IoT systems generate data that can improve organizations’ ability to adapt to new demands and proactively address emerging issues. However, to develop such abilities, organizations need to engage in change beyond technical implementations. In this paper, we study the development of a real estate company that, through the adoption of IoT, strives to increase operational agility and become data-driven. Seeking to understand the experiences of key actors across units within this organization, we identify different co-existing rationales regarding the strategic value of data and show how their operationalization in data-driven activities ultimately led to a fragmentation of the data-driven culture within the organization. Furthermore, we highlight the role of customers in the realization of value for data-driven services and how the implementation of IoT can enable new sensing capabilities but also foster expectations of a heightened organizational ability to respond.