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Data economy is a global phenomenon, a digital ecosystem and a network of different players such as data suppliers and data users.

The term refers to the ability of organisations and people to leverage data as an asset. Data is utilised to make strategic decisions, improve operational efficiencies, and drive sustainable growth, well-being, and innovations.

The effective use of data can lead to company growth, improvements in quality of life, and the creation of efficient societies. However, the effective use of data can be hindered by unrefined data form, data models, and issues with the efficient exchange of data.

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