De-Risk Your IoT Solution: Vendor Selection Best Practices

In IoT, a fast-paced and ever-evolving tech sector, selecting the right vendor can make or break your solution. With increasing market consolidation and the rising complexity of IoT ecosystems, de-risking your investment starts with smart vendor selection. Here’s a checklist of best practices to guide you through the process.

1. IoT Technology Stack Ownership

A critical component in IoT is unifying the ecosystem. Oftentimes, vendors pull together an offering comprised of different components in the technology ecosystem. But a vendor that offers a solution that owns a significant portion of the technology stack, enables a near “single pane of glass” solution, reducing the need to juggle multiple tools and providers. Ownership translates into:

• Greater control over the solution lifecycle.
• Seamless integration and streamlined management.
• Longer-term viability, as a consolidated tech stack, reduces dependency on third-party tools that might become obsolete.

A connectivity management platform (CMP) is a keystone in IoT vendors and owning it and the supporting technology within (eSIM management, BSS, etc) means that a vendor can provide the aforementioned benefits. Even better is if the CMP is cloud-based, which offers more scalability and flexibility. 

2. Core Network Ownership

Ownership isn’t just about software; the underlying network infrastructure is equally critical. floLIVE, for example, boasts a carrier-grade distributed network with 40+ globally distributed points of presence. This ensures unparalleled control, enabling vendors to:

• Deliver low latency and high reliability for IoT applications.
• Provide localized connectivity in regions with strict data sovereignty regulations.
• Offer scalability to support a growing number of devices and use cases.

When evaluating a vendor, ask about their control over the network and how it impacts performance and reliability.

3. IoT Customization and Flexibility

No two IoT deployments are the same, and a one-size-fits-all solution often falls short. Vendors that own significant portions of their tech stack are better equipped to offer tailored solutions to meet specific use cases. Customization leads to:

• Greater alignment with your business needs.
• The ability to pivot or scale quickly as your IoT strategy evolves.
• Future-proofing by integrating solutions that adapt to new challenges or opportunities.

A vendor that prioritizes flexibility and has a proven track record is capable of adapting to diverse customer needs.

4. Customer Obsession

Technology is only as good as the support behind it. True customer-centric vendors don’t just say they care—they act on it. floLIVE, for example, offers 24/7 live support, ensuring:

• Rapid diagnosis and troubleshooting, minimizing downtime.
• A partner that prioritizes your success, as their success depends on it.
• Proactive engagement, addressing potential issues before they escalate.

floLIVE was excited to recently announce an increase to our customer service approval rating to 4.91/5, proving that our customer support is at the heart of what we do. 

5. IoT Business Stability 

IoT deployments often have long lifecycles, with some devices expected to operate in the field for ten years or even longer. Choosing a vendor isn’t just about the quality of their products or services today; it’s about ensuring they’ll be there to support you throughout the entire lifecycle of your deployment. This is especially critical as the IoT industry continues to experience significant consolidation across various parts of the value chain. A once-reliable supplier could merge, pivot, or cease operations entirely. To mitigate risks, conduct thorough due diligence to evaluate the long-term viability of your suppliers. Look into their financial health, track record, and industry reputation to ensure they’ll be a dependable partner for the duration of your IoT project. Remember, a supplier that’s here today but gone tomorrow can jeopardize the stability and success of your deployment.

Navigating Risk in IoT

IoT can be an incredibly lucrative and rewarding technology development, whether as an MVNO, IoT Service Provider, or enterprise. floLIVE, in particular, delivers benefits to MNOs, as well, by offering a streamlined approach to monetizing a low ARPU connectivity sector. But, with any tech venture, there are associated risks. 

The IoT sector has seen significant market consolidation over the past two years as companies aim to streamline solutions and address the complexity of IoT ecosystems. This trend makes selecting the right partner even more challenging yet crucial for de-risking your investment.

For a vendor that checks all the boxes—technology ownership, robust network infrastructure, customization, and a customer-first approach—floLIVE is ready to help. To learn more about how we can support your IoT journey, reach out to us today.