'Big Data for the Little Guy' - Charting a Small Business Revolution
Intuit, the developer of leading PFM tools such as Mint.com and Quicken, has a brand new bag.
In a press conference Thursday, CEO Brad Smith pronounced the dawning of an era of big data democratization where little companies will gain ready access to big data and analytic tools that will allow them to revolutionize their businesses.
The occasion for the event was the release of a new Inuit-sponsored research report, “The New Data Democracy: How Big Data Will Revolutionize the Lives of Small Businesses and Consumers.”
“We are entering an era where big data can benefit the little guy,” said Smith.
Data, said Smith, in the 21st century will assume the same importance as capital and labor have traditionally had in determining which organizations prosper and which do not.
“We are entering an era of democratization of big data,” said Smith and the importance of that, he elaborated, is that littler companies will be able to compete equally with big companies.
Credit unions, as a case in point, will be able to compete effectively against money center banks because a new generation of analytical tools will let the credit unions gain the insights that had been limited to only the biggest and richest businesses.
Smith characterized that trend as “Data Drives Main Street Digital.”
Data cuts various ways, however. Smith also said a trend would be “data-empowered consumers,” that is, consumers have the tools to know just about everything about the goods and services they plan to buy and, per Smith, they will use that data to make smarter buying decisions. So he tagged a third trend as “Data Empowers Consumers.”