Bimotics – What’s In a Name?

On a recent trip to Silicon Valley, we got to have an interesting conversation with a so-called “cloud evangelist”, a charismatic character who preached the good word of all things tech and cloud solutions in particular. During the course of our discussion, he was interested in how we became so passionate about building Bimotics and how our unusual name came to be.  After hearing our answer, he encouraged us to share it with our customers.

Our Name

Bimotics stands for business intelligence automation. We got the name by taking the abbreviation for business intelligence, “B.I.”, and merging it with the word “domotics” which is the word for home automation.  We chose this name because it embodies what we set out to achieve -- automating the  processes required to bring fresh, easily identifiable, and actionable insights to companies. Efficiencies gained from this automation allow Bimotics to provide powerful yet affordable solutions to small and medium sized businesses. The same principle applies to our developer tools which automate the steps needed to build big data solutions.

Our Logo

The concept behind our logo is pretty cool, if not slightly nerdy.  As an analytics company, we wanted to show something of a bar chart, incorporating colors often used to denote visualizations like green, yellow, and red.  At the same time, we wanted to capture the heart of Bimotics analytics by depicting various data sources, represented by colored boxes, knit together. That’s our logo on the surface.

Looking under the hood however, reveals our inner geekiness.  Embedded in the logo is the binary code for “B.I.”. The yellow box is in the 2nd position representing “B” and the red and green are in 1st and 8th position which stands for “I” (the 9th letter in the alphabet).  

We are a technology company through and through, and it is reflected in our name, our icon, and everything we do! 

About our tagiline: Good to know!

Notes From the Road -- What We Learned at the Miami Small Business Expo

What a great week at Bimotics! The entire team got to update their pitching skills, but more importantly put faces and names to the businesses we work to serve each day. We spent two days traveling to small business exhibitions, talking to dozens of local and regional potential customers and fine-tuning our sense of what small businesses need.

Here are some key takeaways:

• People who understand the benefits of business metrics and analysis but “are not there yet” are great for validating our explanation of the value Bimotics brings, but most likely will not fit into the sales cycle we are targeting because it takes a while to set up and use standard business practices.
• Technology providers that cater to small business are asked quite often where to get analytics and business intelligence systems that fit a tight budget. Possible partnerships and cohort awareness will definitely help us generate leads and grow our business.
• Demand for business intelligence solutions significantly drops off when solutions reach the $10,000 price point.  Those with higher price tolerance tend to be service-type companies who use analysis as part of their main offering. Bimotics is pricing our service in line with other small business applications.  We also know that we can tap greater demand at a much lower price point.
• Although technical startups are interested in our analytical software, they tend to fall into the “innovator” rather than the “early adopter” bucket.  What this means is that if we focus on selling just to technical startups, we may not be able to get the critical mass of small businesses we need.  Our goal is to serve all businesses but word of mouth and trust will come easier from non-technical startups, or businesses that are slightly farther along in their development.

Ultimately we left the events with even greater focus on what we need to do to cater to different customer bases and understand how their needs differ.  Our first and immediate post-conventions actions are to schedule product demos with the businesses that expressed interest and continue building local relationships.

Of the dozens of people that we spoke with, all were inspiring.  They were happy to share their stories of success in surmounting challenges in their businesses. They did not complain about budget or about having assembled the perfect team before they figured out a solution.  We were left with a renewed sense of persistence and optimism towards entrepreneurship and providing analytics services that businesses will find invaluable.

Data analysis findings in insurance fraud

It has been just over six months since we began providing on-line analytical services to one of our customers.  Their business focuses on insurance fraud detection, and through the use of Bimotics, exceptional cost-savings have been achieved and valuable lessons have been learned.  This project continues to be a success, with high customer satisfaction and glowing feedback from our customer. We have been able to demonstrate such great benefits in such a short time that considerations are being made to expand our reach into other types of insurance plans and other insurance providers.

For this project, Bimotics built a product for processing, storing and analyzing a huge amount of insurance claims data (millions of rows and data fields), allowing for auditors to find trends, patterns, outliers and further detailed analysis of the individual transactions. Basically, we allowed them to cull through an ocean of data and raise red flags, pinpointing where potential fraud was taking place.  We leveraged our proprietary Data Mart model which allowed us to analyze multiple insurance companies within a single data model.  This significantly smoothed the learning curve for auditors allowing them to focus on the analysis and not on the different data nuances of each company. Finally, our HIPAA compliant system (medical record integrity certification) allowed auditors to securely analyze millions of records within seconds.

