The Internet of Things (IoT) can be regarded as an attempt to bring together the physical and the digital world by using devices for seamlessly exchanging and processing information that can be used anywhere, anytime. For industrial automation and manufacturing, the Industrial Internet of Things (IIoT) is regarded as the next step of industrial revolution that promises a step-change in productivity and operational efficiency.Precision machining is a field that has received a lot of research interest as it deals with phenomena and underlying mechanisms that are very complex and highly interacting. As the requirements and demand for products of high quality and tolerances that must be produced with shorter lead times are increasing, innovative approaches and methodologies need to be developed to compensate and IIoT offers an appropriate platform. This paper aims to present an overview of IIoT, investigate potential industrial applications for precision machining and predict future trends.