The proliferation of connected devices and the business solutions made possible with software present a wide array of opportunities for device manufacturers to monetize and leverage the Internet of Things (IoT). Increasingly, device manufacturers are using embedded software to open up new markets and value-added services. A strategic IoT solution leverages embedded software licensing to unlock new revenue streams, protect intellectual property and implement configure-to-order manufacturing processes that reduce inventory. It also utilizes entitlement management solutions to streamline fulfillment, protect maintenance revenues, implement new revenue models and establish direct relationships with customers.