Featured Article from Software Monetization
The Importance of a Monetization Strategy to Protect Embedded Medical Software
A large number of medical equipment contain embedded software, which can be both a blessing and a curse when it comes to actually protecting and monetizing that software. And medical equipment vendors are only beginning to change the way they conduct business to handle the challenges and opportunities of a software-centric economy.
Coming from a heavily hardware-oriented background, medical equipment vendors have begun to glean value from their offerings by embedding them with intelligent software that enables a number of features and benefits. That software also contains a good chunk of intellectual property, which if not properly protected and monetized can present a massive risk to these companies. By using an embedded software protection and monetization strategy, medical equipment vendors can overcome the business challenges and risks inherent with offering embedded software solutions.
Gemalto, a company specializing in software protection and monetization for a number of vertical markets, including medical equipment manufacturers, has published a free whitepaper outlining four essential components of an embedded device monetization strategy. The company approaches the problem from a business perspective, outlining the challenges faced by many medical equipment manufacturers as they transition from the old way of doing business to the age of software and services.
The first component is controlling the embedded software, since it is so valuable. And that means that vendors need to ensure it can’t be tampered with in a way that will enable users to get free functionality by accessing and changing code. Vendors must also control usage of their products, which can be handled through features-based licensing. This lets vendors reduce the number of hardware SKUs they need to manage as well as reduce costs for tooling, manufacturing and operations.
Another important component for protecting and monetizing embedded software is to optimize packaging and pricing through a scalable process that evaluates and harmonizes pricing metrics across dozens of products. Vendors should also test alternative revenue models like usage-based pricing and revenue sharing agreements with their customers and partners to ensure everyone is gleaning the most value out of the deal.
Management is of course an essential component for monetizing embedded medical software, and systems for pricing, packaging, billing and managing devices should all work together easily. This can be effectively accomplished through centralization, automation and end user enablement, which empowers customers to handle tasks like license compliance reporting, device activation, renewals, upgrades and cancellations.
And finally, an additional and critical component of monetizing embedded software is usage tracking and reporting. This process will ideally be automated to handle tracking of license details, entitlement activations and product usage drilled down to a feature basis. Not only does this help medical equipment vendors to properly monetize their products, but it also offers valuable metrics related to training, billing, sales and marketing and product packaging.
Having an embedded medical device monetization strategy should be an imperative for vendors deriving revenue from embedded software. A proper strategy will protect both vendors and customers, ensuring all parties involved are deriving the most value out of their precious intellectual property, investments and licenses.
Edited by Stefania Viscusi
Software Monetization eBooks
Featured Case Studies
- Apollo Communications Protects its Intellectual Property and Enforces Software Licensing with Gemalto Sentinel
- Cadac Group Cuts Operational Expenses & Gains Licensing Flexibility with Gemalto Sentinel
- Sentinel LDK Assures Revenue, Expands Licensing Flexibility, and Reduces System Management Costs for CAD Software Company
- Softing Industrial Automation Works with Gemalto Sentinel to Monetize the IoT
- Miko Maximizes Software Revenue & Reduces Operational Expenses with Gemalto Sentinel
- Xsens Technologies Streamlines Operations & Expands Revenue with Sentinel
- Structural Test and Monitoring Software Protected by Sentinel Integrated with NI LabVIEW
- Seize the IoT Opportunity
- Format International Replaces Inflexible Software Protection and Licensing Dongles with Sentinel LDK with EMS
- Envitrans Reduces Software Piracy & Expands Revenue with Sentinel LDK and Sentinel EMS Business Challenges
- Snell Protects Valuable IP and Streamlines Licensing Operations with Sentinel RMS & EMS
- Following Several Acquisitions, Sage Implements Sentinel RMS to Harmonize a Multitude of Disparate Licensing Systems- existing on site now
- With SafeNet Sentinel, AEOL Protects their Market-leading Training Software while Driving Back-office Efficiencies- existing on site now
Featured White Papers
- Frost & Sullivan - Penny Wise, Pound Foolish: The Fallacies of Choosing to Build vs Buy a Software Monetization System
- NEW! Frost & Sullivan - Competitive Analysis of the Software Licensing and Monetization Market
- NEW! IDC Cloud-Based Software Adoption Delivering Value to Customers
- Frost & Sullivan - Get Connected to Profit: Embracing Software Propels Growth in IoT Era
- More Variety with Less Cost: Using Software Features to Achieve Product Differentiation
- Monetizing the IoT: Show Me the Money: A Grey Heron white paper sponsored by Gemalto
- Cloud-Based Software Licensing - A THINKstrategies white paper: Enabling Operational Efficiency, Delighted Customers and Sustainable Competitiveness
- Consolidating Software Licensing Technologies Post M & A: A survival guide for software publishers & intelligent device manufacturers
- 5 Tips for Software Monetization in the IoT
- IDC Supporting Software Business Transformation with Systems Designed for the Task
- How to Achieve a Cloud-Connected Experience Using On-Premise Applications
- IDC Meeting Customer and Business Needs in a Changing Market
- NEW! Cloud-Based Software Licensing: Enabling Operational Efficiency, Delighted Customers and Sustainable Competitive Advantage
- NEW! Pricing Model Flexibility as a Competitive Advantage
- NEW! Monetizing IoT - Show me the Money
- NEW! Monetization Strategies and Technologies to Future-proof Your Business