Digitalization and the industrial internet is expected to bring major changes in manufacturing and service delivery—following the transformation in business to consumer markets. The industrial internet enables new business by connecting intelligent devices and people using them into cloud based analytics and decision-making systems. The objective of this research was to understand the transformation from an asset provider to a knowledge service company by analysing companies’ service offerings. ‘Data to decision’—framework is used to categorize service concepts according to their knowledge intensity. The framework suggests that the service provider could offer new value to its customers by being able to provide knowledge as a service. In this paper, we discuss shortly the steps that characterize the transformation and the possible business impacts this transformation generates. Additionally, we connect the steps into the framework to help further research in this field. For further research, we suggest that the framework could be used for similar analysis with comparable data and to help to understand the ongoing transition in business ecosystems.