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Things Expo: The Emergence of the Quantified Small Business

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Sensors and effectors of IoT are solving problems in new ways, but small businesses have been slow to join the quantified world. They’ll need information from IoT using applications as varied as the businesses themselves. This presentation delivered at the Internet of Things Expo by Roger Meike covers how product-based small businesses can benefit from apps specifically designed to help them collect, analyze and use operational data to improve their productivity and efficiency. The quantified small business will not only be possible; it will be the norm.

Roger is a Distinguished Engineer and Director of Technology Innovation at Intuit Inc investigating intelligent systems, internet of things, wearables and cryptocurrency.

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Things Expo: The Emergence of the Quantified Small Business

  1. 1. The Emergence of the Quantified Small Business RogerMeike,DistinguishedEngineer,Directorof TechnologyInnovation, Intuit
  2. 2. Roger Meike • Distinguished Engineer, Director of Technology Innovation • Intuit Innovation and Advanced Technologies Group @tjteru
  3. 3. Understanding the “Quantified Small Business”
  4. 4. Why Not Big Data for the Little Guy? • Individuals use “quantified self” • Large corporations use big data analytics • The data revolution levels the playing field, enabling “Moneyball” for Small Business The Quantified Small Business Q$B
  5. 5. Small Business, Big Impact • 28M Small Businesses in U.S • Small businesses account for: - 54% of all U.S. sales - 55% of all jobs. - 22M Self Employed in U.S.
  6. 6. Intuit, Innovation and the Industry
  7. 7. Who We Serve Consumers Small Businesses Accounting Professionals
  8. 8. Who We Are 1983 Founded 7,700 Employees 37M Customers 1993 IPO 4.2B Revenue 27 Locations
  9. 9. 37M+ manage all of the data complex compliance public and private cloud customers to handle 6+ petabytes of data We Know Small Businesses
  10. 10. MISSION: To improve our customers’ financial lives so profoundly…they can’t imagine going back to the old way
  11. 11. Small business thrives in a connected world Evaluating IoT for Small Business Desirability What do users want/need? Feasibility What is possible? Viability What are the business possibilities?
  12. 12. Desirability
  13. 13. Customer-Driven Innovation
  14. 14. Gather Voice of the Customer “My employees spend a lot of time making sure product is on the shelf.“ — Convenience Store Owner “I have to weigh the meat on the scale and then manually enter it in the invoice.” — Meat Packing Company Owner “It would be great to not have to enter employee hours in QB Payroll.” — Plastics Company Bookkeeper
  15. 15. Tracking Trends: Small Businesses and IoT What are the top three technology areas that are most critical for your business to invest in over the next 12 months? SMALL BUSINESS MEDIUM BUSINESS Security and data protection 55% 57% On premise infrastructure 43% 37% On premise business applications 43% 32% Mobile solutions 39% 34% Social and collaborative solutions 36% 22% Analytics and business intelligence solutions 30% 46% Cloud infrastructure 29% 35% Internet of Things (IoT) 18% 13% Cloud/SaaS business applications 16% 23% Source: SMB Group, 2015 SMB Routes to Market Study
  16. 16. Feasibility
  17. 17. Anticipate technology shifts Innovation and Advanced Technologies
  18. 18. Build to Learn
  19. 19. The Ice Cream Shop
  20. 20. Viability
  21. 21. Signals We’re Seeing in the Marketplace
  22. 22. Can we turn this into a visual? The number of devices connected to the Internet is expect to swell from about 10 billion today to 50 billion by 2020 According to a 2015 DHL and Cisco Internet of Things Trend Report
  23. 23. Internet of Things and Small Business
  24. 24. IoT + Small Business = Infinite Possibilities. • IoT offers tremendous potential • Small business needs to adapt
  25. 25. Drivers of IoT Growth • Large investments from tech companies • Expanded internet connectivity • Rapid adoption of mobile devices • Low and declining sensor costs
  26. 26. IoT + Small Business = The Challenges • Adoption - General awareness - What is it? - Fear of unknown - Risk of increased complexity and new failure modes - Perception of expense - Enterprises spends millions on this, so it probably doesn’t apply to me • Industry Issues - Interoperability – can I get all the pieces to work together? - Lack of targeted products - Few general products apply to my problems - No custom business logic - How does it fit into my unique workflow? - Security & privacy concerns – will I get hacked?
  27. 27. IoT Small Business Solutions Today • Efficient, real-time operations • Payments & processing • Remote monitoring
  28. 28. Small Business Wearables • Less time with technology, more time growing your business • Seamless operations • Monitoring on-the-go
  29. 29. Keys to Successful IoT Offerings Data does the work for you Customer-driven innovation Connect to data platforms to create meaningful experiences 1001001 1001101 Identify and understand technology shifts
  30. 30. Making Data Do the Work for You Returning Users often a third of the way done with their tax return before they even start entering information Bitcoin integrated seamlessly into Mint
  31. 31. Get Ready for a IoT Future 3.1Number of cloud based solutions and mobile apps from 2015 to 2020 8.2 21.5%Annual growth rate According to a 2015 study from Intuit and Emergent Research
  32. 32. IoT + Small Business = The Future Accounting is Done
  33. 33. Industry Priorities for an IoT Future • Security more important than ever • Consistent standards • Small business opportunities
  34. 34. Steps to Bring IoT to Small Businesses • Balance customer-driven vs. technology-driven innovation • Put data to work for small businesses • Help us create the quantified small business Let’s connect! Roger_Meike (at) Intuit (dot) com, Distinguished Engineer, Director of Technology Innovation
  35. 35. Q & A