Technology is ever changing, and businesses must adapt. The current technological innovation is called Internet of Things (IoT), an inter-working of physical devices- embedded with software, sensors and network connectivity that allow these objects to collect and exchange data. The purpose of this study is for the reader to gain a better understanding on how IoT can best utilize in business and determine the effects of IoT on general business management across various industry. The main components of this thesis are an introduction to the topic, a review of prior literature, an explanation of new research, a discussion of the research's results, and a conclusion to the thesis.