BOZEMAN, Mont. & GIVISIEZ/FRIBOURG, Switzerland–(BUSINESS WIRE)–FICO (NYSE:FICO), a leading applied intelligence software company, has reached an agreement to transition its Siron® compliance business to IMTF. IMTF, a global leader in regulatory technology and process automation for financial institutions, and a strategic partner in the Siron business for more than 20 years, will assume responsibility for the entire Siron anti-financial crime business worldwide. FICO and IMTF are entering into an exclusive agreement for relevant software and intellectual property. This enables IMTF to further develop and extend the Siron Suite and to support the applications and related SaaS offering globally. The transaction includes FICO transitioning all Siron-related customer relationships and commitments to IMTF. IMTF is also buying Fair Isaac Germany GmbH.
Siron’s anti-financial crime solutions provide organizations with analytics-driven applications for end-to-end financial crime compliance. The Siron suite of products include AML (Anti Money Laundering), KYC (Know Your Customer), EMBARGO (sanctions) and TCR (Tax Compliance) with associated case management and reporting.
IMTF has in-depth knowledge of both the regulatory space and the Siron product solutions. This agreement will help expand Siron customers’ current investments in the Siron products with functionalities and new innovations. IMTF’s long-term roadmap is focused on increasing the precision and efficiency of all compliance solutions, along with greater flexibility and ease of adaptation to changing regulations.
“As a leader in regulatory technology, IMTF understands the complexities of financial compliance. We are proud of the work and innovation that the FICO team put into Siron to make it an industry-leading solution and the fact that this same team will be joining IMTF means that customers can rely on a seamless transition. We are confident that IMTF’s investment in the development and growth of Siron will best serve the needs of the customers and partners of the Siron business,” said Will Lansing, CEO of FICO.
Gion-Andri Büsser, CEO of IMTF adds, “The addition and combination of the Siron products with our existing complementary technology offers a unique opportunity to better serve our clients and move towards integrated solutions in the compliance and Regtech space. Through the transaction, we will not only be able to offer existing customers confidence, support and a long-term roadmap for their products but also increase customer value through complementary tools, leveraging the latest developments in AI and data science.”
In addition, Dr. Sebastian Hetzler, currently Vice President of Compliance Product Management at FICO, will move to IMTF in a Co-CEO role to further strengthen the business and extend the global leadership position of IMTF in the RegTech space.
Forward-Looking Statements
Certain statements herein may be “forward-looking” statements that involve known and unknown risks, uncertainties and other factors that may cause the actual events to be materially different from any future events expressed or implied by such forward-looking statements. Words such as “may,” “will,” “expect,” “believe,” “plan,” “intend,” “should,” “anticipate” and other similar terminology are intended to identify forward looking statements. Such forward-looking statements involve significant risks and uncertainties, including risks that the transaction will not be consummated within the expected time period, or at all, and the risk that conditions to the closing of the transaction may not be satisfied. These forward-looking statements should not be read as guarantees of future results, and will not necessarily be accurate indications of whether or not such results will be achieved, or when such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward-looking statements. These forward-looking statements reflect current assumptions and expectations regarding future events and are made as of the date hereof, and IMTF and FICO assume no obligations, except as required by law, to update any forward-looking statements to reflect new events or circumstances.
About IMTF
IMTF is a global leader in AML compliance and process automation for financial institutions and has been a strategic partner of Siron for over 20 years. From its headquarters in Switzerland and offices in Europe, Middle East, India and APAC, IMTF serves clients around the world. With repeatedly ground-breaking solutions, IMTF is helping to fight financial crime and to enhance the customer journey while being compliant every step of the way.
IMTF’s offering includes document management solutions and key regulatory use cases to digitize back-office and compliance to improve financial institutions’ bottom line.
Learn more: https://imtf.com/
Join the conversation at https://twitter.com/IMTF_Group & https://www.linkedin.com/company/imtf/
For IMTF news and media resources, visit https://imtf.com/en/insights
About FICO
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, telecommunications, health care, retail, transportation and supply chain, and many other industries. Using FICO solutions, businesses in more than 120 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time.
Learn more at http://www.fico.com.
