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.
Powered on AI, ABBYY's technologies leverage deep learning and multi-level analyses to process text, documents and data to function like a high powered human brain. 'We deliver value through digital transformation by enabling enterprises, government agencies, and developers to automatically unlock and understand business and possess critical data and relationships from their documents,' Orcutt explains. This approach gives the most flexibility and control to the customer to ultimately decide how they want to solve the specific tasks and problems related to transforming customer documents, text, and communications into meaningful process-ready data to accelerate and automate the user experience and transaction.' Orcutt believes that this increased utilisation of AI in industry will place greater pressure on government agencies to improve engagement, onboarding, and customer experience.
Medline Industries, a manufacturer and distributor of medical supplies, based in Northfield, Ill., is growing quickly, said Sarah Stokes, director of accounts payable at the company. That means double-digit sales growth year over year, she said, but it also means more paperwork. "Our biggest challenge is trying to keep up with the volume," Stokes said. To help tackle the 2,000 invoices the company receives each day, Medline has turned to optical character recognition (OCR) technology from vendor Abbyy, paired with platforms from several RPA vendors. The combination has gone a long way in automating accounts payable, Stokes said.
There may have been a time when an organization's automation strategy was defined primarily by siloed, ad hoc, and task-based workflows. Now, however, the most effective and impactful initiatives require business leaders to ask bigger, more challenging questions beyond simply what tasks can be automated and the ROI on cost reduction. Here is how to question everything you know about your business processes. Successful digital transformation in today's landscape necessitates leaders having a better picture of how things are working interconnectedly and how users are truly operating within the process boundaries to be enhanced and improved universally to improve customer outcomes. True digital transformation does not simply digitize analog processes.