By Tamara Steffens
In the face of explosive data growth, automation is increasingly critical to an organization’s ability to scale and compete. By automating routine tasks and business processes, companies can reduce costs, improve data quality, and grow profit margins while freeing up employee time for more complex tasks. Robotic Process Automation (RPA) is the fastest-growing software subsegment with year-over-year growth of more than 63% in 2018.
But determining which processes to automate remains a persistent pain point for enterprises. Organizations looking to deploy bots have been forced down the expensive and often error-prone path of working with consultants and analysts to manually capture and document processes. FortressIQ is disrupting this paradigm by using software to more efficiently and effectively identify which processes to automate. In addition to M12’s investment, Microsoft has selected FortressIQ as the first integrated process discovery partner to streamline bot creation for customers, as part of its Power Automate offering in the RPA space.
FortressIQ’s intelligent insights platform combines computer vision, natural language processing, machine learning, and AI to capture every version of a business process without any integrations, APIs, or event logs; the company’s method makes the solution compatible with all applications. The solution brings human-level observability to large data sets and automatically models out all versions of how processes are executed. FortressIQ’s solution also adheres to customers’ strict security and privacy standards, with additional features for whitelisting and blacklisting.
By mapping out an organization’s productivity workflows, FortressIQ makes it possible for organizations to auto-generate the specifics of each workflow, down to the most minute detail. If a process is well-suited for automation, FortressIQ will recommend RPA, but their solution can also be used to create better employee experiences, optimize systems, and extract more value out of existing processes by identifying bottlenecks and inefficiencies. Because FortressIQ captures data on process variations across several users, their technology can be used to suggest process variations that help drive process uniformity and efficiency across an organization.
FortressIQ was founded by CEO Pankaj Chowdhry, who developed the technology based on first-hand frustrations with traditional business process discovery and documentation efforts. Pankaj is a second-time software entrepreneur who previously founded Third Pillar Systems, a commercial lending and leasing application for financial institutions that was acquired by Genpact. We’re confident in the vision of this experienced founder.
FortressIQ has successfully replaced the traditional 6–12-month engagements with consultants and analysts with a passive weeks-long software project, radically reducing the cost, effort, and of course — time — required to streamline and scale automation initiatives, improve employee experiences, or optimize systems and processes. We’re thrilled to welcome FortressIQ to the M12 portfolio, and excited to support the company as they unlock new value for the enterprise.
For more M12 news, follow us on Twitter.