Monthly Archives: April 2021

RPA market surges as investors, vendors capitalize on pandemic-driven tech shift

Posted by on 2 April, 2021

This post was originally published on this site

When UIPath filed its S-1 last week, it was a watershed moment for the robotic process automation (RPA) market. The company, which first appeared on our radar for a $30 million Series A in 2017, has so far raised an astonishing $2 billion while still private. In February, it was valued at $35 billion when it raised $750 million in its latest round.

RPA and process automation came to the fore during the pandemic as companies took steps to digitally transform. When employees couldn’t be in the same office together, it became crucial to cobble together more automated workflows that required fewer people in the loop.

RPA has enabled executives to provide a level of workflow automation that essentially buys them time to update systems to more modern approaches while reducing the large number of mundane manual tasks that are part of every industry’s workflow.

When UIPath raised money in 2017, RPA was not well known in enterprise software circles even though it had already been around for several years. The category was gaining in popularity by that point because it addressed automation in a legacy context. That meant companies with deep legacy technology — practically everyone not born in the cloud — could automate across older platforms without ripping and replacing, an expensive and risky undertaking that most CEOs would rather not take.

RPA has enabled executives to provide a level of workflow automation, a taste of the modern. It essentially buys them time to update systems to more modern approaches while reducing the large number of mundane manual tasks that are part of just about every industry’s workflow.

While some people point to RPA as job-elimination software, it also provides a way to liberate people from some of the most mind-numbing and mundane chores in the organization. The argument goes that this frees up employees for higher level tasks.

As an example, RPA could take advantage of older workflow technologies like OCR (optical character recognition) to read a number from a form, enter the data in a spreadsheet, generate an invoice, send it for printing and mailing, and generate a Slack message to the accounting department that the task has been completed.

We’re going to take a deep dive into RPA and the larger process automation space — explore the market size and dynamics, look at the key players and the biggest investors, and finally, try to chart out where this market might go in the future.

Meet the vendors

UIPath is clearly an RPA star with a significant market share lead of 27.1%, according to IDC. Automation Anywhere is in second place with 19.4%, and Blue Prism is third with 10.3%, based on data from IDC’s July 2020 report, the last time the firm reported on the market.

Two other players with significant market share worth mentioning are WorkFusion with 6.8%, and NTT with 5%.

Posted Under: Tech News
Kintent nabs $4M seed to automate compliance questionnaire process

Posted by on 1 April, 2021

This post was originally published on this site

Every tech vendor has to pass security muster with customers, typically a tedious activity involving answering long questionnaires. Kintent, a new startup that wants to automate this process, announced a $4 million seed today led by Tola Capital with help from a bunch of tech industry angel investors.

After company co-founder and CEO Sravish Sridhar sold his previous startup Kinvey, which provided Backend as a Service to mobile app developers, he took a couple of years off while he decided what to do next. The sale to Progress Software in 2017 gave him that luxury.

He knew first-hand from his experience at Kinvey, that companies like his had to adhere to a lot of compliance standards and the idea for the next company began to form in his head. He wanted to create a new startup that could make it easier to figure out how to become compliant with a given standard, measure the current state of compliance and get recommendations on how to improve. He created Kintent to achieve that goal.

“So the big picture idea is can we build a system of record for trust and our first use case is information security and data privacy compliance, specifically if you’re a company that is building a SaaS business and you’re storing customer data or PHI, which is health information,” Sridhar explained.

The company’s product is called Trust Cloud. He says that they begin by looking at the lay of your technology land in terms of systems and the types of information you are storing, looking at how compliant each system is with whatever standard you are trying to adhere to.

Then based on how you classify your data, the Trust Cloud generates a list of best practices to stay in compliance with your desired standard, and finally it provides the means to keep testing to validate what you’ve done and that you are remaining in compliance.

The company launched in 2019, spent the first part of 2020 developing the product, and began selling it last October. Today, it has 35 paying customers. “We’re in the high six figures in revenue. We’ve been growing at about 20-30% month-over-month consistently since we launched in October, and the customers are across 11 verticals already,” he said.

With 14 employees and some money in the bank from this funding round, he is thinking ahead to adding people. He says that diversity has to be more than something you just talk about, and he has made it one of the core founding values of the company, and one he takes very seriously.

“I’m very conscious with every hire that we make that we’re really pushing to extend ourselves to [find] people from different walks of life, different statuses and so on,” he said.

The company is also working on a DEI component for the Trust Cloud, which it will be offering for free, which enables companies to provide a set of diversity metrics to measure against and then report on how well you are doing, and how you can improve your numbers.

Posted Under: Tech News
mmhmm introduces usage-based enterprise accounts and a beta for Windows

Posted by on 1 April, 2021

This post was originally published on this site

mmhmm, the software that allows folks to personalize their appearance on video chat, has today announced that its introducing usage-based enterprise accounts.

In a conversation with TechCrunch, founder and CEO Phil Libin said this is a natural evolution, remarking that mmhmm has had hundreds of registrations from users all at the same company.

