Basically, IoT evolved from the convergence of micro-electromechanical systems, the internet, wireless technology and micro-services. The process of converging helps to tear down the silo walls between OT (Operational Technology) and IT (Information Technology). They allow unstructured data to analyze and for drive improvement as well.
In short, Internet of Things is the process of collecting the information from physical objects and exchanging it. It can also be defined as a vast network of things (devices) which are connected through the internet. It includes the smart phone, sensor activated devices and tablets. The technology behind this concept is M2M (Machine to Machine) which brings superior visibility to a nearby area.
The business modules prepared using IoT exploit the data/information which is collected by "things" in different ways such as to understand customer behaviour to improve product quality, to deliver best services and to intercept business movements.