Ulf Persson is CEO of ABBYY Group, a leading global provider of document recognition, content capture and language-based tech solutions. He is also a co-founder and managing partner of Mint Capital and joined ABBYY's board of directors in 2002, serving as chairman for two years prior to being named CEO in 2017. Persson has also held a variety of executive and non-executive positions with technology and service companies over the past 15 years, and Chief Executive asked him about the challenges and misconceptions of integrating artificial intelligence tech, the importance of R&D to his organization and what he's most excited for in the year ahead. Q: What are the top three priority areas for deploying AI within an organization? A: Digital transformation is a priority for most CEOs.
As many people are aware, Robotic Process Automation (RPA) is a wonderful tool for automating rules-based processes. By that we mean that they will do exactly what you tell them to do, again and again and again. Which is perfect when you want 100% compliance and all your processes are rules-based and repeatable. But quite often this is not the case, and those processes will require complex decisions to be made or have data inputs that are unstructured or particularly variable. At this point intelligent robots are necessary.
Work has gone digital, paper is still important, but process intelligence sits at a higher level. Organizations in every vertical have always relied upon a certain quantity of paper since the dawn of known time and, despite the rise of digital, that basic truth isn't going to change. Although invoices are now largely digital, boarding passes live on smartphones and there's even an app (or two) for To-Do lists and notepads, a certain amount of paper will always feature as part of any firm's operational procedures. While the Western world replaces some of its paper consumption with technology, business growth in developing nations and the use of paper in packaging is thought to offset the trend for digitization. If we accept these basic propositions, then it should logically follow that the technology industry seeks to provide solutions to working with information in its digital form.
ABBYY, a global leader in Content IQ technologies and solutions, today announced it has signed an agreement to acquire Philadelphia, Pennsylvania-based TimelinePI. TimelinePI provides a comprehensive process intelligence platform designed to empower users to understand, monitor and optimize any business process. The global process analytics market size is expected to grow to USD 1,421.7 million by 2023 according to Research and Markets. The acquisition of TimelinePI is a strategic investment by ABBYY into the emerging process intelligence market which is critical to truly understanding the impact and effectiveness of business processes and opportunities for productivity gains from digital transformation investments. TimelinePI's vision of combining the most versatile process mining and operational monitoring with cutting-edge, process-centric AI and machine learning will serve as a critical cornerstone to ABBYY's Digital IQ strategy.