The world is becoming much more tech-savvy and data-driven. With an endless amount of data available to work with, big companies are prominently using the data to make decisions. However, along with the big companies, small and medium businesses have also become data-driven and data analysis & management have become an essential part of an organization. The ability to predict customer trends and behavior, increase business productivity, and drive effective decision making has intensified the importance of data analysis. Furthermore, data management is also important to secure data and manage risks. Presently, there are numerous applications or software providers available for data analysis and management.
Established in 2015, Forestpin automatically highlights the hidden aspects of the data and supports users to see insights that would be missed with query-based tools. It enables the companies to visualize their data and visually navigate to individual transactions. Furthermore, Forestpin runs in the background and sends automatic alerts about risky or suspicious transactions.
Versatile and Unprecedented Products
Forestpin is predominantly a product company. It has two products namely Forestpin Risk Engine and Forestpin Analytics. Forestpin risk engine is an enterprise application that runs in the background, running a series of mathematical and statistical algorithms on a company’s data and alerts transactions that are out of place. This includes a complete audit trail of action taken on each alert. Thereafter, machine learning is applied based on the feedback given to further curate the alerts. This moulds the application to cater to the risk profile of the company over time.
Furthermore, Forestpin provides Forestpin Analytics, which is a self-service forensic data analytics tool. It allows the clients to quickly analyze their data with simple visualizations of complex mathematical and statistical tests. The primary focus is to provide insights into anomalous transactions and patterns whilst business intelligence is also available. Some of Forestpin’s analytics are built from scratch and are unique to its product. The company also has a patent-pending with US PTO for one of its analysis. These products are used in several industries such as Insurance, Retail, Leisure, Manufacturing, BPO, and Banking.
A Duo of Proactive and Determined Entrepreneurs
Ransith Fernando and Dilanke Hettiaratchi, the Founders of Forestpin have been instrumental in the company’s success. They are using their combined experience in information technology and SAP to the company’s benefit. Prior to founding Forestpin, Ransith and Dilanke both worked together in a large manufacturing company running on SAP. While working there, they found that there were some white spaces in the SAP systems which they felt was a good opportunity for a complementary product and thus Forestpin was born. The first three companies that purchased Forestpin’s solutions ran SAP systems. However, the solutions offered by Forestpin are not limited to SAP. The company can integrate with any back end system with its connector. The succeeding customers of Forestpin used different databases. This makes Forestpin stand apart from other companies and both the founders have played a huge role in the company’s success thus far.
Commitment to Innovation and Excellence
Forestpin always takes pride in being an innovative company. The solutions provided by the company are unique and one of their kind. The company offers many unique analyses that it has written from scratch such as composition analyses, compare timelines correlation, quadrant timeline analyses, etc. These solutions reflect the core value of the company which is the commitment to innovation and excellence in the spheres of risk management and discovery of opportunities. These core values are helping the company achieve its mission to become a leader in continuous transactional anomaly detection across all industries.
Combating the COVID-19 Challenge
The outbreak of COVID-19 has changed the market equations. Almost every sector of the market has been largely affected by the pandemic and like them, Forestpin also expected a downturn in their business. However, as companies are becoming more conscious about saving costs and improving their bottom line, Forestpin has received a lot of inquiries since April. Though it will be difficult for companies to invest in software due to this economic downturn, Forestpin is coping with it with the launch of a service-based (opex) model instead of outright purchase (capex) of the software.
Encouraging Employees
The pandemic has turned out tragic for corporate employees and workers. Several companies have laid off their employees. However, Forestpin has backed its employees during this tricky situation. The company has allowed the employees to work from home and has not laid off or reduced the salaries of its staff. Furthermore, the company has given employees the opportunity to learn new skills with online certification courses. Several employees from the company have completed the digital certifications which have kept them motivated through this crisis.
Promising and Exciting Future Projects
Forestpin is currently working on three projects across different industries. The first project is with a healthcare company operating multiple hospitals and medical test centers. Moreover, Forestpin’s second project is with a company in the Finance Industry whose ATM transactions would be monitored for unusual transactions. Furthermore, the third project is with a group of manufacturing companies in the FMCG sector. The company aims to continue its growth in the market through these promising projects.
A Piece of Advice for Aspiring Entrepreneurs
As a successful entrepreneur, Ransith Fernando advises aspiring entrepreneurs to be prepared for the long haul. He says, “Making a B2B product successful is a slow process. You need to have the finances to stay afloat until the product makes money.”
