Digital technologies persuasively are changing business landscape thus disrupting traditional business models of many sectors, particularly those that engage with information-based products. Organizations struggle to change their business models. Overtime business models become deeply ingrained and represent the dominant logic. This research in progress aims to explore the challenges and success factors in the transformation from traditional to digital business models. The assumed focus is on cognitive dependencies that hinder and enable such transformation given that this transformation involves a fundamental shift of core cognitive assumptions and beliefs held by the management of organizations in terms of value creation and value network.