Internet of Things (IoT) is a key technological trend for the digital transformation of organizations, boosting existing information and communication technologies or the deployment of new IoT solutions to improve their business models. Decision-making IoT adoption in small and medium enterprises is a complex task led by the organization's Chief Information Officer (CIO) that is affected by the permanent change in the information and communication technologies sector, which implies high investment costs by organizations due to the acquisition of technology, maintenance of technology, training of employees for the appropriate use of each technology, and expensive contracts with Internet of Things providers for the execution of IoT projects. This paper presents four technological variables that affect decision-making IoT adoption in small and medium enterprises based on the Technology-Organization-Environment Model (TOE). The role of the CIO to support the digital transformation of SMEs and the complexity for IoT adoption are highlighted.