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 DataThe 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.