Fast-growth Intelligent Automation leader reports 300% YOY growth as businesses look to drive productivity through its Virtual Workforce platform
Thoughtonomy, the leading Intelligent Automation platform provider, has reported 300% revenue growth in its financial year to 31st May 2018, For the third consecutive year, the company tripled license revenue on the back of some significant new client engagements which now span 28 countries across five continents.
Thoughtonomy signed more than 70 new logo customers globally in the period, including household brands such as TransUnion, EDF Energy, Hovis, Rentokil Initial and Pinnacle Group. A significant number of customers also increased their initial investment in the technology, adding more Workers and processes to their automation landscape.
Thoughtonomy began working with Hovis in early 2018, helping it to automate a range of labor-intensive and time-consuming processes within its IT department. The company wanted to reduce the amount of time its IT team spent on mundane and repetitive tasks, and free them up to focus on more value-add business deliverables.
Dominic Howson, Supply Chain Planning & IS Director at Hovis, said: “We chose to implement the Thoughtonomy Intelligent Automation (IA) solution because it is so easy-to-deploy and it can scale to our requirements as we look to automate processes in other departments such as Finance and HR.”
Rentokil has deployed the Thoughtonomy Virtual Workforce® platform to automate processes such as credit-checking and invoicing within its shared services team, and have already scaled up their initial investment in the technology.
Terry Walby, CEO & Founder of Thoughtonomy, which is headquartered in London, UK, said: “It’s been another fantastic year and for me, two things really stand out. Firstly, our international performance, where we’ve achieved phenomenal growth, particularly within North America, and demonstrated our ability to serve customers across the world. By the end of the financial year, more than half of our new engagements were coming from the US which is a great achievement and significantly ahead of our plan.”
“Secondly, we’ve seen a big increase in the number of businesses coming on board that have recognized that they can automate more complex work and processes by having access to the advanced cognitive functionality that our platform provides. Many of those have considered or even deployed Robotic Process Automation (RPA) previously, and we’re enabling them to go beyond RPA to Intelligent Automation. As they do so, automation moves from being a tactical cost reduction exercise to being an investment in digital labor as a strategic asset to change and optimize the way that they run their entire operations. We’re even seeing our customers launching new products and services which are built exclusively on a platform of their digital labor through our Intelligent Automation platform.”
According to Forrester, the global market for Intelligent Automation is expected to reach $49 billion by 2021.
To support its international growth program, Thoughtonomy opened two new operations in the US last year, in New York and Austin, Texas, as well as adding a team based in Krakow, Poland. The company has significantly grown its workforce to nearly 100 employees globally.
In April 2018, Thoughtonomy announced the launch of ‘Evolution Edition’, the latest iteration of the Thoughtonomy Virtual Workforce®, which combines enhanced Artificial Intelligence (AI) functionality, with additional capabilities which include the ability to understand, interpret, translate and structure information, as well as interact with humans in natural language.
Evolution Edition enables organizations to enhance the productivity of their workforces through the automation and digitization of knowledge work, by making advanced AI functionality accessible to business users. It uses software to replicate the way people work in existing applications and systems, the processes they follow, and the decisions they make, to deliver automation without disruption and very rapid ROI.
Other notable achievements during the year included winning a host of industry awards, including ‘Automation Company of the Year’ from the ACQ Global Awards, ‘Cloud Computing Innovator of the Year’ at the FS Tech Awards, and “Scale up of the Year” at the Enterprise Awards. In addition, the platform achieved full accreditation to the latest ISO27001: 2017 standard for Information Security, and was reaffirmed as a Leader by Everest Group, and a Strong Performer by Forrester in their respective market reports.