TimelinePI

TimelinePI – Process Intelligence developer of the platform for the complex analysis of business processes.

History

2019: Became ABBYY the owner of TimelinePI

On August 5, 2019 the ABBYY company, the developer of solutions in the field of intellectual information processing and linguistics, announced purchase of TimelinePI company – Process Intelligence developer of the platform for the complex analysis of business processes.

TimelinePI acquisition – the strategic investment of ABBYY in other for the company the direction: actively emerging market of Process Mining – intelligent solutions and methods of deep analytics of business processes. According to Gartner, in 2018 the world market of these programs made $160 million. Analysts of Research and Markets predict that by 2023 it will reach $1.42 billion and will grow more, than for 50% annually.

The TimelinePI platform is able to visualize, quantitatively to estimate and understand how all range of processes in the organization works. The solution in real time provides detailed information on employees productivity, bottlenecks and possible risks for business. TimelinePI allows to understand whether there corresponds the current situation in the company to regulations where really there is a sense to implement RPA solutions whether there was an effect of implementation of this or that IT system, etc.

In combination with technologies of intellectual information processing of ABBYY which take the valuable data from an information stream the platform will allow industrial, telecommunication, insurance companies, to banks, suppliers of medical services, public institutions and other organizations of the different industries it is better to understand structure of business processes, to find bottlenecks, and, as a result, to increase operational efficiency, service quality to provide services quicker. For example, banks will be able to simplify considerably for clients registration, approval of the credits and receiving other services. The organizations of the oil and gas and power industry will be able to optimize process of purchases, and the medical companies – will accelerate service of patients.

Development of the TimelinePI platform combining possibilities of operational monitoring of business processes and artificial intelligence technology will become one of crucial elements of strategy of ABBYY in the markets of intellectual information processing and digital transformation of business. ABBYY will offer customers the platform as separately, and as a part of the existing and perspective solutions of the company.

Terms of transaction are not disclosed. Co-founders of TimelinePI Scott Opitz and Alex Elkin join ABBYY and will develop a product line of ABBYY. Examination of ABBYY in the field of artificial intelligence and machine learning in combination with long-term experience of creation of corporate solutions and access to the markets will allow to reach a synergy effect and will give an additional impulse to dynamically developing solution TimelinePI.

The organizations around the world realize need to change business using digital technologies: increase internal efficiency and improve client experience. The process analytics helps to estimate in a complex process performance and their compliance of general strategy of the organization. Thanks to TimelinePI, ABBYY will be able to offer customers a full range of intelligent solutions, from extraction of the valuable data from an information stream to process analytics. The TimelinePI platform will be added with technologies of ABBYY and will allow to understand business processes at the deep level using technologies of natural languag processing, comments Ulf Persson, the CEO of ABBYY group

Understanding and the analysis of business processes are crucial for success of the companies on the way of digital transformation. With technologies of ABBYY we will open for clients access to the valuable data necessary for more effective work. We are glad to join ABBYY and to integrate our opportunities for the intellectual analysis of processes, monitoring and forecasting that the companies could achieve the best results on the way of digital transformation, notes Scott Opitz, the president and the CEO of TimelinePI

We see the growing demand for tools of intellectual analytics of business processes from customers in Russia. Real processes, especially in the large companies, not always completely match regulations. Some stages can take significantly more time, than is planned, or not to be considered at all. Such "holes", as a rule, are detected at the time of large-scale changes, and transformation reminds a travel on the unfamiliar area without navigator: to reach the purpose, much more time and forces is required. The TimelinePI platform as the navigator, analyzes and offers an optimal way for the solution of business challenges. When processes let are also difficult, but are clear and transparent, they can be automated really effectively using intellectual technologies and as result, to reduce costs, comments Dmitry Shushkin, the CEO of ABBYY Russia

Strategic decision of ABBYY to purchase TimelinePI it is justified by the fact that process mining is used mainly for business process automation – the key area of work of ABBYY. TimelinePI works also with standard business processes, and with special tasks of the companies taking into account their industry specifics, comments Cathie Tornby, the vice president and the leading analyst of Gartner