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Workflow Automation Platforms
Overview
Platforms that automate workflows to boost corporate productivity
Automating workflows involves two key components: 1) automating repetitive tasks, such as extracting, recording, and processing data, and 2) automating subsequent business processes, such as client onboarding and communications.
The term workflow automation (WFA) covers both these components, while robotic process automation (RPA) only deals with the first. In RPA, software bots are built to replicate rule-based tasks (task bots), capture visual data (meta bots), and process semi-structured or unstructured data using cognitive capabilities (IQ bots). In contrast, WFA solutions take things further by automating the remaining steps of a given workflow once the initial repetitive task is completed. Accordingly, RPA remains an integral component of WFA, and users can choose to adopt bots for a single task (e.g., identifying insurance policy retention risk) or use WFA for entire processes (e.g., insurance claims handling and bank loan processing).
Note: Additional sections (market sizing, incumbents, etc.) can be provided on request.
Industry Updates
Market Sizing
The US Workflow Automation market could reach USD 8.0 billion–9.5 billion by 2027
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Use cases
Workflow Automation has been adopted across a wide range of industries, such as finance, information technology, industrials, healthcare, and consumer discretionary, to streamline companies’ various business activities.
It has been applied mainly to automate routine tasks among finance functions, such as account reconciliations, accounts receivable management, expenses and claims processing, and close management. Similarly, within HR operations, there is a need to eliminate paper-based forms in tracking, managing, and monitoring tasks in an employee’s journey in the organization. Regarding sales, Workflow Automation is being used in customer management and marketing-related tasks, such as lead management and customer request management. Back office and supply chain functions, too, have a high rate of Workflow Automation adoption across purchase order, inventory, product, and vendor management.
We have identified key Workflow Automation use cases below:
Market Mapping
The WFA industry consists of well-established, listed disruptors, such as UiPath, Appian, and BlackLine, as well as many smaller startups. In addition to these disruptors, large tech companies like Microsoft, IBM, and SAP are among the incumbents in the WFA space.
WFA platforms offer B2B solutions that target specific business functions like finance, operations, and HR. Our segmentation is based on these functions and also includes players that offer general workflow automation platforms that do not target specific functions.
Disruptors and incumbents commonly serve more than one segment or offer general WFA platforms, which are function-agnostic. General platforms are popular because users generally prefer to use fewer platforms if possible. A survey conducted in December 2020 revealed that 94% of respondents preferred using a single unified platform for creating workflows instead of relying on multiple systems.
The Disruptors
Funding History
Competitive Analysis
Incumbents
Incumbents primarily comprise leading tech giants (such as Alphabet and Microsoft), ERP solutions providers (such as SAP), and CRM solution providers, such as Salesforce, Adobe, and Zoho. Many incumbents offer a diverse range of automation solutions across several segments, such as Zoho and SAP, while others have shown a preference to specialize (NICE Systems and Pegasystems, both of which specialize in customer relations management).
In addition to developing WFA solutions in-house, acquisitions have also been used by incumbents strategically, either to enter the space altogether (SS&C Technologies acquiring Blue Prism in 2022) or to complement its in-house WFA solutions (SAP acquiring Signavio in 2021). Meanwhile, the companies have also leveraged partnerships and integrations with third-party technology providers, including analytics solutions providers, cloud service providers, and other ERP and CRM platforms to enhance their product capabilities.
Notable Investors
