Feasibility

Can IoT investment be achieved within our budget, scope and timeline?

Feasibility Study

Is it worth it?

IoT investment is a complex decision. It requires technical knowledge, long term planning and efficient cost – benefit analysis. Household brands look at the feasibility of a product or project before deployment. But what is an IoT feasibility study?

Hardware requirements: Identify the sensors, hardware and communication protocols required.

Connectivity: Analyze the most suitable communication technologies (E.g., Wi-Fi, LoRa, Bluetooth, NB-IoT).

Software: Assess the need for Cloud or local storage, data analytics tools and user interfaces.

Implementation plan: Define the steps for deploying the solution, including timelines and resources.

Skill requirements: Identify the skills requirement for development, deployment and maintenance.

Support Systems: Plan for ongoing updates, maintenance and customer support.

Cost estimation: Calculate development, deployment, and operational costs, including hardware, software, and labor.

Revenue Model: Define pricing, subscription plans, or other revenue streams.

ROI Analysis: Evaluate the potential return on investment and break-even point.

Data Privacy: Ensure compliance with data protection regulations like GDPR or CCPA.

IoT Standards: Confirm adherence to relevant IoT protocols and industry standards.

Intellectual Property: Address potential patent or licensing requirements.

Technical Risks: Evaluate potential technical challenges or failures.

Security Risks: Assess risks related to data breaches or system vulnerabilities.

Market Risks: Identify factors that could impact customer adoption or market demand.

Develop a Minimum Viable Product (MVP): Test core functionalities.

Conduct pilot testing with a small group of users to gather feedback and identify potential issues.

Summarize findings from all assessments.

Highlight key risks, opportunities, and recommendations.

Decisions: Present a clear decision on whether to proceed with development or revisit the original idea.

Present the feasibility study to stakeholders.

Findings: Use findings to make an informed decision on the project’s viability and next steps.

Custom IoT solutions

You will know them by their fruit.

Corporate Solutions

Consumer Electronics

IoT Platform

Feasibility

Feasibility Study

Is it worth it?

Assess Technical Feasibility

Evaluate Operational Feasibility

Analyze Financial Feasibility

Assess Legal and Regulatory Compliance

Risk Assessment

Prototype & Test

Compile Feasibility Report

Decision Making

Checklist

Custom IoT solutions

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