subscription business analysts and developers to define, build, and integrate custom solutions and enable an iterative approach to business model innovation.

Not only does this severely handcuff the business teams’ ability to take advantage of the rapid product cycles, but it also results in multiple quote-to-cash processes: one for the traditional business, and another for the digital business. The CIO also has to balance these new needs without disrupting the existing business, which is frequently the source of funding for the new digital business.  

Identify Your Weakest Link

Relying heavily on developers and custom solutions, to enable the transformation to a digital business, is just not sufficient anymore. Companies must retool their business operations to support the new subscription and recurring revenue models, since existing quote-to-cash

processes and tools are inadequate. Every analyst and company involved in IoT expects the market dynamics to change rapidly over the next several years. They all understand that to build a profitable business, companies will need to adapt fast or die as market needs evolve. They need to make changes to their products and business model in hours and days instead of months, all while managing the financial risk associated with adapting to these changes.  

Supercharge Business Operations

Now that the app being built is ready to be monetized and pushed out to the market as SaaS, it becomes necessary to create the business processes and measurements needed to create a profitable business. One service that helps you easily adapt to changes as they occur and successfully monetize the cloud-native IoT products is Nurego.

Nurego helps you:

  • Control the entire customer journey across the company, from onboarding to billing.  
  • Manage subscription entitlements in order to maximize up-selling opportunities and customer retention.
  • Measure everything, usage to the monitored assets, revenue and associated costs in order to alert and recommend actions that will increase profitability.
  • Easily build-measure-learn-adapt offerings while managing the costs associated with launching and scaling products, packages, customer segments and product distribution channels.
  • Identify problems with revenue, customer engagement and costs quickly to minimize losses.

For use cases and product information on Nurego, visit www.Nurego.com

To use Nurego on Predix, go to the Predix catalogue.

This post is also hosed at GE’s blog.

Digital Transformation. Everyone seems to be pursuing it, buzzing about it, and yet its significance is not inherently understood. The multitude of definitions is rather confusing, but arguably the most straightforward one is, ’‘the realignment of, or new investment in, technology and business models to more effectively engage digital customers at every touchpoint in the customer experience lifecycle” (The 2014 State of Digital Transformation, July 21, 2014, Altimeter’s group.)

On a dreary Seattle day a man was sitting at his desk, an array of excel spreadsheets spilling out over the table and another few open on his many monitors, along with multiple meeting reminders with finance and developers popping up. He was squinting at a screen, attempting to decrypt each miniscule line, and at the same time trying to figure out the bigger picture, as his mind screamed in agony, “There has GOT to be a better way.”