Data is the currency of the digital economy

To get an idea of why we call data the currency of the digital economy, it is better to first know what the digital economy really is.

The term “digital economy” refers to the digitalization of an economy’s existing processes and operations or the emergence of new economic activities only made feasible by the internet and digital technologies. The internet is all about information and data; therefore, data is instrumental for something based only on the internet. Hence, for the digital economy to function, data is essential.

Data helps with critical thinking, targeting customers, developing new goods and services, and so much more. The more information and data you have on something, the higher the chances of business growth will be at your disposal.

And as of 2022, various businesses are beginning to realize the importance of the IoT. They are now becoming aware that they may create more productive processes and make wiser judgements by organizing all of their data. There is a tremendous possibility for any company to develop new goods and services across business lines by merging internal and external data. However, it is important to remember that data is only useful if it is actionable and relevant. Companies have started managing data locally in business units and treating it as an enterprise-wide corporate asset.

How TPL Trakker Uses Data to Help Its Clients

Being Pakistan’s leading IoT company, TPL Trakker realizes the importance of data in the digital economy. It helps its clients get a detailed view of how the system is working by providing detailed insights through its solutions:

• Vehicle Tracking
• Cold Chain Monitoring
• Fuel Monitoring Systems
• Genset Monitoring
• Vehicle Video Service and Analytics

We use the data gathered by our systems to help our clients identify problems and provide them with solutions. It gives the clients a personalized experience and access to new ways of doing things and building up their systems by providing them with sufficient and relevant data. For example, by collecting enough information about its fleet’s fuel system and use, a company cannot only save a lot of money but also identify all problem areas for necessary extenuation. TPL Trakker is known for being one of the biggest asset tracking companies, focused on providing clients with essential information through monthly and even daily reports.

It is becoming increasingly obvious that AI must play a crucial role in a company’s plans to address and overcome challenges as it speeds up their use of IoT. The realization that data is the currency of the digital economy is what causes IoT companies to sustain an exponential rise in data quantities. Then again, it is essential to recognize that information is only helpful if companies and their clients can put it to use. For example, TPL Trakker uses the data it gathers to provide timely and relevant analytics to its customers.