Automating enterprise backend processes offers companies a great opportunity to realize cost-efficiency and quality improvements while reducing repetitive manual tasks. By introducing efficient automation processes, businesses can streamline their operations and increase the productivity of their back-end systems. This white paper outlines the company’s focus on automating enterprise backend processes and analyzes their leading products, which are helping customers to reduce operational costs, increase process consistency and improve customer service.
In particular, this paper will cover the following topics:
- Overview of enterprise backend process automation
- Benefits of automating enterprise backend processes
- Company’s offerings for Enterprise Backend Process Automation
- Case studies of successful implementations by customers
WorkFusion raises $220M to automate repetitive enterprise backend processes
WorkFusion is a New York City-based startup helping companies automate repetitive enterprise backend processes. The company recently raised $220 million to expand their development efforts.
This article will provide an overview of WorkFusion and how they are helping to revolutionize the way companies manage their backend.
What is WorkFusion?
WorkFusion is a company that provides automated business process management solutions. Founded in 2011 by Alex Lyashok and Maksym Yefimov, WorkFusion focuses on helping enterprises streamline their backend processes. The company enables companies to compete on scalability, agility, and cost through automation technology.
WorkFusion’s main product is their Automation Platform – an end-to-end system for developing and deploying highly-accurate self-learning bots that can handle repetitive tasks. The platform is designed to increase productivity while offering true customization to meet the specific needs of each customer. In addition, it combines different automation technologies (RPA, NLP and ML) so users can quickly create fully automated jobs without necessary coding.
The Platform also includes a runtime environment for executing automated workflows as well as monitoring them for compliance and correctness; a journey builder for creating automation projects with intuitive drag and drop capabilities; an execution engine for anytime scheduling of experiments; and an administration module for managing users, settings, permissions, logs etc. Also included in the platform are analytics tools which offer insights into process performance metrics and suggestions on efficiency improvements or changes that can be made to optimize the business workflow accordingly.
In essence, WorkFusion enables businesses to utilize robotic process automation technology to automate manual processes to improve operational efficiency while keeping costs low by optimizing human capital resources more effectively.
What does WorkFusion do?
WorkFusion is a leading global platform for intelligent automation that has helped Fortune 500 companies, top-tier service providers and other organizations digitally transform their operations. It enables users to quickly build, deploy and scale end-to-end automated process workflows, with an unprecedented quality of service.
Some of the things that WorkFusion does include:
- Automate existing processes using Robotics Process Automation (RPA) technology
- Prepare data at scale with RPA robots that can detect patterns, apply rules and edit documents
- Integrate enterprise applications
- Use Artificial Intelligence (AI) to detect patterns and extract unstructured data
- Automatically analyze documents using AI algorithms such as Optical Character Recognition (OCR) for forms processing or Candidate Screening for resume analysis
- Monitor systems in real time through automated analytics dashboards that track KPIs from legacy systems
- Monitor task completion and user performance to enable operational excellence
- Leverage Machine Learning models that can suggest prioritisation or predict future outcomes.
By leveraging its intuitive “bot builder” technology, enterprises can rapidly create a wide range of digital process automation solutions at much lower cost than traditional software development efforts. This helps enterprises lower costs by reducing manual labor demands while freeing up resources for higher value activities.
WorkFusion’s Recent Funding
WorkFusion, an automation software platform, recently raised $220M in growth capital to help automate repetitive back-end processes for enterprises.
This new round of funding comes with a goal of WorkFusion to accelerate its growth, help expand its customer base, and further develop its AI-powered automation solutions.
This article will look at the details of WorkFusion’s funding and how it will impact their business.
How much did WorkFusion raise?
WorkFusion recently announced a round of funding that Goldman Sachs and Citi Ventures, among others joined. The total funding raised was $100 million in a Series C investment. This brings the company’s total amount raised to $173 million.
WorkFusion is a New York-based start-up that automates back-end processes for large corporations in banking, insurance, healthcare and retail industries. With this investment, the company is looking to expand its technology offerings, explore new markets and develop partnerships with large companies that can benefit from automation technology.
Goldman Sachs Strategic Investments (GSSI) and Citi Ventures’ CVC Technology Pillar Fund were the main investors. Other participants in the round include Alpha Minds Capital Partners LLC (Alpha Minds), Dawn Capital (Dawn) and SVG Ventures (SVGV).
