If you read our research or listen to us talking at events, you will know we are big-time advocates for using task and process mining in virtually every automation project. We were one of the first, if not the first, analyst firms to track this market and its players. It was a shock to hear today that Workfellow, one of the firms we know well, has closed its doors and filed for bankruptcy.
Funding is hard to come by, and many more startup casualties will likely occur over the coming year. Failed startups are more the norm than many like to think. In some markets, there is too much competition; in the IDP market, for example, we track over 350 vendors, and you don’t need to be an analyst to know that there are too many. The RPA market went through something similar a few years ago with a rapid wave of consolidation. What’s unusual here is that comparatively, few task and process mining vendors are around, and few are independent of a broader product platform. Yet thorough analysis of tasks and processes is a pre-requisite of any project, and these tools are frankly excellent at providing granular and fast insights to ground any project in reality. Furthermore, one of the central pillars of enterprises becoming “AI Ready” is accurate knowledge of their business processes; this market has tremendous growth ahead.
We try not to play favorites at Deep Analysis, and we love everyone equally, but in truth, we have a soft spot for the folks at Workfellow and wish them all well in their next chapter. There is a lot of knowledge, skill, and passion in that team, and I sincerely hope each team member gets snapped up quickly and continues to evangelize the value and importance of task and process mining.