New device technologies and ubiquitous connectivity enable the advent of innovative business ideas based on data collection and analysis. The Millennial generation uses these tools that result in a transformation of how enterprises structure their business processes. This digital generation is inventing new business models by extracting value out of massive amounts of data from an increasing number of devices through a process which forms the Internet of Things (IoT). This white paper provides an overview of IoT, describes how carriers can expand their business by addressing IoT, and suggests how access and transport networks can be optimized.