Data-Driven Innovation (DDI) benefits all sectors of our economy, increases efficiency, saves money and resources, and improves quality of life. From safety and security, to the environment and infrastructure, to health and education, the opportunities for DDI to improve our lives are boundless. In SIIA’s recent whitepaper, Data-Driven Innovation A Guide for Policymakers: Understanding and Enabling the Economic and Social Value of Data, we explored the ways our member companies are leveraging data to provide cutting edge solutions. Here’s one case study, from Intuit.
Running a small business is a lonely job at times. Key business decisions are too often made in a vacuum, without access to pertinent data. In this new era of big data, Intuit is working to give small businesses powerful, data-driven insights once only available to much larger businesses.
The Trends feature in Intuit’s QuickBooksOnline empowers small businesses to benefit from the power of their own data as well as the collective wisdom of fellow Intuit customers. Trends anonymously aggregates customer data, allowing small businesses to see how their income and expenses stack up against similar businesses. For example, a roofer in Philadelphia grossing $250,000 a year can compare results with other roofers in the area or across the country. Is that revenue good or bad? Is five percent growth normal or better than companies in your area like you? With Intuit Trends, small businesses can now answer those questions in seconds.
An Intuit customer in Illinois uses Trends to see how his consulting firm’s expenses compare to others in his industry. The business can easily recognize if it needs to continue to increase its profit margins and reduce costs to stay competitive. Trends make it easy for them to stay aware of what is going on in the industry and make key business decisions.