Abstract. In this joint presentation, the critical parameters of emerging technologies will be introduced. This will lead to the discussion of systems engineering and Big Data to the ongoing fusion of the goods (i.e., manufacturing, construction, extraction and agriculture) and the services sectors that is reflected in the world-wide recognition and development of mass customized goods and services or servgoods. Big Data analytics, adaptive services, digital manufacturing, and the resultant mass customization are all components of the Third Industrial Revolution which has, in turn spawned the Internet of Things. The talk will introduce some fundamental thoughts about the management of emerging technologies; it will lead to a discussion of the benefits of Internet of Things that function in real-time, resulting in an overwhelming economic advantage to the industrialized countries where the consuming customers are at the same time the co-producing producers.