ABBYY focuses more on process mining with TimelinePI acquisition

ABBYY, a specialist in content intelligence solutions and services, has further expanded its position in the process mining market. Recently, the American process mining specialist TimeLinePI was definitively acquired. Financial details have not been disclosed.

With the final acquisition of the process mining specialist – which has been under negotiation for some time – the content intelligence solutions and services provider is further expanding its position in the market for these types of applications. More concretely, the specialist wants to give further shape to his offer for the insight into business content in combination with critical process context. ABBY calls these solutions Digital IQ for the Enterprise.

Using DigitalIQ

Digital IQ is mainly used for business process automation (BPM) and robotic process automation (RPA) processes in various business sectors. These include onboarding processes for products such as mortgages, consumer credit, traditional banking services and investment products. In doing so, each service follows a different business process and requires specific supporting documentation needed to verify employment status, assets, income and identity. A delay or error in these onboarding processes hinders transactions, resulting in lost revenue, higher processing costs or a negative customer experience.

Optimizing business processes

The now combined technology of ABBYY and TimeLinePI helps customers use artificial intelligence or machine learning to monitor, analyse and understand all processes such as business operations, business processes and customer interactions from a single platform. Where necessary, the software also helps to optimise these processes.

Digital IQ takes care of this optimization of the processes through an automated understanding of structured and unstructured content, such as identification documents, pay slips or tax forms. With this insight, the speed and accuracy of these processes can be increased and at the same time costs can be saved.

By combining these solutions with TimeLinePI’s technology, organizations are able to thoroughly analyze these processes to identify opportunities for improvement and compliance issues and to assess the performance of human and digital employees within processes. This speeds up the time-to-market and makes it easier for end customers to be satisfied.

Investing in the future

The TimeLinePI platform is now available to all ABBYY customers worldwide. The solutions are available both separately and in bundled form, and are an extension of ABBYY’s current and future products.

In addition, the specialist in content intelligence solutions and services continues to invest in the development of the now acquired platform. In addition, TimeLinePI’s R&D activities are further expanded by the company’s access to all of ABBYY’s extensive resources in the field of artificial intelligence and machine learning.