We have a bumper batch of new Vendor Vignettes for our annual subscribers; as always, it’s an eclectic bunch of IDP and Automation vendors under the spotlight. And if nothing else, they further illustrated what we have been saying for the past few years, our industry is vibrant, alive, and innovation thrives. Yes, there are some dark clouds regarding tech funding and exits but advances in AI heralding a shake-up and growth of a long-standing and previously assumed mature sector. New investments are hard to find, but many vendors we track have already secured funding. They are either profitable or on a solid path to profitability, so they are somewhat sheltered from the current funding drought. Though not immune to economic headwinds, our sector is standing up well.
Furthermore, it’s worth noting that it’s not a mature market; there are new faces, new products, new approaches, and new markets opening up. However, it is changing; the barriers between structured and unstructured data are weakening. The world of document and process management is starting to meld together, and we can generate much more value from files than ever before.
Yet the technology and market shifts are about more than just early-stage startups; this latest research highlights two long-standing vendors, Salesforce and Xceptor, to look at their innovative approaches. They appear alongside some relatively new but now established faces in the form of Celonis & UIPath, with earlier stage vendor AYR rounding out the pack.
AYR is a pure-play intelligent document processing software company that uses a patented multimodal fusion AI method to power one of the most efficient and flexible IDP systems we have seen. Businesses that process complex, multi-page invoices and other financial documents should consider adding AYR to their automation project shortlist.
UiPath was one of the first RPA technology vendors and recently, through acquisitions, began offering process, task, and communications mining tools. Having these deployable in a single platform is a boon for UiPath, as organizations are hungry to find suitable targets for automation projects, and we expect these types of tools will move into the enterprise mainstream over the next two years.
Celonis is the largest independent process mining company and aims to help companies discover and close costly “execution gaps” in their operations. It is moving from case-focused to object-focused analysis, shaking up how it has approached the challenge since its inception. The move is based on extensive research and would open many opportunities for broader use across enterprises.
Salesforce’s AI Cloud offers a broad approach to utilizing large language models (LLMs) to support productivity tasks in its business cloud applications (via Einstein GPT), while helping customers
stay broadly within legislative requirements and face privacy concerns. With AI Cloud, Salesforce has met head-on many general concerns around generative AI, LLMs, and the role of trust.
Xceptor provides a platform that automates financial service processes involving unstructured data. Already a well-established and respected player in the financial sector, it is taking this opportunity to enhance, expand, and transform its business by using AI to automate and replace complex and costly end-user computing activities.
Again, these reports are available now to Deep Analysis subscribers, and as always, we value and encourage feedback and discussion on their findings. If you are not a Deep Analysis annual subscriber, you only need to contact us here for more details.