According to Kevin Ashton, the Internet of Things turns the world into data. But what does that mean? The key enabler for unlocking the business value of the IoT is using a technique called business model innovation. In contrast to technology, product or market innovation, business model innovation is a higher level innovation method to find entirely new business models. IoT in this sense helps companies perform a digital transformation to achieve for example new forms of servitisation, monetisation of data or much higher levels of utilisation of existing resources and equipment, leading to concepts such as the digital twins, smart X and data driven business models. However, this comes with difficulties as companies need to take a leap into the unknown, entering new ecosystems of previously unknown competitors and the need of finding a new place in the value chain, taking on new challenges such as cybersecurity and combatting organisational problems such as the dominant logic. In this session we combine a look at market trends and new ideas coming from business model innovation to discuss the potential of IoT in business contexts. The session is targeted towards managers, business developers, researchers and technologists that want to know more about the business value of IoT and the challenges to unlock this value in different industries using business model innovation.