findyIoT - IoT Feasibility Studies & Product Development

You’ve got an idea that can solve a problem. How do you make it happen?


Whether it’s a smart irrigation system for farmers or a real-time asset tracker for logistics, the journey from concept to reality involves key stages. Let’s walk through what it takes to build a working IoT solution…

1. Feasibility Study: Can it be done?
Before you dive in, you need to figure out if your idea is achievable.

A feasibility study evaluates:

Technical viability: Do the required devices and technologies exist?
Financial feasibility: Can you build this within your budget?
Market demand: Do you want the solution at this price point and at this scope?
Think of this as a “reality check” for your vision. For IoT, it also means considering connectivity options (Wi-Fi, LTE, LoRa) and device compatibility.


2. Requirements and Scope: What do you want to build?
This is where you define what the solution will do and how it will work.

Start by answering these questions:

What problem are you solving?
Who are the users?
What are the expected outcomes?
Scope defines the boundaries: what the project will and won’t do.

Overreaching here can lead to “scope creep.” Scope creep always costs money and time. Focus on priorities, refer back to the original problem.

"Requirements" break it down further:

Hardware needs (specific sensors, gateways, devices).
Software requirements (data visualization platforms, APIs).
Connectivity (Wi-Fi, cellular, satellite).

3. Cost, Time, and Quality: The balancing act
This step is aligning your resources:

Cost: What’s your budget for hardware, software, and labor?

Time: IoT projects typically take 6–18 months from start to finish, depending on complexity.

What standards do you need to meet (e.g., IP67 for enclosures, data security)?

4. Testing: Ensuring it works
IoT solutions require rigorous testing because they involve multiple components working together:

Functional testing: Do sensors report accurate data?
Connectivity testing: Is the network stable?
Environmental testing: Does the hardware survive in extreme conditions?
Security testing: Can your system withstand hacking attempts?

Testing can take weeks to months, depending on the complexity and scale of the solution.

5. Deployment: Rolling it out
When everything is ready, the solution moves to deployment.

This involves:

Pilot phase: Launching in a limited environment to iron out issues.
Full deployment: Scaling the solution across intended use cases.

Common challenges during deployment:

Communication issues: Devices may lose connectivity in certain environments.
Integration problems: Compatibility with existing systems can be tricky.
Power Management: Do you have enough juice?

User training: Ensuring people know how to use the solution effectively.

1. IoT FEASIBILITY
STUDIES

2. 03 Who we are
O4 Assess Technical Feasibility
05 Evaluate Operational Feasibility
06 Analyze Financial Feasibility
07 Assess Legal and Regulatory Compliance
08 Risk Assessment
09 Prototype & Test
10 Compile Feasibility Report
11 Decision Making
12 Feasiblity Checklist
13 Product Development
14 Product Design
15 Why Us?
16 Benefits
17 Contact
CONTENTS

3. Who we are
Findy deploys scaled IOT
solutions for companies that
depend on data.
We deliver the connection for
mission critical real world
applications.
Our partners depend on us to
provide rugged hardware,
software and analytics tools to
perform in extreme conditions.

4. 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.
ASSESS TECHNICAL FEASIBILITY

5. 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.
EVALUATE OPERATIONAL FEASIBILITY

6. 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.
ANALYZE FINANCIAL FEASIBILITY

7. 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.
ASSESS LEGAL AND REGULATORY COMPLIANCE

8. 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.
RISK ASSESSMENT

9. Develop a Minimum Viable Product (MVP): Test core
functionalities.
Pilot Test: Conduct pilot testing with a small group of
users to gather feedback and identify potential issues.
PROTOTYPE & TEST

10. Summary: Summarize findings from all assessments.
Key Risks: Highlight key risks, opportunities, and
recommendations.
COMPILE FEASIBILITY REPORT
Decisions: Present a clear decision on whether to
proceed with development or revisit the original idea.

11. Presentation: Present the feasibility study to stakeholders.
Findings: Use findings to make an informed decision on
the project’s viability and next steps.
DECISION MAKING

12. CHECKLIST

13. DEVELOPMENT

14. DESIGN

15. Why Us?
Engineering designed for extreme conditions
Hardware custom built in our factory
We value partnership
Transparent pricing
Research &
Development
Hardware
Manufacturing
Connectivity IOT platform Support

16. Worldwide
coverage
Fixed annual cost
In platform SIM
management
Satellite
Connectivity

17. CONTACT
[phone]
www.findyiot.com
[email protected]
50 Goce Delchev blvd Sofia 1680, Bulgaria
[phone]
0700 20 447