ABBYY today announced it has been named a Leader in the Gartner® 2023 Magic Quadrant™ for Process Mining Tools. According to the report, “Process mining tools deliver visibility and insights to technology innovation leaders that enable smart decision making and strong performance on an organization’s critical priorities. In this report, Gartner examines market forces and enterprise vendors of such software.”
The market potential for process mining is strong, especially in the current economic climate where business leaders are needing strategic, fact-based guidance on how to efficiently leverage both human and technical resources to ensure business continuity and agility. According to the report, “By 2025, 80% of organizations driven by the expectations of cost reduction and automation-derived enhanced process efficiency will embed process mining capabilities in at least 10% of their business operations”.[1] According to another Gartner report, “The process mining market is expected to grow to $2.3 billion by 2025”.[2]
Scott Opitz, Chief Technology Officer at ABBYY: “We believe recognition as a Leader in the first Gartner® Magic Quadrant™ for Process Mining Tools is a testament to ABBYY’s vision for building a comprehensive platform for process and task mining across the widest variety of structured and ad hoc processes to deliver a level of understanding critical to allow automation leaders to yield the greatest results from their digital transformation efforts.”
“We designed ABBYY Timeline to provide the insights necessary to promote better workforce productivity and to accelerate the realization of automation-driven process improvement and to ensure these gains are continuously realized with real-time process monitoring.”
Since publication of the Magic Quadrant report, ABBYY has released version 6.0 which includes process mining, task mining, and process simulation. The level of comprehensive process intelligence available from version 6.0 provides a true understanding of how an organization works, with insights into how people and data interact within systems, and the confidence that intelligent automation investments are delivering the expected outcomes.
ABBYY customers have achieved significant cost and productivity gains, as well as customer experience improvements with Timeline identifying process improvements. For example, Mass General Brigham reported reduced costs of healthcare to patients while improving the patient experience through streamlined workflows. Another major healthcare organization saved 135,000 hours of valuable staff time by reducing claims handling time by an average of four-to-five minutes while eliminating the 5% error rate they were previously experiencing.
A multinational telecom company identified $8 million in savings in the first six months of using Timeline and achieved an estimated 70% reduction in time and cost when they improved and automated their consumer support and truck rolls. Additionally, Pfizer improved efficiencies across all business units when it identified 160,000 hours of repeatable activity and automated 40% of all transactional processes.
Gartner®, Magic Quadrant™ for Process Mining Tools, Marc Kerremans, Kimihiko Iijima,et al.., 20 March 2023. Gartner and Magic Quadrant are registered trademarks of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. All rights reserved. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
Learn more about ABBYY Timeline and how TIAA, a Fortune 100 financial services company, uncovered the process insights they needed to determine which automation opportunities have the highest ROI, the most common causes of costly suspended transactions, minimized market exposure, and enabled earlier intervention leading to customer complaints at https://digital.abbyy.com/pr-improve-decision-making-with-predictive-and-prescriptive-analytics.
[1] Gartner® Magic Quadrant™ for Process Mining Tools, March 20, 2023, ID G00774746
[2] Gartner, Forecast Analysis: Process Mining, Worldwide, Oct. 26, 2021
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