However, I was on a call with Intuit President and CEO Brad Smith and it made me think in a different way about “big data’ and how powerful it is – very powerful. How it can be a tool that BIG companies can use to give more resources to their small business customers, and that small businesses can better leverage to make smarter decisions.
Big data is all about taking MASSIVE amounts of data, aggregating it and enabling something else to become of it. Imagine taking the toll records, cell phone GPS coordinates and number of times people press walk cross signal buttons. Using this data to get better information on how your delivery company can deliver packages, in a more timely manner, to customers.
Intuit has done research on this which is published in “The New Data Democracy: How Big Data Will Revolutionize the Lives of Small Business and Consumers”, was prepared by Emergent Research and is the latest in Intuit’s 2020 research series.
Their research has three key components:
The New Data Democracy – Data will become a new vital raw material for consumers and small businesses. As access to and the ability to refine this massive volume of information into powerful analytical tools grows, data will become a new type of resource, on par with capital and labor.
Data Empowers Consumers – Data will help people navigate the maze of modern life. With people connected through the global grid and mobile devices, data will shape decisions both large and small, inform purchasing decisions and create communities and relationships.
Data Drives Main Street Digital – Big data will move from Wall Street to Main Street. Armed with insights and capabilities once only available to corporate giants, small businesses will create new ways to operate more efficiently, finding new customers, improving their bottom-line results and driving economic growth.
One of the ways Intuit is using its massive amounts of data to help customers is in its QuickBooks Online’s Trends feature, which anonymously aggregates customer data, allows small businesses to see how their income and expenses stack up against similar businesses. For example, a roofer in Philadelphia grossing $250,000 a year can compare results with other roofers in the area or across the country.
This BIG COMPANIES serving small businesses – use your data to empower and help them. SMALL COMPANIES – leverage your own customer data and other data to strategically grow your business!