This latest round of funding shows confidence in WorkFusion’s technologies, enabling organizations to automate their manual processes while providing powerful insights into their operations. By using automation technologies like robotic process automation (RPA), machine learning and artificial intelligence, companies can optimize backend processes by increasing cost savings, efficiency gains and productivity improvements without sacrificing customer service or quality of service. With this investment, WorkFusion will expand its presence further into the enterprise space and other potential collaborations with other organizations currently using or interested in automation solutions.
What will the funding be used for?
Jump Capital and TPB Equity Partners led WorkFusion’s Series C funding round totaling $50 million. This follows the company’s Series B funding round of $20 million in 2015, led by Georgian Partners, who also participated in the subsequent round. WorkFusion’s total funding now stands at over $90 million since 2010.
The recently raised funds will be used to expand WorkFusion’s product suite and deliver more value to its customers. The company plans to leverage the capital infusion to further develop its Intelligent Automation Cloud Platform. This software platform enables customers to automate organizational tasks more easily and quickly.
WorkFusion also plans to expand its presence globally and further build out its go-to-market engine domestically and internationally. Additionally, it hopes to invest more in research & development initiatives focusing on making the entire automation workflow – from initial discovery through deployment – faster, easier and cost effective for customers.
Benefits of Automating Enterprise Backend Processes
Automating backend processes can help businesses become more efficient and cost-effective while reducing manual labor costs. By investing in automation, companies can unlock various benefits including an increase in output quality and a decrease in cost. In addition, automating certain processes can save time, reduce errors, and increase efficiency.
This article will explore the various benefits of automating enterprise backend processes.
Increased Efficiency
Automating enterprise backend processes can drastically improve overall efficiency, as tasks normally take days or weeks to finish can be done in just minutes or hours. Automation makes capturing data, finishing routine tasks, and processing information easier and faster without manual intervention. It also leads to more accurate results since there is less room for human error. This means that workflows are streamlined and resources can be used more efficiently, saving time and cutting costs for the business.
In addition, automating key processes helps teams collaborate better by sharing information quickly across multiple channels and having greater visibility of progress. All these efficient processes increase the output quality of the business’ products or services as customers are served faster and with fewer issues. Enterprises also benefit from improved customer satisfaction levels and greater visibility into operations regarding unit costs, utilization rates, employee productivity, and KPIs related to supply chain management.
Reduced Costs
Organizations can significantly reduce costs by automating backend processes. Automation helps to minimize the manual labor needed for administrative tasks and increases productivity and efficiency. By leveraging technology to automate routine, repetitive tasks, businesses can free up time and resources which can be used for more productive tasks that provide greater value in terms of cost savings and other results. For example, instead of hiring help to manage transactions or documents, automated technology saves a business labor costs and processing time.
For example, an organization could replace its manual back-end processes related to entering data into multiple systems or capturing paper documents with automated data capture software that extracts reliable data in a fraction of the time. In addition, automated document processing eliminates tedious manual activities. As a result, it reduces the risk of human error associated with manually entering hundreds or thousands of transaction records daily.
Improved Accuracy
Automating enterprise backend processes can have many advantages, with improved accuracy being one of the top benefits. Automated processes help ensure tasks are completed precisely, eliminating potential human errors or inconsistencies. Businesses can streamline and improve operations by leveraging automated workflows to complete back-end processes.
Automation also removes the tedious manual effort to set up and manage backend processes. Automating these tasks eliminates the need for manual work such as data entry and reduces the amount of time spent on repetitive, labor-intensive tasks. This frees up resources and allows businesses to devote more time to core customer service or product development activities.
In addition, automated back-end processes enable businesses to access data quickly and effectively without manually searching or analyzing large volumes of information. Suppose a task requires complex calculations or system integrations. In that case, automated processes can help automate the process and provide up-to-date insights in less time than it would take manually entering this data into a system.
Overall, automating enterprise backend processes can help businesses save money by reducing labor costs associated with mundane tasks while providing more accurate back-end operations results. By optimizing these vital business operations, companies can reduce costs and set themselves apart from their competitors who may not yet utilize this technology.
