I've been a small business owner myself
I founded Krokodile Pear in 2013 and with my wonderful team, we grew the company to 3 locations, a production space, e-commerce, and several wholesale partnerships until it was acquired in early 2017. I realized that as my business grew, I became increasingly reliant on the data in the systems that I was using (in my case, QuickBooks, Shopify, Insightly and more) to make decisions in my company. Unfortunately, getting that data was cumbersome – involving logging into different systems, exporting to excel and manually manipulating the data retrieved from multiple data sets.
This was boring but necessary work and quite time consuming – time I could have been spending with my customers and my team.
Where AI fits in
After Krokodile Pear was acquired I started to think of what my biggest problems were as an entrepreneur that I could solve in my next startup. I realized that one of my biggest problems was trying to understand the levers of my business so that I could test new initiatives, analyze the data to see what worked and what didn't and then make better decisions going forward. Getting answers to my questions from my data wasn't easy – and that became my problem to solve.
Some of these questions can be quite easily answered by Hey Eliot and brought into Slack for your team to see. What are my overdue accounts receivables that we should follow up on? What are my payables that are due this week? What was my revenue yesterday vs the same date last year? What are same store sales vs last year?
But some of those questions are more complex. A question like: How much did Juice A cost to make vs Juice B? Might seem like a simple question (and it is obviously very important to know for a juice business!) but it involves seasonal food cost, juice yield data, different packaging prices, variable labour costs and more. All of this data is locked into different systems and the exciting part of the future of Hey Eliot is that we can make it quicker and easier for entrepreneurs to get actionable insights from their data. By doing the heavy lifting of integrating these systems into Hey Eliot, we can start to get answers to these complex questions in seconds, just by asking a question – exceptionally valuable for an entrepreneur.
QuickBooks is the system of record for many small businesses for a lot of their critical data and that's where we’ve chosen to start at Hey Eliot. The skies the limit for where we can go from there so we can empower entrepreneurs to make better decisions in less time.