Note: I am not affiliated with Excelformulabot nor Lumelixir. The opinions expressed in this article are my own and do not represent the opinions of anyone else. Please make sure to do your due diligence before signing up/subscribing to a service. Zillow Data Exporter, its affiliates and myself are not responsible for any damages caused by the use of the services described in this article.
Introduction
AI is starting to become a big part of the modern world.
AI can do lots of things such as predicting the weather and predicting the stock market. In the context on this article, we are mostly interested in AI that can create Excel formulas.
There are currently two websites(that I know of) that can do this.
Why do I need AI to generate Excel formulas?
The answer to this question is simple. Excel is a very complex piece of software and mastering it can be difficult. When you need to manipulate data or calculate the sum of certain columns or rows, you need to use formulas.
Coming up with the right formula can take some time and most likely you will not get it right on the first try.
So, this is where AI comes in.
The AI will generate the correct formula based on your input.
If you want to see an example use of this service, please read the following post where I have described how to use Excelformulabot to find bargains on Zillow.
What is Excelformulabot?
Excelformulabot is a website that can generate Excel formulas for you. At the moment it is a free service but it will be paid in the future.
You will need to create and account and there is a daily limit in terms of how many formulas you can generate.
This limit is in place because Excelformulabot is a free service but relies on the use of GPT-3 to generate the formulas.
The GPT-3 model is a neural network that is trained on a large corpus of formulas. The owner(s) of Excelformulabot have also refined their model, that is they made the formula generation more accurate and will keep on improving the model in the future.
Pricing (updated on 2022-09-06)
Image of Excelformulabot's pricing page.
NOTE: I had written that Excelformulabot was going to be a paid service but it seems that they have changed their mind and will offer a free tier for now as well as various paid plans.
I had also written incorrectly that, in my opinion, the final price would be between $15 and $30 per month, but as you can see, the prices are much lower than that. I believe that this product is severely underpriced for the value it provides.
Will prices rise in the future? I will refrain from making any predictions this time, but I hope prices remain low so that anyone can use this service.
What is Lumelixir?
Lumelixir also known as Onetap.ai is a website that can generate Excel formulas for you. It does the same thing as Excelformulabot but it is(already) a paid service.
The price of the subscription is USD $2 per month or USD $20 per year.
I haven't had the chance to test this service yet but I will do so very soon and report back my findings in a future blog post.
Lumelixir offers a 7 day free trial so you can experiment with the service and see if it works for you.
I personally believe that the price is too low and that the price will increase in the future. But for now, it does seem like a good deal.
Conclusion
There is no way to know which service is better. Both services are paid(or soon will be) and both have their own unique features. To do a full comparison, we would have to test the outputs of hundreds of formulas and see which service is more accurate.
Setting aside accuracy, cost could also be a deterrent to using one of these services.
How many hours per month will this service save you in the end? Only you will know the answer to this.
To understand if you should subscribe to one of these services, we can do a quick calculation:
- Let's imagine that you can get unlimited access to one of these services for USD $50.00 per month.
- Let's also assume that you make USD $25.00 per hour at your current job.
- Divide the price of the service by your hourly rate.
- The result is the number of hours saved per month needed to make this a worthwhile investment.
In this case, if the service saves you more than 2 hours per month, you should subscribe to it. If it's below that, then you should not subscribe to it.
Feel free to repeat this calculation for yourself with a different hourly rate and a different subscription price.