Our Innovation Analysts recently looked into emerging technologies and up-and-coming startups working on Robotic Process Automation (RPA). As there is a large number of startups working on a wide variety of solutions, we decided to share our insights with you.
Heat Map: 5 Top Robotic Process Automation Solutions
For our 5 top picks, we used a data-driven startup scouting approach to identify the most relevant solutions globally. The Global Startup Heat Map below highlights 5 interesting examples out of 255 relevant solutions. Depending on your specific needs, your top picks might look entirely different.
GleeMatic – Human Resources
RPA in Human Resources (HR) simplifies tasks such as arranging interviews, searching for candidates, verifying data, on-boarding and off-boarding processes, managing holidays and conducting performance reviews. The automation of repetitive tasks allows HR specialists to focus on talent development and other strategies which account for almost 70% of all tasks performed. Singapore-based GleeMatic offers a combination of RPA and Artificial Intelligence (AI) to predict a candidates’ performance by predicting probabilities of fraudulent resumes and photos of candidates and to synchronize this data as a single document.
Legal Robot – Legal & General Counsel
RPA for legal tasks allows stakeholders to find legal errors in contracts as well as to quantify and reduce risks. Automation comes in various forms including data management, client risk assessment, managing fee overruns, filling in forms and other legal documents. Using a mix of Natural Language Processing (NLP) and AI, USA-based Legal Robot interprets legal contracts, measuring its readability and identifying the key legal factors involved such as rights, terms of an agreement, fees and responsibilities. The main goal of this service is to understand the underlying meaning of the contracts in a clear and crisp manner.
Digital Workforce – Corporate Accounting & Finance
RPA in accounting ensures there are no gaps in documentation, enables data extraction and management and reconciles the general ledger by working on the financial information so as to create an accurate financial report. Robots are one of the most effective ways to meet increasing compliance requirements of organizations. Finnish startup Digital Workforce focuses on completing repetitive tasks faster while also ensuring quality standards and overall effectiveness. Tasks which can be automated include opening, viewing and closing of bank accounts, handling payments, accounting, reporting and maintaining controls.
Ikarus – Procurement
RPA in procurement allows workers to delegate routine tasks and avoid errors in contracts and category management, supplier relationship management, vendor records management and even automating new purchases when the system records insufficient supply. US-based Ikarus works on Cognitive Process Automation, which combines AI and Cognitive Computing to ensure optimized and efficient accounting. Their Procure-to-Pay service enables efficient management of working capital through capital optimization and their Order-to-Cash service enables efficient management of cash flows through automated invoice processing.
AutomationEdge – Information Technology
RPA in Information Technology improves accountability, efficiency, and predictability while reducing cost, variability, and risk. Some examples are automating routine IT work such as software installation sessions, quality control work, password reset inquiry and service desk automation. This application area usually functions together with machine learning, Application Process Interface (API) integration, and chatbots with NLP. Based in the USA, AutomationEdge guarantees 24/7 control and monitoring of databases or platforms that companies use. They have created a library of 250+ ready actions for IT systems to automate common IT processes.
What About The Other 250 Solutions?
While we believe data is key to creating insights it can be easy to be overwhelmed by it. Our ambition is to create a comprehensive overview and provide actionable innovation intelligence for your Proof of Concept (PoC), partnership, or investment targets. The 5 startups showcased above are promising examples out of 255 we analyzed for this article. To identify the most relevant solutions based on your specific criteria and collaboration strategy, get in touch.