The results so far have beat expectations:

• Around $10 million in recognized savings after identifying the impact of claims for procedures that have limited medical value in unique scenarios.
• 1,000s of claims were wrongly adjudicated.
• Data Analysis can be used instead of on-site auditing because of greater efficiency with more results.
• Less than 5% of identified providers in the sample represented more than 80% of the total amount of auditable claims. This analysis allowed our customer to focus on personal audits with the most potential impact, reducing time and high cost audit resources. In this scenario, the audits were performed on less than 1% of the total providers list and maximized results.

Lessons learned from this Customer:

• The software-as-service business model made this project possible because capital investments were unnecessary, start up costs were low, and the customer could hit the ground running. The SaaS model plus consulting services allows business to start within days without the need for high initial cost and IT headaches.
• Automating the data cleansing process after identifying each new need had the greatest impact on decreasing turnaround time. Millions of records were imported, standardized and analyze within minutes, not hours or days.
• Collaboration is key, especially when the team of analysts are global or not in the same location. Secure web dashboards allow us to efficiently share and consistently communicate our findings.

Bimotics – What’s In a Name?

On a recent trip to Silicon Valley, we got to have an interesting conversation with a so-called “cloud evangelist”, a charismatic character who preached the good word of all things tech and cloud solutions in particular. During the course of our discussion, he was interested in how we became so passionate about building Bimotics and how our unusual name came to be.  After hearing our answer, he encouraged us to share it with our customers.

Our Name

Bimotics stands for business intelligence automation. We got the name by taking the abbreviation for business intelligence, “B.I.”, and merging it with the word “domotics” which is the word for home automation.  We chose this name because it embodies what we set out to achieve -- automating the  processes required to bring fresh, easily identifiable, and actionable insights to companies. Efficiencies gained from this automation allow Bimotics to provide powerful yet affordable solutions to small and medium sized businesses. The same principle applies to our developer tools which automate the steps needed to build big data solutions.

Our Logo

The concept behind our logo is pretty cool, if not slightly nerdy.  As an analytics company, we wanted to show something of a bar chart, incorporating colors often used to denote visualizations like green, yellow, and red.  At the same time, we wanted to capture the heart of Bimotics analytics by depicting various data sources, represented by colored boxes, knit together. That’s our logo on the surface. 

Looking under the hood however, reveals our inner geekiness.  Embedded in the logo is the binary code for “B.I.”. The yellow box is in the 2nd position representing “B” and the red and green are in 1st and 8th position which stands for “I” (the 9th letter in the alphabet).  

We are a technology company through and through, and it is reflected in our name, our icon, and everything we do!

Notes From the Road -- What We Learned at the Miami Small Business Expo

What a great week at Bimotics! The entire team got to update their pitching skills, but more importantly put faces and names to the businesses we work to serve each day. We spent two days traveling to small business exhibitions, talking to dozens of local and regional potential customers and fine-tuning our sense of what small businesses need.

Here are some key takeaways:

• People who understand the benefits of business metrics and analysis but “are not there yet” are great for validating our explanation of the value Bimotics brings, but most likely will not fit into the sales cycle we are targeting because it takes a while to set up and use standard business practices.
• Technology providers that cater to small business are asked quite often where to get analytics and business intelligence systems that fit a tight budget. Possible partnerships and cohort awareness will definitely help us generate leads and grow our business.
• Demand for business intelligence solutions significantly drops off when solutions reach the $10,000 price point.  Those with higher price tolerance tend to be service-type companies who use analysis as part of their main offering. Bimotics is pricing our service in line with other small business applications.  We also know that we can tap greater demand at a much lower price point.
• Although technical startups are interested in our analytical software, they tend to fall into the “innovator” rather than the “early adopter” bucket.  What this means is that if we focus on selling just to technical startups, we may not be able to get the critical mass of small businesses we need.  Our goal is to serve all businesses but word of mouth and trust will come easier from non-technical startups, or businesses that are slightly farther along in their development.

Ultimately we left the events with even greater focus on what we need to do to cater to different customer bases and understand how their needs differ.  Our first and immediate post-conventions actions are to schedule product demos with the businesses that expressed interest and continue building local relationships.

Of the dozens of people that we spoke with, all were inspiring.  They were happy to share their stories of success in surmounting challenges in their businesses. They did not complain about budget or about having assembled the perfect team before they figured out a solution.  We were left with a renewed sense of persistence and optimism towards entrepreneurship and providing analytics services that businesses will find invaluable.