Purpose: To enhance understanding about the process when evaluating a digitally enabled business model opportunity. 

Design/Methodology/Approach: This exploratory case study provides insights from workshops and interviews with 12 leading providers and customers within the Swedish manufacturing industry. 

Findings: The novel contribution of this study is a framework for evaluating digitally enabled alternative business model opportunities. Starting from a specific customer opportunity and a corresponding alternative business model, the framework guides firms in (1) assessing opportunities, (2) analysing risks, and (3) financial modelling, to arrive at a go or no-go for exploiting digital business model opportunities. 

Originality/Value: The study presents important insights for managers on how to handle business opportunities created by digitalization, by evaluating alternative business models.