The digitalization changes products in almost every industry. Therefore, it is not surprising, that companies face challenges due to these new technological changes caused by Internet of Things (IoT). Especially for large corporations it could have a major impact if companies do not notice the quick and radical changes within the industry. As with many facets of the supply chain, IoT has been reshaping the product development process. Companies need to expand their portfolio and the way how they do business to keep up with increasing customer expectations. Developments within the Information Technology (IT) industry will impact other industries due to digitalization, and therefore, these changes need to be understood and applied. The purpose of this thesis is to develop a multi-criteria decision making framework for introducing a "smart" product that incorporates IoT into the market. After providing an overview and a literature review a decision framework is developed using the Analytical Hierarchical Process (AHP). The methodology is illustrated via a case study within the bearing industry. The case study shows that how a product like a bearing, that did not change its core technology, can become smarter through the incorporation of IoT. This example will further illustrate that even companies in a rigid industry, such as the bearing industry, must understand these technological changes in order to be successful on the market.