Horizontal and vertical integration of companies within the value networks plays a substantial role for faster and wider implementation of Industry 4.0 and adoption of new digital business models. The policy for open data encourages companies to integrate more data flows coming from public sources into their operations. Thus, digital transformation of companies needs to reconsider the available public and open data flows and to improve their business models. The present paper aims to present and analyze how companies can integrate Open data in digital transformation process and new business models` adoption. The main elements of digital business models within Industry 4.0 and smart factories is introduced and discussed. Open data models and standards are analyzed and assessed as a source for value creation within companies. Finally, the paper identifies and discuss the main approaches for companies to implement open data into their business models.