Intuit said that big data will ultimately be democratized to the point where small businesses will also benefit, according to Brad Smith, company CEO.
The company, which basically serves as the enterprise resource planning and financial system for small businesses, already has a ton of data on its customer base. The master plan is to democratize big data, build new businesses and become an enabler for small and mid-sized businesses (SMBs).
On a conference call, Smith outlined Intuit’s internal big data efforts. After all, Intuit has insight on commerce, taxes and how its products are used. Of Intuit’s 60 million customers, 45 million use cloud, mobile or digital services. That sum translates into a big data pool.
“We could have gotten started a lot earlier,” said Smith, referring to Intuit’s big data analytics efforts. “We simply weren’t stepping back and looking at how to use the data.” Now, Intuit has coalesced around the big data for SMBs mantra.
Intuit is in a unique position to be a big data enabler for SMBs. Its QuickBooks Online has a trends feature to show how businesses stack up to other ones in the area. Other products such as Demandforce, Loan Finder and Mint all have analytics angles.
The big idea for Intuit is to democratize data. In a report, Intuit said:
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