The Internet of Things is now a reality due to the convergence of several technologies, including wireless communications, micro-electrical systems and of course, the Internet.

A “thing” is any object with embedded electronics that can transfer data over a network — without any human interaction.

Examples are wearable devices, environmental sensors, machinery in factories, devices in homes and buildings, or components in a vehicle.

What does IoT mean for business?

As almost everything — from cars to crops to conveyor belts — becomes connected, IoT is changing the way businesses operate. By combining IoT data with cognitive computing, business can extract valuable insights to improve virtually every aspect of their operations and enable innovative, new business models.

For instance, in a connected building, data can be used to save energy and for predictive maintenance. Sensors on the production line can increase efficiency. In-store devices can help retailers improve the customer experience. And medical data from wearable devices can be used to save lives.