Most of the devices made for the IOT space specify their sleep currents. This is the most important specification which determines the life of the batteries, as most of the time the system remains in the sleep state. It is common for the overall system current to be well under 10uA, considering multiple ICs on the system. However, practical measurements often seem to be higher than this and can cause faster battery drain.
Many of the ICs have internal timers and these can wake-up sporadically even while in sleep mode. Most of the DC-DC converters draw narrow spikes of current while supplying low currents. IO leakage can contribute to higher power drains, if the voltage levels are not kept in the correct logic family levels. All of these can contribute to significant battery life degradation.
Since these spiky currents cannot be caught in a multimeter, there is no easy way to measure them. That is where the IOT Power Profiler tool shows it strength. It can measure narrow and high current spikes, even when the target system is in sleep mode (consuming few uA). By observing the nature of the current spikes, one may be able to debug the cause of this current and come up with fixes to solve them.