Abstract: A method and system for managing exchange of data between at least one input-output (I/O) module and a processing unit is provided. The method at the at least one I/O module includes receiving (504) the data from at least one electronic equipment. The at least one electronic equipment is capable of collecting data. Further, the method includes exchanging (506) the data with the processing unit. The exchange of the data is governed by the at least one I/O module and the data is exchanged in a data messaging structure. The data messaging structure allows the exchange of one or more data type, which include at least one of an analog input data, an analog output data, a digital input data, a digital output data, configuration data, status data and command data.