The aim of the thesis is to identify a roadmap for well-established companies towards business model innovation to explore data analytics value. The business model innovation currently taking place at Caterpillar and Ericsson in order to explore data analytics value is presented to answer the question: “How do established companies explore data analytics to innovate their business models?” Initially, the problem discussion, formulation and purpose are given. Then, the relevant theory is presented covering the importance of data analytics, IT infrastructure challenges due to the increased volume of data created, data analytics methods currently being used, smart connected products and the Internet of Things. The meaning of business model innovation is given, followed by a well-structured business model process which includes the business model canvas for representation purposes. The business areas affected by data analytics value and the barriers of business model innovation are given as well. After that, the theory addressing business model innovation to explore data analytics value is presented and the main industries which are currently on this journey along with the required initial steps and the business models that can come out of this process are identified. The challenges and risks if the option of not following this route is chosen are also shown. The method section follows to explain the case study design, data collection method and way of analysis. The results cover all the information gathered from numerous sources including on-line available information, papers, interviews, videos, end of year reviews and most importantly current Caterpillar and Ericsson mid-level management employee answers to a questionnaire created and distributed by the authors. The business model canvas tool is used to aid the reader understanding Caterpillar’s and Ericsson’s business model innovation. Each company’s business model is given before and after data analytics adoption. Finally, the analysis of the results and the link with the theory is given in order to answer the thesis question.