With billions of data points being generated every day, some companies don’t know what to do with big data, and that’s understandable. It’s difficult to manage all of it, but it’s impossible to ignore it. This obvious opportunity leaves a large percentage of executives concerned that their information isn’t correctly represented and entrepreneurs struggling to find a way forward. 

        But big data is worth the struggle. It can help business owners understand how their business functions and how it serves their customers. It can help companies reveal new opportunities, dig up unknown problems and even make more money. It is an asset to any company that takes the time to position it in the right way, but it’s up to each company to take the initiative to do so. The first step is to consider big data within the context of the customer. What kind of interaction does the customer have with the company and how can those individual touch points be used to paint a complete picture? Then, the business needs to figure out creative ways to use that information. 

        Data assets might look different in each industry, but the real value of the data lies not in its type but in whether it can help you increase your value or retain customers. According to Jeff Tanner, professor of marketing at Baylor University, the information you get from your customers empowers you to deliver better value over time and create more opportunities for your business. While it may be possible to assign a cash value to big data, those numbers aren’t likely to make it onto the balance sheet. The data’s real value is revealed when it’s positioned in the context of the following three questions: 1) How will it make the business more predictable? 2) How will it help replicate success for the future? 3) How will it enhance customer engagement?