Engineering firms are undergoing six core transitions related to industrial IoT. These transitions include: (1) differentiating products based on intelligence rather than just engineering, (2) ensuring increased data streams generate increased revenue streams through new business models, (3) fusing operational and business data and applications, (4) addressing a lack of interoperability between asset systems, and (5) developing common data exchange standards. These transitions are irreversible and gaining momentum in different industries and markets.