It definitely sounds interesting using Big Data technology to create a new market and generate new value away from conventional blocks which ultimately termed as Disruptive Innovation in the field of data analytics. The technologies are creating genuine disruption in the market which led most of the companies including startups and small and medium businesses to adapt to such environment. Instics in one such company which utilizes new age technologies to make tracking bills expenditure and other spreadsheet-related work more convenient.
Instics is the world’s easiest spreadsheet. Instics makes analyzing your spreadsheets as easy as copy and paste — simply type in your data and Instics takes care of the rest by automatically calculating graphs and statistics. For people who are already familiar with spreadsheet jargon, it is similar to having automatically generated formulas and pivot tables.
However, as anyone who has spent a lot of time working on spreadsheets can tell you, learning and managing these tools can be a very confusing, tedious, and error-prone process. Instics wanted to take the pain out of this process so the people associated with the company designed Instics with a modern approach based on automation rather than old spreadsheet concepts that were introduced more than 40 years ago.
Leveraging Perfection Since inception
Instics mission is to make data analytics accessible to everyone. Having spent his career working in Silicon Valley, which has some of the most technologically sophisticated companies in the world, the company’s CEO has seen the growing disparity in access to business technologies including data analytics. Many people in the industry take for granted their ability to leverage cutting-edge technologies such as artificial intelligence and machine learning, which often come in the form of complex APIs designed for software engineers, while at the same time some small businesses are keeping records using pen and paper. At Instics, the team believes that the company can bridge this gap by creating easy-to-use software powered by automation and artificial intelligence.
Benjamin Lee, Co-founder and CEO of Instics, holds a degree in Electrical Engineering and Computer Science from the University of California at Berkeley and has spent his career working in Silicon Valley at multiple venture-backed startups that were later acquired including GetJar and BitGravity. His background in large-scale systems and network infrastructure, information security, and automation enabled him to build Instics from the ground up with a focus on speed and reliability to ensure the best experience for customers while simultaneously creating a scalable backend architecture.
Technology Rewarding Clients
At Instics, the team is making modern data analytics technologies available to wider audiences. When new technologies are first developed, they are typically designed for technical experts such as data scientists, financial analysts, and software engineers. This creates a high barrier to entry and most businesses are unable to benefit from these new developments. The company envisions a world in which local businesses and mom-and-pop stores are using Instics to find trends in their sales data that help them make data-driven decisions, much in the same way that the world’s largest companies are already able to.
Data-Driven Revolution in Market
Benjamin believes we are currently seeing a revolution in data-driven decision-making. The volume of data that is being generated and collected by our devices is unprecedented and will continue to grow for the foreseeable future. At the same time, the ability to store and analyze this data at scale is becoming increasingly sophisticated due to advances in artificial intelligence and machine learning. The potential benefits of these advances are clear in that they enable businesses to incorporate more data into their decision-making processes. However, the awareness that data can be imperfect and the required advances in information security are trailing behind our ability to collect and analyze that data.
“Businesses are at risk of becoming overly dependent on activity and engagement data without also having the crucial feedback from customers necessary to fully understand those trends. The industry as a whole is also facing an increasing backlash from consumers due to frequent and increasingly severe data breaches, sowing distrust across the entire ecosystem while making users more reluctant to share their data. “We must also be wary of the increasing sophistication of bad actors such as malware developers and state-sponsored hackers who can leverage these same technologies for nefarious purposes,” he added.
Empowering Company with Innovation
Sometimes the most difficult part of starting a data analytics project can be knowing which questions to ask or which visualizations to create. The company’s key innovation has been to reverse this traditional way of thinking about data analytics. Although traditional spreadsheet applications were developed during a time when computing power was scarce and easily overwhelmed by calculations, Instics was designed from the ground up as a modern spreadsheet that reflects and takes advantage of the comparatively massive amount of computing power that is available on today’s devices. “Our proprietary algorithm that we have developed over the years lets you simply type in your data and Instics will automatically generate many different relevant graphs and statistics so you can simply browse through them in an exploratory way, giving you answers to questions you may not even have thought to ask,” Benjamin highlights.
Testimonial of Achievements
The company pride itself on being a customer-centric company. Instics most valuable feedback has come directly from its customers, who write to the company to tell about how much they love using Instics and how they have been able to gain new and valuable insights from their data that they were unable to achieve using other tools.
Spreadsheets and data analytics mean different things to different people. One of the company’s biggest challenges has been adapting to the wide variety of use cases across its customer base. Since the very beginning, the company has worked closely with its customers to understand their needs and over time its software has evolved to handle an increasing number of use cases in different environments. Due to the diversity of its customer base, Instics will continue to invest resources into understanding its customers’ needs and adapting as necessary.
Benjamin feels the technology industry’s relentless push into data analytics automation and machine learning will gradually permeate every other industry as well. As these technologies mature and the hardware that supports them becomes more efficient and cost-effective with scale, the basic understanding of the types of problems that can be solved using these methods will be dramatically reshaped in ways that one cannot even imagine today. As the industry evolves, Instics will continue to be at the forefront of making these technologies accessible to everyone.