Big data is no longer the exclusive domain of big business.
A new 10-year forecast commissioned by Intuit Inc. (Nasdaq: INTU)
envisions a "new data democracy" where small business owners and
consumers make smarter, more informed decisions by gaining access to a
wealth of new information. "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.
"Big data has long been seen as a big opportunity for big business,"
Smith, Intuit president and chief executive officer. "We actually
think that the biggest opportunity is giving consumers and small
businesses the power of data. We look forward to a new era where big
data benefits the little guy."
Three Findings on the Future of Data
The new report reveals three important trends for consumers and small
businesses as big data continues to grow and proliferate:
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.
"This research details how consumers and small businesses will benefit
from the growth of big data," said Steve
King, partner at Emergent Research, a research and consulting firm
focused on the small business sector of the global economy. "We are at
the onset of a data revolution that will provide new and meaningful ways
for data-empowered consumers and small businesses to connect and engage
with their communities, make decisions and simplify their lives."
Intuit's Focus - Giving Customers the Power of Data
Intuit is entrusted with the collective data of 60 million customers - a
unique pool of data that covers the financial spectrum - ranging from
individual purchase history to business inventories. Of the company's 60
million end users, 45 million use connected services - cloud, mobile and
digital services - creating a valuable source of data and insights.
Intuit's unique focus on delivering "Big
Data for the Little Guy" empowers individuals and small businesses
by allowing them to benefit from the power of their own data as well as
the collective wisdom of millions of fellow Intuit customers. This means
that small businesses now have access to insights that were once only
available to big, multi-million dollar companies, and enables consumers
to put their own data back to work for them.
"Data is the catalyst that is powering new innovative products that will
improve the lives of our customers and help us grow our business," said
The New Data Democracy in Action
Connected through the global grid and mobile devices, the data
revolution will shape how individuals make decisions, change the rules
of commerce and level the playing field for small businesses and
consumers. Intuit is already bringing powerful data-driven insights to
its customers. Examples include:
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.
Demandforce, which provides
the leading consumer demand creation solution for small businesses
that empowers them to tap into their own data to grow revenue, keep
clients coming back, and manage operations more effectively.
Demandforce has delivered more than $1 billion in incremental revenue
for its 35,000 small business customers.
Intuit Loan Finder, a new
service that helps small businesses obtain capital faster and at lower
rates from lenders. The service also helps lenders make more informed
risk decisions, increasing the potential for small businesses to
obtain a loan quickly.
Mint, which customers rely on to
interpret their unique data to help them save money on everything from
lower credit card fees to better mortgage rates. Through its Ways to
Save engine, Mint has identified more than $2.4 billion in savings for
its 10 million users.
Purchase Rewards, which allows consumers to receive customized
discounts based on personal buying habits, which they can redeem with
the swipe of a debit card, no coupons required. The savings are then
automatically deposited back in their checking account at the end of
Looking ahead, Intuit is exploring new and meaningful ways to create
connections between its 60 million customers. For example, in the past
year, more than 1.2 million Mint users did business with nearly 70,000 QuickBooks
Online customers, resulting in 3.3 million transactions. By
empowering these connections, Intuit can provide data that delivers new
and meaningful insights to help customers thrive.
"All of Intuit's data-driven innovations are built on a strong
foundation of privacy, security and customer choice," said Barb
Lawler, Intuit's chief privacy officer. "We have a 30-year legacy of
handling financial data with the utmost responsibility and care. We will
continually work to safeguard our customers as we develop innovative new
data-driven benefits for them."
About Intuit Inc.
Intuit Inc. is a leading provider
of business and financial management solutions for small and mid-sized
businesses; financial institutions, including banks and credit unions;
consumers and accounting professionals. Its flagship products and
services, including QuickBooks®,
Quicken® and TurboTax®,
simplify small business management and payroll
processing, personal finance, and tax preparation and filing. ProSeries®
and Lacerte® are Intuit's
leading tax preparation offerings for professional accountants. Intuit
Financial Services helps banks and credit unions grow by offering
innovative online and mobile banking solutions that make it easier for
consumers and businesses to manage their money.
Founded in 1983, Intuit had annual revenue of $4.15 billion in its
fiscal year 2012. The company has approximately 8,500 employees with
major offices in the United States, Canada, the United Kingdom, India
and other locations. More information can be found at www.intuit.com.
Intuit and the Intuit logo, are registered trademarks and/or registered
service marks of Intuit Inc. in the United States and other countries.
Cassie Divine, 650-944-5512
Communications for Intuit
Jodi Maroney, 415-713-4933