The Internet of Things (IoT) has steamrolled its way into businesses around the world, presenting itself as a golden opportunity for creating value and generating new revenue streams.

Like any new innovation, IoT is packed with hype – driven by consumer gadgets and smart appliances that promise to transform people’s lives.

But the technology will not only be ubiquitous in the consumer world – it will also be engrained in the business strategies, processes and architectures of organisations across numerous industries.

In fact, those companies that don’t embrace IoT will almost certainly be disrupted before too long. Companies that would prefer to do the disrupting are already exploring IoT business models, as well as the organisational and technical structures that can implement them.

>See also: Big data vs. the Internet of Things: how the projects differ

Time series data generated by IoT devices is exploding, as are the challenges of effectively utilising this data.

Owning that data – as well as storing it, making it available, analysing it and improving and innovating based on it – is core to being able to reap the rewards promised by IoT.

But how much do you really know about IoT – and how ready are you for the latest wave of innovation? Take the quiz to find out.