|By Business Wire||
|December 14, 2012 08:32 AM EST||
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,” said Brad 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 Smith.
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:
- 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.
- 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.
- Mobile 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 each month.
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.”
- Report: The New Data Democracy and Perspective from CEO Brad Smith
- Intuit CEO Brad Smith Presentation on Big Data for the Little Guy
- Omnibus Survey of Small Business Attitudes on Big Data
- Video: Big Data for the Little Guy
- Emergent Research
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.
Connected devices and the Internet of Things are getting significant momentum in 2014. In his session at Internet of @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, examined three key elements that together will drive mass adoption of the IoT before the end of 2015. The first element is the recent advent of robust open source protocols (like AllJoyn and WebRTC) that facilitate M2M communication. The second is broad availability of flexible, cost-effective ...
Nov. 27, 2014 06:45 AM EST Reads: 1,165
"For the past 4 years we have been working mainly to export. For the last 3 or 4 years the main market was Russia. In the past year we have been working to expand our footprint in Europe and the United States," explained Andris Gailitis, CEO of DEAC, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Nov. 27, 2014 06:45 AM EST Reads: 1,143
Scott Jenson leads a project called The Physical Web within the Chrome team at Google. Project members are working to take the scalability and openness of the web and use it to talk to the exponentially exploding range of smart devices. Nearly every company today working on the IoT comes up with the same basic solution: use my server and you'll be fine. But if we really believe there will be trillions of these devices, that just can't scale. We need a system that is open a scalable and by using ...
Nov. 27, 2014 06:45 AM EST Reads: 1,281
High-performing enterprise Software Quality Assurance (SQA) teams validate systems that are ready for use - getting most actively involved as components integrate and form complete systems. These teams catch and report on defects, making sure the customer gets the best software possible. SQA teams have leveraged automation and virtualization to execute more thorough testing in less time - bringing Dev and Ops together, ensuring production readiness. Does the emergence of DevOps mean the end of E...
Nov. 27, 2014 05:00 AM EST Reads: 1,203
"Matrix is an ambitious open standard and implementation that's set up to break down the fragmentation problems that exist in IP messaging and VoIP communication," explained John Woolf, Technical Evangelist at Matrix, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Nov. 27, 2014 04:00 AM EST Reads: 1,030
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff happe...
Nov. 26, 2014 11:30 PM EST Reads: 1,055
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges. In his session at @ThingsExpo, Jeff Kaplan, Managing Director of THINKstrateg...
Nov. 26, 2014 09:00 PM EST Reads: 1,089
Cultural, regulatory, environmental, political and economic (CREPE) conditions over the past decade are creating cross-industry solution spaces that require processes and technologies from both the Internet of Things (IoT), and Data Management and Analytics (DMA). These solution spaces are evolving into Sensor Analytics Ecosystems (SAE) that represent significant new opportunities for organizations of all types. Public Utilities throughout the world, providing electricity, natural gas and water,...
Nov. 26, 2014 06:00 PM EST Reads: 1,081
DevOps is all about agility. However, you don't want to be on a high-speed bus to nowhere. The right DevOps approach controls velocity with a tight feedback loop that not only consists of operational data but also incorporates business context. With a business context in the decision making, the right business priorities are incorporated, which results in a higher value creation. In his session at DevOps Summit, Todd Rader, Solutions Architect at AppDynamics, discussed key monitoring techniques...
Nov. 26, 2014 04:45 PM EST Reads: 758
Want to enable self-service provisioning of application environments in minutes that mirror production? Can you automatically provide rich data with code-level detail back to the developers when issues occur in production? In his session at DevOps Summit, David Tesar, Microsoft Technical Evangelist on Microsoft Azure and DevOps, will discuss how to accomplish this and more utilizing technologies such as Microsoft Azure, Visual Studio online, and Application Insights in this demo-heavy session.
Nov. 26, 2014 04:45 PM EST Reads: 782
When an enterprise builds a hybrid IaaS cloud connecting its data center to one or more public clouds, security is often a major topic along with the other challenges involved. Security is closely intertwined with the networking choices made for the hybrid cloud. Traditional networking approaches for building a hybrid cloud try to kludge together the enterprise infrastructure with the public cloud. Consequently this approach requires risky, deep "surgery" including changes to firewalls, subnets...
Nov. 26, 2014 04:45 PM EST Reads: 759
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, discussed how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money!
Nov. 26, 2014 04:00 PM EST Reads: 1,123
One of the biggest challenges when developing connected devices is identifying user value and delivering it through successful user experiences. In his session at Internet of @ThingsExpo, Mike Kuniavsky, Principal Scientist, Innovation Services at PARC, described an IoT-specific approach to user experience design that combines approaches from interaction design, industrial design and service design to create experiences that go beyond simple connected gadgets to create lasting, multi-device exp...
Nov. 26, 2014 03:45 PM EST Reads: 1,066
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at @ThingsExpo, Robin Raymond, Chief Architect...
Nov. 26, 2014 02:00 PM EST Reads: 1,528
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, discussed single-value, geo-spatial, and log time series dat...
Nov. 25, 2014 09:30 PM EST Reads: 1,339
"Verizon offers public cloud, virtual private cloud as well as private cloud on-premises - many different alternatives. Verizon's deep knowledge in applications and the fact that we are responsible for applications that make call outs to other systems. Those systems and those resources may not be in Verizon Cloud, we understand at the end of the day it's going to be federated," explained Anne Plese, Senior Consultant, Cloud Product Marketing at Verizon Enterprise, in this SYS-CON.tv interview at...
Nov. 25, 2014 09:00 PM EST Reads: 1,353
The Domain Name Service (DNS) is one of the most important components in networking infrastructure, enabling users and services to access applications by translating URLs (names) into IP addresses (numbers). Because every icon and URL and all embedded content on a website requires a DNS lookup loading complex sites necessitates hundreds of DNS queries. In addition, as more internet-enabled ‘Things' get connected, people will rely on DNS to name and find their fridges, toasters and toilets. Acco...
Nov. 25, 2014 07:00 PM EST Reads: 1,368
The term culture has had a polarizing effect among DevOps supporters. Some propose that culture change is critical for success with DevOps, but are remiss to define culture. Some talk about a DevOps culture but then reference activities that could lead to culture change and there are those that talk about culture change as a set of behaviors that need to be adopted by those in IT. There is no question that businesses successful in adopting a DevOps mindset have seen departmental culture change, ...
Nov. 25, 2014 07:00 PM EST Reads: 1,023
"Cloud consumption is something we envision at Solgenia. That is trying to let the cloud spread to the user as a consumption, as utility computing. We want to allow the people to just pay for what they use, not a subscription model," explained Ermanno Bonifazi, CEO & Founder of Solgenia, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Nov. 25, 2014 06:15 PM EST Reads: 1,010
Enthusiasm for the Internet of Things has reached an all-time high. In 2013 alone, venture capitalists spent more than $1 billion dollars investing in the IoT space. With "smart" appliances and devices, IoT covers wearable smart devices, cloud services to hardware companies. Nest, a Google company, detects temperatures inside homes and automatically adjusts it by tracking its user's habit. These technologies are quickly developing and with it come challenges such as bridging infrastructure gaps,...
Nov. 25, 2014 04:30 PM EST Reads: 1,371