While only 7% of European companies see big data as very relevant currently, handling big data will be crucial for competitiveness, innovation and growth in the tough economic climate. However, a lack of data governance and insufficient standardization of internal processes lead to poor data quality and an inability to share data across businesses. For companies to take full advantage of big data, they need to overcome challenges like insufficient data quality, put data quality as a top priority, approach big data tactically on a stage-by-stage basis, and get business and IT departments on the same page.