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Industry 4.0, internationally known as the Industrial Internet of Things, is expected to challenge existing business models of industrial manufacturers. In response, manufacturers are required to find adequate strategies in the course of Digital Transformation. So far, literature only describes Digital Transformation in few articles, nevertheless highlighting the necessity to expand research and empirical insights in this area. In response to this research gap, the present paper investigates the Digital Transformation strategy of a German medium-sized industrial enterprise mainly active in the tool-making sector. Under the supervision and guidance of the company’s Chief Digital Officer (CDO), the paper presents empirical insights of the Digital Transformation process. Based on the CDO’s expertise and knowledge of seven company-wide experts, requirements for the successful transformation of the company’s business model are presented. Thereby, the paper contributes to the topic of business model transformation in the context of Industry 4.0.

This is an extended version of the identically named paper presented at Innovation Society for Professional Innovation Management (ISPIM) Innovation Conference at Stockholm, 17th to 20th of June 2018.