What does IoT mean in practice?
Stripped of the marketing, it is equipment reporting its state to somewhere a person or a system can act on it. A reading, a route to send it, somewhere to keep it, and a rule that turns it into an action.
The connecting part is largely solved and cheap. What costs money is retention, the alarm path, and the fact that somebody has to own responding at three in the morning. Projects that skipped those questions are the ones sitting unused.