Execs can use internet of things (IoT) in three scenarios: product IoT, operations IoT, and ecosystem IoT. This report lays out the details of each scenario with subcategories for how they will vary for different types of products, business operations, and business ecosystems. We also spell out four action items for CIOs and CTOs to better work with their business partners on IoT. This is an update of a previously published report; Forrester reviews and revises it periodically for continued relevance and accuracy.