Next generation mobile networks not only envision enhancing the traditional MBB use case but also aim to meet the requirements of new use cases, such as the IoT. This article focuses on latency critical IoT applications and analyzes their requirements. We discuss the design challenges and propose solutions for the radio interface and network architecture to fulfill these requirements, which mainly benefit from flexibility and service-centric approaches. The article also discusses new business opportunities through IoT connectivity enabled by future networks.