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The Internet of Things (IoT) is a network that connects sensors or devices to the Internet—as well as to digital technologies such as wireless networks, computing power, big data, analytics and artificial intelligence (AI)—to collect, communicate and share intelligence without human intervention.
Data from IoT helps enterprises analyze environmental conditions to predict and prevent equipment failures, manufacturing downtime and logistics bottlenecks. It also helps them, for the first time, understand how users utilize their products and how those products perform. Intelligence from products can be used to develop differentiating features and services such as software upgrades. Companies are also leveraging data value chains to create new business models to transform traditional products into product-centric ecosystems to drive new growth.