To say that businesses are dealing with a data mountain is an understatement. Data generation has increased exponentially over the last few years, increasing by 63% per month at organizations with at least 1,000 employees. Customer data is no exception. Behavioral data, marketing data, stock levels, engagement — vast amounts of information are constantly collected and stored. So, what should you do with this glut?

Many companies have an almost dragon-like approach to data collection, hoarding as much as they can, based on the idea that at some point in the future it will prove useful. Others simply monetize their data by selling it on to third parties. But the smartest businesses know that data is only an asset when it’s used to achieve strategic business goals. These businesses are adopting a new mindset — one that moves away from perceiving data as a static, often inaccessible asset, towards seeing it as a product.

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