The development of the Internet, social media, distributed databases, and various mobile devices has caused a considerable increase in data. Much of this diverse data in unstructured and structured forms has a high business value and, if properly utilized, can become an important organizational asset. It contains various information about customers, competition, labor market, and development trends for industries, products, services, and the public and political mood. For innovative and sustainable development, organizations need to utilize data. They need to increase sales, identify future opportunities and new markets, outperform the competition, enhance products and services, recruit talent, improve operations, perform forecasting, protect the brand, and identify areas for improvement, to name a few ways of utilizing data. However, many organizations make limited use of this valuable data available to them either because they lack the necessary tools or do not understand the value of this data.