4. New Consumption Models

Not every skill IoT solution providers need is customer-facing, executives said. One of the biggest factors in whether a solution provider will be successful selling IoT is how well it adapts to handling new consumption models and ensuring that their business models support recurring revenue and selling subscription services. IoT is more than hardware – it is about the services tied to projects, said Cisco's Tony Shakib (pictured).

"People want to take [IoT] on a per-use basis. They want subscription services and, actually, the partners, some of them are very good at that," Shakib said.

"IoT deals take a lot longer than an IT deal, where you walk in, get the order and walk out," he added. "It's not like that, some of them take 18 months. When you do win it, the size is significantly higher and it's repeatable and you won't get kicked out. That's the kind of stuff that [partners] have to get used to it, the longer life cycles, and bigger investment, but the payoffs are great."