Digital water meters can take Australian water utilities into the world of internet of things (IoT) and big data analytics. The potential is there for them to build more efficient processes, to enable new products and services to be offered, to defer expensive capital works, and for water conservation to be achieved. However, utilities are not mounting business cases with sufficient benefits to cover the project and operational costs. This study undertakes a literature review and interviews of industry experts in the search for unreported benefits that might be considered for inclusion in business cases. It identifies seventy-five possible benefits of which fifty-seven are classified as benefiting the water utility and forty are classified as benefiting customers (twenty-two benefit both). Many benefits may be difficult to monetize. Benefits to customers may have a small monetary benefit to the water utility but provide a significant benefit to customer satisfaction scores. However, for utilities to achieve these potential benefits, eight change enablers were identified as being required in their systems, processes, and resources. Of the seventy-five benefits, approximately half might be considered previously unreported. Finally, a taxonomy is presented into which the benefits are classified, and the enabling business changes for them to be realized are identified. Water utilities might consider the taxonomy, the benefits, and the changes required to enable the benefits when developing their business cases.