“It was clear that there was a big demand for enterprise accounts,” said Libin. “Not only for central management, to keep it as easy as possible, but also for getting everything on brand. Companies and organizations of all kinds are realizing video is a permanent part of how we’re going to do business and it needs to be on brand.”

The enterprise accounts are priced the same as individual Pro accounts, at $10/month or $100/year. However, when an organization signs up with an enterprise account, they only pay for the number of users who were active on mmhmm each month, rather than worrying about seats.

Enterprise accounts can also share design system assets built specifically for mmhmm to ‘stay on brand’ as Libin said. Folks who opt in to enterprise can also control employee accounts under one umbrella, invite via link, claim an email domain and enjoy a single bill.

Libin also gave us a glimpse into the financials of the business, explaining that while it’s too early to tell, the conversion rate to Pro accounts is outpacing that of Evernote, one of Libin’s earlier ventures.

He said that, with freemium tools like both mmhmm and Evernote, the likelihood of a user upgrading to premium grows with every month they’re on the platform. At Evernote, it was half a percent after the first month, and then five percent by the end of the first year, and after two years it would jump to 12 percent.

Obviously, mmhmm doesn’t have 24 months worth of data. That said, the product is doing 10x better than Evernote did.

But revenue is not the focus, according to Libin. The company is far more concerned with ensuring the onboarding process is easy for casual users and that they really understand what they can do with the platform. In the spirit of that, mmhmm is launching new interactive tutorial videos on the platform to ensure people are fully aware of the features.

mmhmm first came on the scene in the summer of last year in a closed beta, and eventually opened up to everyone who has a Mac in November 2020. Alongside the launch of enterprise, mmhmm is also launching a Windows version of the app in open beta.

Libin said that mmhmm is in a growth stage, and that after starting five different companies, he knows the biggest challenge is people.

“I’ve been in some startups now that have been through this hyper growth stage,” said Libin. “The toughest thing at this stage is getting people, keeping people from burning out, and doing career development. This is my fifth startup, so I’m trying to demonstrate some learning behavior and apply lessons learned from previous mistakes. We’ll see how it goes.”

Editor’s Note: An earlier version of this article incorrectly stated that mmhmm was introducing Windows in a closed beta. It has been updated for accuracy. 

Posted Under: Tech News
Celonis announces significant partnership with IBM to sell its process mining software

Posted by on 1 April, 2021

This post was originally published on this site

Before you can improve a workflow, you have to understand how work advances through a business, which is more complex than you might imagine inside a large enterprise. That’s where Celonis comes in. It uses software to identify how work moves through an organization and suggests more efficient ways of getting the same work done, also known as process mining

Today, the company announced a significant partnership with IBM where IBM Global Services will train 10,000 consultants worldwide on Celonis. The deal gives Celonis, a company with around 1200 employees access to the massive selling and consulting unit, while IBM gets a deep understanding of a piece of technology that is at the front end of the workflow automation trend.

Miguel Milano, chief revenue officer at Celonis says that digitizing processes has been a trend for several years. It has sped up due to COVID, and it’s partly why the two companies have decided to work together. “Intelligent workflows, or more broadly spoken workflows built to help companies execute better, are at the heart of this partnership and it’s at the heart of this trend now in the market,” Milano said.

The other part of this is that IBM now owns Red Hat, which it acquired in 2018 for $34 billion. The two companies believe that by combining the Celonis technology, which is cloud based, with Red Hat, which can span the hybrid world of on premises and cloud, the two together can provide a much more powerful solution to follow work wherever it happens.

“I do think that moving the [Celonis] software into the Red Hat OpenShift environment is hugely powerful because it does allow in what’s already a very powerful open solution to now operate across this hybrid cloud world, leveraging the power of OpenShift which can straddle the worlds of mainframe, private cloud and public cloud. And data straddle those worlds, and will continue to straddle those worlds,” Mark Foster, senior vice president at IBM Services explained.

You might think that IBM, which acquired robotic process automation vendor, WDG Automation last summer, would simply attempt to buy Celonis, but Foster says the partnership is consistent with the company’s attempt to partner with a broader ecosystem.

“I think that this is very much part of an overarching focus of IBM with key ecosystem partners. Some of them are going to be bigger, some of them are going to be smaller, and […] I think this is one where we see the opportunity to connect with an organization that’s taking a leading position in its category, and the opportunity for that to take advantage of the IBM Red Hat technologies…” he said.

The companies had already been working together for some time prior to this formal announcement, and this partnership is the culmination of that. As this firmer commitment to one another goes into effect, the two companies will be working more closely to train thousands of IBM consultants on the technology, while moving the Celonis solution into Red Hat OpenShift in the coming months.

It’s clearly a big deal with the feel of an acquisition, but Milano says that this is about executing his company’s strategy to work with more systems integrators (SIs), and while IBM is a significant partner it’s not the only one.

“We are becoming an SI consulting-driven organization. So we put consulting companies like IBM at the forefront of our strategy, and this [deal] is a big cornerstone of our strategy,” he said.

Posted Under: Tech News
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