Intuit executives Nora Denzel, senior vice president for big data, social design and marketing, and Dan Wernikoff, senior vice president and general manager of financial management solutions, participated in the “Big Data into Big Opportunities” panel at Cowen & Company’s Trend Spotting in Tech conference in San Francisco.
Cowen software analyst Peter Goldmacher moderated a discussion that included Denzel and Wernikoff, and two representatives from @WalmartLabs, a team of employees within Walmart. The audience included investors, private equity and venture capital firms and leaders from various technology companies.
Denzel and Wernikoff helped make the amorphous term “big data” more accessible, providing tangible examples of how data benefits Intuit’s customers today, and it how it can reshape our business in the future.
Five million customers use Intuit’s small business products, with around 4 million on QuickBooks alone, a product line that Wernikoff oversees. His teams use data to better serve existing customers, helping improve retention.
Intuit’s leaders spend hours with customers to deeply understand how consumers and small businesses use Intuit’s products and alternative methods of doing their work. Wernikoff recalled a recent visit he paid to a small business owner who thought his days sales outstanding were way too high. (For the uninitiated, “days sales outstanding” refers to the amount of time it takes a business to collect revenue after a sale has been made.)
The owner spent a lot of time and energy on this “problem,” for which Intuit has a big data solution. Using anonymous and aggregated data within QuickBooks Online, the business owner could see that his numbers were similar to other businesses like his on this metric. The result: he freed up time to dedicate himself to more fruitful pursuits.
Denzel’s job is to help Intuit’s business leaders harness data and social interactions to deliver better customer experiences. Intuit is investing in initiatives and technologies to connect our customers with each other and with information that improves their financial lives.
Today, TurboTax customers can get questions answered by other TurboTax users right in the product, via Live Community. We’re identifying many similar opportunities, such as connecting QuickBooks customers to enable cost savings for the products and services we know they buy regularly. At Intuit, social doesn’t mean wasting time—it means saving time and money.
The Trend Spotting conference featured a number of innovative companies that are taking advantage of megatrends, such as cloud computing, big data, mobile and social. Attendees learned about how technological advances are fostering endeavors as diverse as Mars rover expeditions and new mobile commerce models. At Intuit, we’re putting data and social to work in practical ways to benefit our customers, and we look forward to sharing our progress with you.