Beyond IoT Business reflects our view on digital transformation within manufacturing sectors. It aims to provide new insights into emerging possibilities and future development paths. This report is based on the experts workshop jointly organised at VTT in Espoo, Oulu and Tampere at the end of 2018. The workshop results are complemented by other materials, such as blogposts, research reports and project presentations. Today, digitalisation has created an explosion of data, and the manufacturing sector is one of the sectors that generate remarkable amounts of data within its smart connected factories. Nevertheless, the utilisation of this sector’s data are one of the lowest, as it is typically saved to closed enterprise data management systems. Unlocking the value of these data sources requires collaboration between the existing value networks of the manufacturing industry and network actors operating within data flows. There are a number of ways to use the data to build businesses, including data management, analysis and delivery. Services are the core of business based on IoT solutions and the outcome economy, where suppliers contribute directly to operational efficiency and key value co-creation processes. We emphasise that a real impact can be gained by changing how goods are made and distributed, how products are serviced and refined, as well as how resources are shared and circulated. Furthermore, the transformation requires investment in new capabilities and skills, i.e., learning and re-learning. This is especially true for organisations that have enjoyed great success, as the disruption means that some of their current capabilities and skills become outdated. We wish to thank everybody who participated in the workshop and person-to-person brainstorming discussion. It has been crucial to gain different views on a future beyond IoT business.