The Internet of Things (IoT) is a broad term with multiple definitions, likely stemming from the different sectors of technology that IoT impacts. According to Microsoft Azure, a cloud computing service created by Microsoft, IoT is defined as “equipment, machines, products, and devices that are connected to the cloud and outfitted to collect and securely transmit data.” The company breaks the overall concept into five common uses for IoT technologies: remote monitoring, predictive maintenance, facilities management, manufacturing efficiency, and connected products.
“Connected products have smart, connective components that allow data to be exchanged between the product and its user, manufacturer, or environment,” stated Microsoft Azure’s definition. “Organizations that invest in the Internet of Things are able to deliver more value, including more personalized customer engagement, less waste of materials and labor, and increased operational efficiency. As data is collected and analyzed, new trends may even reveal new revenue opportunities.”