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Digital Twins are one of the most important enablers of Servitization that have the potential to create new opportunities for Industrial and Manufacturing Ecosystem – OEMs, Tier-n suppliers, End-users, and Service Providers. While the technical aspects of Digital Twin design and implementation are frequently addressed, there is a large gap in managerial understanding of the business and monetization aspects of Digital Twins – value realization, service development and decision optimization. In this talk, we will explore and analyse Service-Oriented Business Models powered by Digital Twins technology with a focus on value realization and service enablement leveraging internal and external organizational capabilities. We will explore the challenges faced by organizations in monetizing digital twins and transitioning to a service-oriented business model. We will discuss the different dimensions and levels of digital twins and how it impacts their monetization potential. Finally, we will discuss a Service Enablement Framework to commercialize and monetize Digital Twins in the industrial service ecosystem.