Large data will bring big development potential to SMEs

When we predict the future of big data, one thing seems to have become clear. That is, the Internet, wireless networks, social media, a lot of mobile devices, sensors and digital technologies that bring us huge amounts of new data every moment will continue to grow.

Analysts say companies that can harness the torrent of data will gain a competitive advantage. Web 2.0 companies such as Google and Facebook are taking the lead in the big data age--and the data will undoubtedly be their bread and butter, and they will help develop a lot of new technology to make big data use possible. At the same time, large enterprises have been prepared to push the company to a new level by using large data. Demand forecasting, target marketing, fraud detection, medical research--large data seems to have unlimited application potential.

"The increasing volume of access to these volumes of information, as well as the ability to refine and analyze, make big data a new resource that is as important as capital and labor," emergent Marvell and Intuit said in their data trend forecasts for the next seven years. Advanced analytical methods will shift from expert classes to everyday users. The data will be a key driver of global economic growth in the digital economy in the 21st century and have far-reaching implications for business, science, health, finance, government and entertainment. ”

Will large data create a new digital divide?

Brad Smith, president and chief executive of Intuit, said big data would not create a new digital divide. Instead, big data will bring new "data democracy" to help small business owners and consumers use data as efficiently as large competitors. The latest report, "New data Democracy: How big Data can help small businesses and consumers change their fortunes" also supports Smith's view.

Large data will help customers save time and money

In the report, Emergent Technologies and Intuit noted that in the past few decades, risk management responsibilities were gradually shifting from institutional to individual, and that the trend would continue. At the same time, insurance, health care, retirement and other economic problems are becoming increasingly complex.

"Data-driven solutions will help save, simplify, and even help make decisions," the report said. Over the next 5-7 years, emerging technologies and new analytical tools will turn the frustrating data stream into available information, reducing the human element of decision-making, reducing uncertainty and saving personal time and money. ”

"These analytical tools will collect anonymous information from a large number of people in order to provide personalized comparisons and predictions for individuals by storing, organizing, and analyzing feedback on daily life data." These data-driven tools can expose users to the complexities of life, either through their own use or with consultants such as accountants, financial planners and health professionals. ”

Large data will help small and medium enterprises understand their customers

For the company, Smith believes that digital data will bring us back to the era when only nearby businesses can understand their customers and predict consumer demand.

"We believe that data will be the philosopher's Stone for small businesses," Smith said. They bring us back to the local merchant familiar with you, can call out your name in greeting, and can recommend special items for your shopping habits. They can help small businesses operate more efficiently, and allow local businesses to compete with businesses of any size around the world. ”

Smith says Intuit is ready to help get back to the times. They can provide business and financial management Services for SMEs, financial institutions, banks, credit unions, consumers and accounting professionals. Since 25% of the U.S. economy is using their products, Intuit users can choose to share the data with the company, Smith said.

This includes transaction data, behavioral data (collected from products such as TurboTax online and mint), user-generated data, and social data collected from social networks and social media that push the principal level. By collecting and anonymously this data, Intuit creates a huge data store for customers to access and use. (Gundy compilation)

(Responsible editor: The good of the Legacy)