I is the internet, T is the things or devices.
IoT is about connecting the physical world to the internet.
Essentially IoT is a large ecosystem of devices that:
Gather Data (using Sensors)
Interact (Using Sensors & Actuators)
Process (Using Controllers)
Connect (Using Gateways to the Internet)
There is a huge range of cases in 4 main groups:
Reduced Operating Costs
Better collection of accurate data/insights
Improved employee productivity
Increased existing revenue streams
Reducing fixed costs
Improve asset utilisation or uptime
Enhanced customer experience/loyalty
Improved brand differentiation
Streamlined compliance with regulation
Reduced waste
