There is a gulf between very large enterprises and enterprises of other sizes when it comes to adoption of AI, and Intelligent Automation. Moreover, there is a huge divide in how AI/IPA (Intelligent Process Automation) solutions are being offered that adversely affects the democratisation of such technology. Considering this, Raghuraman Ramamurthy, founder, Rapid Acceleration Partners took a leap to close this gap by providing an affordable and scalable Practical AI, RPA and IPA platform that removes all complexities in successfully adopting and implementing this innovative technology. Ramamurty, further talks about how he perceived to take part in and accelerate the AI evolution by democratising AI and IPA solutions for enterprises of all sizes and much more. Excerpts.
What is your company solving?
Rapid Acceleration Partners developed the AI platform RAPFlow and RPA tool RAPBot to transform the way IPA is being adopted in organisations, particularly the smaller and medium enterprises to help them adopt these technologies in a faster, better and cheaper way. We essentially democratise AI and IPA so companies don’t have to spend their time and resources on R&D or working through mountains of data and stumbling at the uncertainties and challenges that are often hinder such projects. We enable automation of highly-repetitive, data-intensive processes that are ubiquitous across several industries as well as end-to-end process automation also known as hyper-automation. The goal is to equip businesses with the ability to improve operational efficiency for such processes while cutting costs and to improve customer experience and employee engagement.
Explain your business and industry ecosystem in India?
There is a massive potential for IPA in India. It is forecasted that the automation market in India will grow at a CAGR of above 20 percent during the period of 2019-2025. The IPA market is driven by the increasing demand for automated accounting and process management as well as growing pressure to process increasing volumes of unstructured content.
BFSI is likely to hold the largest market share along with Telecom, Healthcare, Retail, Manufacturing and Logistics to name a few industries. Finance & Accounting, Customer Support, IT, Human Resource, Marketing, Logistics and Supply chain are functions that have many processes that are good candidates for Intelligent Process Automation.
We have extensively worked with the BFSI sector in India. But we are not limited to just those sectors. In fact, some of the projects that we are working on for Indian clients are extremely unique and ground-breaking. Any process where there are repetitive, low-value and high-volume tasks that consume the resource of a human, can be automated. The Indian market is driven by a tremendous volume of manual processes. And the fact that the IPA is compatible with even legacy systems will help penetrate the market driving a massive transformation.
How does your product or solution work?
RAPFlow is our full lifecycle AI orchestration platform with content intelligence capabilities and RAPBot is our Robotic Process Automation (RPA) tool. We provide Intelligent Process Automation (IPA) solutions that leverage both RAP and AI.
RAPFlow has an inbuilt AI engine with computer vision and Natural Language Processing (NLP) capabilities. Using these capabilities RAPFlow can understand and extract structured data from unstructured content in any format. It enables automation of processing high volumes of unstructured content. RAPBot is used for automating rule-based, repetitive tasks and connecting processes and systems by mimicking human actions. It can automate structured data and some types of semi-structured data.
With RAPFlow and RAPBot you can automate an entire process end-to-end (hyperautomation) with a human-in-the-loop if required. Our no-code/low-code platform allows you to build an Intelligent Process Automation (IPA) solution in a matter of few weeks and not months.
Please shed light on its USP/value proposition and clientele.
Very few players in the market have both native AI and RPA components rolled into one package and we are one of them. Our RAPFlow platform allows for building AI and IPA solutions rapidly and with less data. You can build scalable solutions in a matter of days or weeks and NOT months. Moreover, our document understanding capabilities are among the best in the industry.
We develop use cases with clients that go beyond mere process efficiency – our solutions automate processes streamlining them for enterprise-wide benefits that result in long-term success. The unique value of our platform is that it democratises AI and IPA solutions for everyone. Our solutions are highly scalable, quick to deploy from anywhere with a very low infrastructure footprint, and best of all – no specialist data science or AI knowledge is required to build and run the solutions.
We have some the biggest names in the industry as clients in India. Our biggest clients in India are in the Mutual Fund industry. Our global clientele includes BFSI, Healthcare, Automotive, Logistics and Manufacturing.
What is your plan for the next fiscal?
Our plan is to seamlessly integrate the RAPFlow and RAPBot platforms and move more towards a self-service platform. We are also bringing a lot of solutions on a Bot-as-a-Service model that cater to standard and custom use cases.