One year after TimelinePI merged with ABBYY, ABBYY reports growing momentum for its advanced Process Intelligence solution.
ABBYY claims to offer the only solution that combines the benefits of accessing and understanding enterprise content with process analysis. It empowers businesses to use the information contained within their systems to create a visual model of their processes, analyse them to identify opportunities for process improvement, perform real-time operational monitoring and predict and take pre-emptive action of future outcomes to facilitate decision-making.
The Process Discovery and Mining (PDM) market is experiencing a surge and is expected to continue its upward trajectory which combined with ABBYY’s significant technological advancement will provide ABBYY with substantial growth opportunities. The current global PDM market size is estimated by analyst firm NelsonHall at $566.5 million and is projected to grow up to $5.4 billion by 2024, an increase of 57% Compound Average Annual Growth Rate (CAAGR).
Momentum for ABBYY’s process mining is driven by the company’s strong global market position and its existing worldwide network of partners that address intelligent automation initiatives. UK partners include Workflow Doctor, Embrace and Inpute. Other partners include global consulting firms, major robotic process automation (RPA) vendors such as Blue Prism, specialist integration solutions such as BDO, Novelis, Synpulse, Naviant, Ashling Partners, and other global partners who help organisations in vertical industries accelerate their digital transformation.
Furthermore, ABBYY’s Process Intelligence solution, ABBYY Timeline, experienced the highest year-over-year growth in revenue out of all leading process mining solutions, according to Process Mining State of the Market Report 2020 by analyst firm Everest. ABBYY is experiencing increased adoption of its Process Intelligence solution within financial services, healthcare and telecommunications to drive digital transformation, improve customer engagement and support risk and regulatory compliance priorities.
ABBYY was also named a Leader by analyst firm NelsonHall in their 2020 Process Discovery & Mining NEAT Assessment with additional emphasis that “the Company’s strategy to integrate unstructured document technologies from its other products will likely make Timeline a unique product.” ABBYY’s unique value proposition was also recognised for Deep Analysis, commenting that, “Timeline software is truly innovative and addresses an important need as companies seek to continuously (and intelligently) discover bottlenecks and improve upon highly dynamic, complex digital processes.”
“ABBYY has made a complicated process mining concept that was considered a luxury technology into a business-critical tool that allows users to immediately dive into analyses without needing to code anything,” said Michael Carr, President and CEO at Naviant, a leading business process and content management consulting firm. “With comprehensive monitoring capabilities for the broadest range of process types, out-of-the-box dashboards for in-depth analysis, and the ability to pull data from any back-end system, ABBYY enables us to transform processes in a manner that impacts the customer experience, operational efficiency and the bottom line.”
According to Forrester’s Q1 2020 Global Digital Process Automation Survey, two-thirds of organisations stated they encountered broken processes when they shifted their workforce to remote work due to COVID-19, and now 60% are reconsidering their process strategy. As the pandemic disrupts business processes across every sector, they are seeking solutions to increase process efficiencies and enhance their profit margins. Process intelligence has become critical for the success of automation initiatives.
“It’s difficult for organisations to improve their operational efficiencies when they’re crippled by lack of insight and inability to monitor processes,” said Scott Opitz, Chief Marketing Officer at ABBYY and former President and Founder of TimelinePI. “ABBYY offers the only end-to-end Process Intelligence solution on the market that combines content with process analysis to reveal greater visibility into business-critical processes and extends this with real-time operational monitoring and AI-based prediction. We empower companies to identify broken processes to ensure compliance and improve operational costs and the customer experience.”
In fiscal year 2019, ABBYY achieved double-digit revenue growth for the third consecutive year, driven in large part by the expansion of ABBYY’s product portfolio with ABBYY Timeline. ABBYY continues to invest aggressively in extending Timeline’s capabilities by extending its integration with ABBYY’s core content intelligence capabilities, new process and task analysis capabilities as well as deeper integration with leading third-party automation and data analytics partners.
ABBYY Process Intelligence solutions can be purchased directly from ABBYY or from a global network of partners.