Big data is big news these days. Yet much of the discussion has been about how big data will help big business. At Intuit, we believe the biggest opportunity is giving consumers and small businesses the power of data. It is a new data era that we like to call Big Data for the Little Guy.
Today, Intuit released “The New Data Democracy: How Big Data Will Revolutionize the Lives of Small Businesses and Consumer.” The report is our latest collaboration with Emergent Research and explores emerging trends that are driving a data revolution.
The report examines three key data trends that will impact small businesses and individuals over the coming decade:
- The New Data Democracy: Over the next decade, analysts expect the global volume of digital data to increase more than 40-fold. Advanced analytics will move from the domain of specialists to everyday users and deliver meaningful insights from this data for small businesses as well as shape many of the decisions we face as individuals and families.
- Data Empowers Customers: All of us will increasingly use data to help navigate the maze of modern life. Connected through the global grid and mobile devices, data will shape how individuals make decisions both large and small, determine purchases, and form communities and relationships.
- Data Takes Main Street Digital: This data revolution is changing the rules of commerce and helping level the playing field for small businesses. I see this as “Moneyball for Small Business,” meaning data will empower small businesses with analytics once only available to much larger companies.
At Intuit, we are living on the front lines of many of these shifts. Data-driven offerings such as Mint’s Way to Save, Mobile Purchase Awards and Intuit Loan Finder are already helping improve our customers’ financial lives. Looking ahead, I strongly believe that data will fuel the next chapter of Intuit’s long legacy of developing innovative products that save our customers time and money.
I encourage everyone to read The New Data Democracy. The report outlines how we are living through a revolution and how data is the raw material of the innovation age. At Intuit, we are excited to be part of this data revolution and the opportunities it is creating to improve the lives of our customers.