This paper explores the concept of business model management, defined as a generic process covering all phases of the business model lifecycle. In contrast to previous business model literature, which is mainly focused on the design of business models, we argue that the successful exploitation of the business model concept requires a dedicated management approach. Due to the lack of extant research in the domain, we build on multiple, exploratory case studies of large organizations, based on 20 expert interviews. This paper contributes to a better understanding of the current practices and needs in business model management and the multifaceted role of the business model concept in each of its phases. Moreover, we suggest roles of IT in the business model management process.