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higher per -hour cost for flexibility. The business model “Total Care” helps the company to reduce waste and optimize resource efficiency while it enables cus- tomers to maximize the flying hours of their aircraft. Rolls Royce monitors the performance of the aircraft engines by implementing an IoT-based real-time data collection and analysis system and utilizing AI/ML and big data analytics tech- nologies forproactivemaintenanceof the engines.RollsRoyce in turnhas constant revenue streams by charging by the flying hours of the engines. Business model transformation such as “Total Care” drives new business ventures as Rolls Royce can provide other value-based services to the airlines and the airports. Thus, Rolls Royce’s new business models align with customers’ business requirements and it cancreatepowerful circular businessmodels.With theusageof emerging technologies, a company can gain meaningful insights about the busi- nesses of its customers which can lead to new business models and business ventures. This example illustrates how a company such as Roll Royce utilizes transformation technologies available at a particular time and has developed new businessmodels, which in turn facilitated new business ventures. 4.2 SiemensHealthineersDigital Ecosystem SiemensHealthineers is ahealthcare companybased inMunich,Germany, and is a division of Siemens AG. The company provides a wide range of imaging and diagnostic medical devices including X-ray systems, radiation oncology systems, laboratory diagnostics, and other diagnosticmedical devices. In 2018, the revenue of Siemens Healthineers was 13.4B Eurowith a profit of 2.3B Euro. Though the healthcare diagnostic and imaging systems collect a lot of data and most data is stored in the individualmachines, it is difficult for a healthcare provider to analyze all these data together to provide a comprehensive 360-degree view of a patient. There is a lack of interoperability between different healthcare systems and machines from different vendors may not share information. Siemens initially developed a new service venture by participating in Integrating the Healthcare Enterprise (IHE)andprovidinghealthcaredata integration services to its customers. However, the service business realized that instead of providing individual inte- gration services, Siemens could change its operatingmodel and provide a health- care data platform for interoperabilitywithmultiple partners and customers. Thus, Siemens Healthineers started a new venture, Healthcare Digital Ecosystem. Sie- mens Healthineers imaging equipment, in-vitro solutions and associated software and services covermore than 200,000patients per hour globally; the data from the patients could be collected in a cloud-based digital ecosystem and analyzed using emerging technologies such as AI/ML, big data and IIoT for better patient diag- nosis. The digital platform-based economy is not new and companies such as Amazon, eBay, Facebook, Google, Salesforce, and others have developed new businesses leveraging digital platforms. The platforms are frameworks that allow multiple parties to collaborate,most often creating a de-facto standard and forman ecosystem for value creation and culture (Kenney and Zysman 2015). The digital 200 S. Ghosh et al.