The Internet of Things is the most current concept in recent times, which has its technical, social and economic significance, it was created by a mega step forward in the field of information and communication technology. This paper aims to highlight the advantages that IoT has on the business of the company and which benefits the company can achieve by applying IoT technology in its daily business processes. Today's dynamic business environment demands from the companies to rapidly adapt to consumers needs and emerging trends. It's necessary for the company to keep pace with current technology in its business and to take every opportunity that can bring it in a competitive advantage in this increasingly demanding competitive environment. By using characteristic technical components such as sensors and wirelles in combination with networking and data analysis processes, IoT has brought major changes in the company's business, especially in the areas of logistics, warehouse management, marketing and sales. IoT is also responsible for business transformations within the entire industry, for example in the automotive industry where emerging trends like carsharing have been greatly approved by customers indicating the necessary business adjustments of the company in order to preserve further competence. While the projections of the impact of the Internet of Things on the economy are impressive, with forecasts of 100 billion connected IoT devices and a global economic impact of $ 11 trillion by 2025, the IoT also brings significant challenges in the form of privacy and security 52 issues. Those challenges can outweigh the companies business benefits if companies don't pay enough attention to these issues and don't find quality ways to address them. As a condition of successful integration of IoT with the existing business system and control of risks posed by privacy and security issues, the Internet of Things will enable the company operational efficiency and production differentiation, in order to achieve a significant competitive advantage.