As with every major technological sea change, the emergence of the Internet of Things (IoT) has occasioned both widespread success and widespread failure. The enthusiasm with which entrepreneurs, investors, and governments have embraced IoT is a testament to its profound social and economic potential. In many cases, however, enthusiasm has outpaced understanding. As a result, the emerging IoT industry has been rife with the kinds of miscalculations and misapplications that often plague early adoption. This paper provides insights into successful application of the IoT such as preventative maintenance and remote diagnostics.