Today’s rich digital environment is characterised by the exponential increase of the amount of “born digital” data, following the penetration of real (e.g. sensors, wearable devices, etc.) and virtual (e.g. online platforms, user generated content, etc.) Internet connected sources. While the majority of the research outcomes is focused on the processing and connectivity aspects, a key question relates to data utilization in cross-application cases: If everything is connected and identified uniquely, how is it possible to use the data from a sensor of an unidentified domain in a different application domain? In this paper an approach enabling the interconnection and utilization of domain specific data to a considerably different domain is presented. A functional scenario of that approach is proposed, trying to address the challenges and the needs emerging in the Internet of Things era, from a view point of increasing data utilization out of a specific’s data lifecycle. Semantic data interoperability, integration, annotation, management, discovery, and analysis are issues being considered in the proposed approach