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The rise of data economy will transform every industry in the world

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The Internet of Things (IoT) is set to transform and modernize the way industries and even governments do business – and the significance of its impact will be felt in every country across the globe.

In definition, IoT is the connection of modern and day-to-day devices, not just computer and smartphones, to the internet. Imagine your house appliances, cars, security system and even your heart monitor connected to a bigger, grander system that is the IoT, enabling anyone who has access to gain control even if they’re miles away. More importantly, imagine how businesses and companies can use this technology to reach millions of people and totally create a whole new connected world through the Internet.

In the next few years, the IoT will be more advanced and unrecognizable from its early stages, and many devices are set to join the list.  In fact, a research conducted by experts predicted that come 2020, we’ll have over 24 billion IoT devices on the planet.

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As an answer to this outstanding innovation, many industries are starting to realize the potential of using data and its different types to more valuable applications. This optimistic approach to manage the rising data economy has left establishments to review their organization’s structure and how they can strategically respond to the changing times. So what can industries expect from this new revolution?

One example is how the emergence of data economy can transform organizations such as supply chains into more complex network of ecosystems. Another is how it can change customer expectations, forcing production and marketing strategies to shift. Furthermore, collaboration through the availability and easy access of data and connection can create smooth, open and unrestricted flow of information across industries.

However, not all companies can readily participate in this revolutionary wave of development—unless they start to reinvent themselves and redefine their role under the new data economy.