The digital transformation enables innovative business models and smart services, i.e. individual services that are based on data analyses in real-time as well as information and communications technology. Smart services are not only a theoretical construct but are also highly relevant in practice. Nine research questions are answered, all related to aspects of smart services and corresponding business models. The dissertation proceeds from a general overview, over the topic of installed base management as precondition for many smart services in the manufacturing industry, towards exemplary applications in form of predictive maintenance activities. A comprehensive overview is provided about smart service research and research gaps are presented that are not yet closed. It is shown how a business model can be developed in practice. A closer look is taken on installed base management. Installed base data combined with condition monitoring data leads to digital twins, i.e. dynamic models of machines including all components, their current conditions, applications and interaction with the environment. Design principles for an information architecture for installed base management and its application within a use case in the manufacturing industry indicate how digital twins can be structured. In this context, predictive maintenance services are taken for the purpose of concretization. It is looked at state oriented maintenance planning and optimized spare parts inventory as exemplary approaches for smart services that contribute to high machine availability. Taxonomy of predictive maintenance business models shows their diversity. It is viewed on the named topics both from theoretical and practical viewpoints, focusing on the manufacturing industry. Established research methods are used to ensure academic rigor. Practical problems are considered to guarantee practical relevance. A research project as background and the resulting collaboration with different experts from several companies also contribute to that. The dissertation provides a comprehensive overview of smart service topics and innovative business models for the manufacturing industry, enabled by the digital transformation. It contributes to a better understanding of smart services in theory and practice and emphasizes the importance of innovative business models in the manufacturing industry.