The rapid growth of digital technologies and the extraordinary amount of data that devices and applications collect each day are increasingly driving companies to radically transform the business architecture through which they create and appropriate value. However, companies may fail to extract value from digital transformation due to the disconnection between strategy formulation and strategy implementation. Through the analysis of three case studies of firms that digitally transformed their business—namely ABB, CNH Industrial, and Vodafone—this article presents a framework than can help companies implement their digital transformation strategy and thereby renovate their business model.