The internet of things or IoT, is a system of interrelated computing devices, mechanical and digital machines, objects, animals or people that are provided with unique identifiers (UIDs) and the ability to transfer data over a network without requiring human-to-human or human-to-computer interaction.

Example:

• A thing  in the internet of things can be a person with a heart monitor implant.

• A farm animal with a biochip transponder.

• An automobile that has built-in sensors to alert the driver when tire pressure is low or any other natural or man-made object that can be assigned an Internet Protocol (IP) address and is able to transfer data over a network.

• The internet of things offers several benefits to organizations. Some benefits are industry-specific, and some are applicable across multiple industries. Some of the common benefits of IoT enable businesses to:

• monitor their overall business processes;

• improve the customer experience (CX);

• save time and money;

• enhance employee productivity;

• integrate and adapt business models;

• make better business decisions; and

• generate more revenue.

• IoT encourages companies to rethink the ways they approach their businesses and gives them the tools to improve their business strategies.

• Ability to access information from anywhere at any time on any device;

• improved communication between connected electronic devices;

• transferring data packets over a connected network saving time and money; and

• automating tasks helping to improve the quality of a business's services and reducing the need for human intervention.

• As the number of connected devices increases and more information is shared between devices, the potential that a hacker could steal confidential information also increases.

• Enterprises may eventually have to deal with massive numbers -- maybe even millions -- of IoT devices,and collecting and managing the data from all those devices will be challenging.

• If there's a bug in the system, it's likely that every connected device will become corrupted.

• Since there's no international standard of compatibility for IoT, it's difficult for devices from different manufacturers to communicate with each other.

• Business uses for IoT include keeping track of customers, inventory, and the status of important components. IoT for All flags four industries that have been transformed by IoT:

• Oil and gas: Isolated drilling sites can be better monitored with IoT sensors than by human intervention

• Agriculture: Granular data about crops growing in fields derived from IoT sensors can be used to increase yields

• HVAC: Climate control systems across the country can be monitored by manufacturers

• Brick-and-mortar retail: Customers can be microtargeted with offers on their phones as they linger in certain parts of a store