NEW YORK, Sept. 25, 2018 /PRNewswire/ -- WorkFusion, the leading AI-powered process automation provider, was awarded top honors in robotic process automation (RPA) and artificial intelligence (AI) by two independent panels of industry judges.
Judges of the third annual AIconics selected WorkFusion as offering the Best Innovation in RPA from a shortlist that included three of the largest RPA providers. TechXLR8 Asia judges recognized WorkFusion for the Best Application of AI in Financial Services for helping 25% of the biggest U.S. banks, three of the top 10 insurance companies, and half of the top 10 global financial data providers to transform operations by integrating AI into a single, cost-effective automation platform for business people.
The AIconics Awards preceded the AI Summit in San Francisco, and the TechXLR8 Asia Awards took place during the AI Summit in Singapore, both taking place concurrently September 19 – 20.
AIconics judges selected WorkFusion Smart Process Automation (SPA), the company's flagship AI-driven process automation product, for the Best Innovation in RPA award for letting its customers automate complex processes from end-to-end on a single platform with the lowest total cost of ownership of any RPA product.
WorkFusion SPA distinguished itself from RPA competitors with its software bots which are able to detect, learn and adapt their function and performance using real-time data, making SPA the only viable solution for automating business processes that have variable inputs. These powerful self-driving bots eliminate the need for data scientists or developers to continuously monitor, analyze and reprogram automation, which makes RPA more practical, productive and cost-effective for enterprise companies.
As leading research analysts have pointed out, most RPA products are not well-suited for unstructured data, which banks and insurance companies must process in high volume to serve customers and comply with regulations. TechXLR8 Asia judges selected WorkFusion SPA as the Best Application of AI in Financial Services for automating complex processes with unstructured data such as anti money laundering (AML), trade finance and claims handling using uniquely small training data sets. Unlike cloud-based AI providers that require hundreds of thousands of sample documents, WorkFusion SPA requires only 400 to 500 samples to achieve significant automation rates. Judges recognized that WorkFusion SPA's banking customers have achieved, on average, a 55% increase in workforce productivity and a 57% reduction in the operational cost of processes, with 10x ROI within one year.
While other process automation tools require customers to integrate with cloud-based, third-party AI vendors via API to tackle only limited types of unstructured work, WorkFusion lets customers automate more complex, end-to-end processes with a single product on-premise and in the cloud using their existing data and hardware. WorkFusion SPA's harmonization of data across an entire operation also delivers advanced analytics, which allow customers to predict cost and capacity and prescribe actions to control and tune operations in real time.
These awards follow WorkFusion's recognition last year as the only RPA provider named to CB Insight's AI100 and Deloitte's Technology Fast 500, along with recognition by the top three research firms as the leader in AI-driven process automation.
WorkFusion's AI-driven automation software creates and manages software robots for knowledge work. Built for data-first companies, its products automate business processes by combining AI, RPA and people in one intuitive platform. Top enterprises within global banking, insurance, healthcare and other data-intensive industries choose WorkFusion to reduce their cost of doing business and to use AI to overcome the complexity of scaling operations. WorkFusion is headquartered in New York City with offices in eight countries throughout Europe and Asia. For more information, visit www.workfusion.com.