Continuously achieving and maintaining competitive advantage is the critical survival factor for software-intensive product development companies undergoing digitalization transformation. These companies remain uncertain if investments in business modeling is sufficient to cope with rapidly changing business models, technology, and customer demands. We conducted a Systematic Literature Review using the snowballing methodology to explore the effects of business modeling on business flexibility and variability in the realization. Our results confirm a research gap regarding translating desired strategic flexibility into business options that can efficiently and effectively be implemented using software-based variability in the realization. We conclude that more research is needed consolidating business model innovation, experimentation, and operationalization. Building on theories for learning and knowledge creation, we propose a framework for describing change and analyzing strategic, tactical and operational choices in business model experimentation.