Operationalize IoT
Globally, the number of IoT devices across all industry verticals is forecast to grow to more than eight billion by 2030. (Source: Statista). Businesses like the IoT because it allows additional, recurring revenue streams for hard goods and devices. However, moving to IoT adds considerable complexity to what may have been quite simple revenue accounting processes. These complexities include the need to manage subscription and consumption billing, contract renewal, and some of the most complex aspects of the ASC 606 revenue recognition guidance such as contract allocation, modification, and the handling of variable consideration.