Challenges of Automating Enterprise Backend Processes
Automating enterprise backend processes provides many benefits for businesses, such as eliminating manual labor, improving accuracy and boosting efficiency. However, it also presents some challenges that need to be addressed.
This article will explore the challenges associated with automating enterprise backend processes and how to overcome them.
Security
Regarding enterprise backend processes, security must be a top priority. Automating data within large organizations can mean that sensitive information is shared across departments, stakeholders and IT systems. Therefore, ensuring that the security protocols are robust and cannot be easily circumvented is essential.
One of the key factors in securing an automated system is data encryption. Encryption allows enterprises to exchange sensitive data securely while ensuring privacy and preventing unwanted external access or tampering with the data. To prevent unauthorised access, authentication methods must also be put in place. Authentication methods include user identification procedures such as biometrics, user-name/password combination or digital certificates for verifying elements such as user’s identity or role permissions inside the IT systems.
For automated enterprise backend processes automation technology that minimise human involvement should also be employed wherever possible; this will reduce manual input errors which increase due to employee fatigue or negligence. Furthermore Automated workflow software should also be implemented to ensure validations of requests as well as logging activities for auditability and traceability.
Furthermore Scalability plays an important part when automating backend processes; this means that if the organization wants to increase the process performance throughput then its’ IT architecture should support high workloads without basing its performance capabilities on a single server or application instance but rather distributed orchestration techniques for scaling up its performance by horizontally scaling out new server available resources when needed under spikes in workloads driven activity scenarios like big sales campaigns etc.
Lastly a process monitoring framework needs to be put into place which will continuously monitor all activities on a real time basis; this will allow enterprises to detect any anomalies or suspicious activities and act quickly with response plans should events arise due failure scenarios caused by hardware crashing etc.
Complexity
These backend processes offer a great opportunity to improve efficiency and accuracy, reduce cost, and eliminate manual efforts. Nonetheless, due to the complexity of the processes and associated data structures, certain challenges are associated with automating them.
One major challenge is correctly mapping existing data sources and business logic used by backend systems into a unified automated process. It requires planning from an early stage to ensure that data cleaning and transformations will be integrated in the automation process. This includes addressing data discrepancies related to duplicated attributes across multiple systems or invalid entries in stored files, which can lead to inconsistent results if not handled properly.
Moreover, developing automated software solutions based on existing backend is a significant task that requires significant investments in terms of time and money for solving such problems as changing data formats between different programs or bridging communication gaps between disconnected applications. As such, it can often be difficult for companies to find resources with the right combination of detailed system knowledge plus programming expertise.
Additionally, because the complexity of many enterprise architectures can vary greatly depending on implemented technologies and the level of customization required per system, it is important to have an overall vision in how these processes need to be connected from beginning till end instead of creating isolated solutions for each step in an automation workflow. Otherwise these fragmented solutions may not add up when it’s time for product rolls-out or if any modifications are necessary in later stages.
Change Management
Change management must be a priority for businesses to automate their enterprise backend processes. Automated processes require a well-executed plan of redesigning existing processes and replacing manual labor with automated technology. Additionally, automation requires employees to become comfortable with newer technologies and equip them with the skills necessary to manage them as efficiently as possible.
Organizations must acknowledge that automation may render certain positions obsolete and take proactive steps to develop upskilling policies that ensure affected employees remain relevant in the automated landscape. Beyond operational considerations, organizations should focus on creating an open and informative communication strategy that clearly outlines the benefits of automation, new roles available by switching to an automated workforce model, and how employees will be impacted in the transition process.
Ultimately, executives must understand that while automating backend processes is advantageous in terms of cost saving measures and agility increases, change management strategies must be implemented alongside it for organizations to remain competitive and efficient throughout their digital transformation initiatives.
Conclusion
The development of enterprise automation has become a major focus for many companies seeking to increase efficiency and remain competitive. Automation helps to free up staff time so they can focus on higher-value tasks, and it can also prove beneficial in terms of cost savings. Additionally, automation allows companies to store and access data more efficiently than ever before, making it easier to identify improvement areas and potential growth opportunities.
While challenges are still associated with implementing automated processes in an enterprise setting, the benefits are numerous. Companies that take the time to properly assess their current needs and analyze available options are more likely to succeed in their attempts at automation. The key is understanding which processes should be automated and selecting an appropriate approach that meets their needs both now and into the future.
