Algorithm-Based Companies Will Change Your Life

colors2I’m continually searching for companies that use new technologies and create improvements in my daily work flow. The only reason I have a chance in competing in this hyper-competitive world is that I stay in the flow and abreast of the latest and greatest. I’ve always been an early adopter, just short of the bleeding edge.

In that light of thought, RelateIQ appears to be a VP of Sales’ dream-come-true product.  According to its website:

“The founders, in the age of big data, cloud-computing, and mind-blowing consumer electronics, couldn’t understand why they had to spend hours each week manually adding contact info and status updates to flat, lifeless relationship management tools. They knew they could build a better way to work by automating the tedious parts of their jobs—and that’s why they created RelateIQ.”

Evelyn Rusli[1] of the Wall Street Journal explained the nuts and bolts of the product, as used by Jon Porter, CEO of a wealth-management firm:

RelateIQ Inc. now looks at every digital scrap of Mr. Porter’s work life—incoming emails, social-network contacts and phone calls—compares it with his colleagues’ data, and figures out what and who is important.  Two weeks ago the algorithm prodded Mr. Porter to follow up on a time sensitive question from a client.

“Had we not been on top of that, out client would have missed the window” for an investment.

Wow!  I need that product today.   Now.   This instant. RelateIQ appears to be a cross between Nimble, a social CRM tool and Cloze, which de-clutters your email inbox.  All of these systems are cloud-based, accessible from anywhere, and help you do your business much more efficiently.

I appreciate the Cloud aspect of Nimble, but it is still cumbersome, and requires a tremendous amount of oversight with regard to logging data, structuring your system and entering/importing contacts.  Cloze has been a lifesaver in pointing me to important emails that had been lost in the stream.  What caught my attention about RelateIQ was the addition of ‘intelligence.’  Who wouldn’t want to be prompted to contact a sales prospect/contact on a regular basis?

The algorithm aspect is being applied to other professional areas as well, such as engineering, employee tracking, and supervision.  The idea is that software can easily detects patterns that can help us all do our work better.  Compute power is cheap, so this type of system can be economically deployed.  As with Edward Snowden, we can only hope that it is done for the sake of good as opposed to other motivations.

Software companies that don’t or are not able incorporate inference engines into their software will have to buy companies whose products have those attributes.  If these companies go public, do your due diligence and buy their shares.  If the Company is a leader in its field, it will be acquired.

Other than Google, what other algorithm rich companies should we be tracking?  I think this sector has the potential to yield some amazing companies.

[1] Your New Secretary:  An Algorithm, The Wall Street Journal, June 12, 2013