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. The Emergence of the Quantified Small Business RogerMeike,DistinguishedEngineer,Directorof TechnologyInnovation, Intuit
- 2. Roger Meike • Distinguished Engineer, Director of Technology Innovation • Intuit Innovation and Advanced Technologies Group @tjteru
- 3. Understanding the “Quantified Small Business”
- 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. 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. Intuit, Innovation and the Industry
- 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. MISSION: To improve our customers’ financial lives so profoundly…they can’t imagine going back to the old way
- 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. Desirability
- 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. 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. Feasibility
- 17. Anticipate technology shifts Innovation and Advanced Technologies
- 18. Build to Learn
- 19. The Ice Cream Shop
- 20. Viability
- 21. Signals We’re Seeing in the Marketplace
- 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. Internet of Things and Small Business
- 24. IoT + Small Business = Infinite Possibilities. • IoT offers tremendous potential • Small business needs to adapt
- 25. Drivers of IoT Growth • Large investments from tech companies • Expanded internet connectivity • Rapid adoption of mobile devices • Low and declining sensor costs
- 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. IoT Small Business Solutions Today • Efficient, real-time operations • Payments & processing • Remote monitoring
- 28. Small Business Wearables • Less time with technology, more time growing your business • Seamless operations • Monitoring on-the-go
- 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. 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. 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. IoT + Small Business = The Future Accounting is Done
- 33. Industry Priorities for an IoT Future • Security more important than ever • Consistent standards • Small business opportunities
- 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. Q & A
Notas do Editor
- Thank you for joining this session. I’m Roger Meike. Here’s a little bit about myself… Role at Intuit: investigating intelligent systems, internet of things, wearables and cryptocurrency.
- For consumers IoT means automation and technology that changes the way that you do things For big businesses, it means data analytics. But for small business, it doesn't really mean anything. Small businesses are being left behind because they have unique needs, don’t have the resources, market power of consumers, and aren’t driven by data. Many are passion projects. Then end up using paper and a pencil and falling behind.
- Financial services and small businesses are not always the first to come to mind when thinking about building innovations and capitalizing on life changing trends. However, they are well-positioned to take great advantage of new technology. Data are changing the way we solve problems. Individuals use the “quantified self” to lose weight and change spending habits. Large corporations use “big data analytics” to optimize supply chains and understand customer behavior. The data revolution is changing the rules of commerce and helping level the playing field for small businesses. It’s like “Moneyball for Small Business,” meaning data will empower small businesses with analytics once only available to much larger companies.
- The small business sector is significant. We keep a pulse on small businesses in the country, and they’re having a big impact on the economy.
- For us at Intuit, understanding small businesses and the impact of new technology on them is central to what we do. We’re the operating system behind small business success. Our passion is to help them increase productivity, maintain compliance, and build their financial confidence. We create business and financial management solutions that help simplify the business of life for small businesses, consumers, and accounting professionals around the world. Intuit’s flagship products and services – QuickBooks, TurboTax, and Mint – help customers run their small business, pay their bills, file their income taxes, and manage their finances.
- We were founded in 1983, and have 7,700 employees.
- We know small business. We have 37 million customers and handle sensitive customer information. *37 million customers *25% of the US gross domestic product flowing through QuickBooks *Through Intuit Payroll, we pay 1 in 12 American workers *6 out of 10 small businesses need access to short-term capital and they are declined for Small Business Loans. From data in QuickBooks, we can actually prescreen small businesses and get a 70% acceptance rate. We’ve facilitated $200M of loans. *71% of accountants that use any Intuit product recommended a QuickBooks product to clients in 2014. *More than 4,000 new QBO subscribers every 10 days *We have 1 million QuickBooks Online Customers, took 7 years to get our first 100,000 customers and 2 months to get our last 100,000 customers Within QBO: *$240 Billion invoices created *$540 Billion Vendor Payments *$19 Billion Gross Payroll Payments *230K Accountants worldwide use QBOA *Customers are choosing cloud versions. 60% of new customers choose QuickBooks Online (v.desktop) and 90% chose TurboTax Online * Intuit moves 40% of the nation’s tax returns to the IRS
- We are still guided by one simple idea: improving our customers’ financial lives so profoundly they can’t imagine going back to the old way.
- To achieve our goal, we teach innovation techniques inside and outside the company to drive innovation at scale. Customer-Driven Innovation and D4D– where first-hand customer observation uncovers unmet needs that we can solve well.
- But according to some recent stats, small businesses have been slow to join the quantified world. When asked in SMB Group’s 2015 SMB Routes to Market Study, “What are the top three technology areas that are most critical for your business to invest in over the next 12 months?” IoT ranked at or near the bottom. Only 18% of small and 13% of medium business decision-makers selected IOT as one of their top three priorities. SOURCE: http://lauriemccabe.com/2015/10/26/making-the-internet-of-things-real-for-smbs/ The development process requires investment; small business resources vs. bigger company/developer resources to develop customer solutions As a result, small business are getting left behind
- EDITS: Scott Cook, post it notes, on the Labs website On top of the Customer-driven innovation approach, we have to keep an eye on technology shifts. That’s what I do in my organization, which is called Innovation and Advanced Technologies. When technology shifts come up, they can catch us & also small businesses off-guard. We’re dedicated to looking at exactly those changes and how they affect customers. We help manage marrying the technology foresight with deep customer empathy to better innovate for our customers.
- To understand new technology, we build things
- Estimates today show that 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 LINK: http://newsroom.cisco.com/press-release-content?articleId=1621819
- In order for the ~28 million small businesses in America to remain relevant and competitive, they will need to make sense of the data that they will have access to. In particular, they will need tools and help to take advantage of the information that can be gleaned from sensors and effectors of the Internet of Thing.
- Small businesses are each unique – one size can’t fit all Small businesses have been slow to join the quantified world. Development process requires investment; Small business resources vs. bigger company/developer resources to develop customer solutions As a result, small business are getting left behind
- But, you can see IoT helping small businesses in action with efficient, real-time operations including payments & processing. For instance, GoPayment allows a business to accept payments on the go. Other real-time capabilities such as “smart” printed labeling, and remote camera monitoring help realize the potential of IoT for small businesses.
- Wearables are another area where small businesses are taking advantage of this new trend.
- What are the keys to a successful IoT offering for a small business? Data does the work for you Connected to a data platform to create meaningful experiences Customer-driven innovation Understand and identify the new technology and apply what you know about the changing technology to customers
- Internet of Things is really just a tipping point on how data is going to affect customers. It’s going to give us a lot more data if we can understand how to work with IoT. It’s really about the Quantified Small Business. We’ve found success with these principles on other technology platforms. Data does the work for you -- with TurboTax Online, which taps into data to import W2s and other tax forms to simplify the process, returning users are often a third of the way done with their tax return before they even start entering information. Source: http://blog.turbotax.intuit.com/media-lounge/intuit-turbotax-introduces-new-data-driven-personalization-for-returning-customers/ Mint has become a new bitcoin finance tracker. Source: https://www.mint.com/personal-finance-4/mint-and-coinbase-your-new-bitcoin-finance-tracker
- The number of cloud based solutions and mobile apps will grow from 3.1 in 2015 to 8.2 in 2015. This is a 21.5% annual growth rate. According to a 2015 study from Intuit and Emergent Research This just further reiterates – it’s the data, stupid.
- For small businesses, our vision just like Taxes is that accounting is done for you. The key isn’t’ to give you more data, it’s to use the data to improve your experience—in accounting that would mean eliminating drudgery. The welder story.