Industrial machinery and component manufacturers are stretched thin, addressing global challenges like the need for clean energy, smart cities, and a circular economy. In addition, they are confronted with ever more demanding customers and the transformation of their business ecosystem, including customers, partners, and competitors. Innovative industrial machinery and component manufacturers are tackling these challenges by pursuing new business models based monetizing data assets. These companies are embracing new technologies as they focus on strategic priorities to drive digitalization. These strategies are helping them realize their vision.