Join the conversation at https://twitter.com/fico & http://www.fico.com/en/blogs/.
For FICO news and media resources, visit www.fico.com/news.
FICO is a registered trademark of Fair Isaac Corporation in the U.S. and other countries.
FICO:
Julie Huang
press@fico.com
+1 925-405-7803
IMTF:
Maud Vonlanthen
maud.vonlanthen@imtf.com
+41 26 460 66 50
FICO:
Julie Huang
press@fico.com
+1 925-405-7803
IMTF:
Maud Vonlanthen
maud.vonlanthen@imtf.com
+41 26 460 66 50
When you think of bots, you may think of fake followers or spam, or why a multi-billion dollar takeover bid went bad. But there’s another type of bot — one that’s welcomed within companies — silently plugging along in the back office with little fanfare. And they’re not out to replace us. They’re only here to make our workdays less monotonous by knocking out all those mind-numbing tasks no one, if they’re being honest, really enjoys doing.
These little helpers are born out of robotic process automation, or RPA, a software technology that programs “virtual bots” with specific rules or scripts so they can tackle simple, repetitive, often back-office actions (like, say, copy and paste, program login and data migration). While humans are more than capable of pointing, clicking and dragging, the monotony of spending all day doing something like pulling data from various spreadsheets and documents often prevents us from doing what we do best — thinking critically and creatively. It can even lead to burnout.
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RPA-powered bots are assisting workforces in a number of industries, ranging from financial services to healthcare. Return on investment is often high, and integration within existing workflows is fairly simple, since RPA is able to imitate how humans work within various apps and programs, doing what we don’t want to do more efficiently and without the negative consequences.
As a result, adoption of RPA technology is only expected to increase, as these software robots continue to free teams up to work on higher-value projects and initiatives. In 2021, the RPA market was valued at $1.89 billion, according to a Grand View Research report, and is forecasted to increase by more than 38 percent year over year until 2030.
While Forrester is predicting a “flattening” in market growth of RPA software beginning in 2023, they do expect rapid growth in RPA services, TechCrunch reports. That means more individual companies will shift resources to managing and maintaining RPA bots and platform infrastructure through consulting, development and other services, instead of software. Also fueling that shift is a move toward AI, with some RPA companies already expanding capabilities by integrating more intelligent automation and machine learning methods.
With more intelligence, RPA is poised to increase automation across industries, expanding from the back office to direct interaction with customers. Even today, RPA and conversational AI tools are working together to provide real-time, in-call guidance to customer service agents. In the future, RPA and other chatbots are expected to join forces to further automate and improve customer experience.
While RPA companies are preparing to take even more off our plates in the future, the work these bots are doing today is having a big impact. Here are some current examples of how robotic process automation companies are helping organizations automate workflows and support their teams.
Location: McLean, Virginia
Appian’s RPA works with AI and intelligent document processing to help organizations comply with environmental, social and governance initiatives. Massive amounts of data across departments is automatically ingested by Appian’s RPA, which then identifies opportunity areas to further meet ESG standards.
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Location: Köln, Germany
Automaited’s RPA technology analyzes an organization’s administrative workflow and identifies the repetitive tasks to automate, such as extracting and transferring document data. The RPA software is able to scrape table rows of data — say, from Excel spreadsheets and other sources — and quickly transfer it into an organization’s enterprise resource planning system.
Location: San Jose, California
Automation Anywhere has nearly 2.8 million bots working globally across banking, manufacturing and other industries. The bots handle tasks related to data processing and even quote generation for sales departments. At Bancolombia, a large financial institution in South America serving more than 14 million clients, Automation Anywhere’s bots are working alongside human counterparts, taking on many of the repetitive tasks required in credit review, collections, clearance and settlement, capital markets and international business processes. After implementing RPA and intelligent automation capabilities, Bancolombia saved more than 100,000 human hours across its branches.
Location: London, England
Blue Prism, with its team of “intelligent digital workers,” is automating much of the behind-the-scenes HR work inherent in new-hire onboarding. Easily integrated with onboarding platforms like Workday and Oracle, Blue Prism’s digital assistants automate email, forms and calls, and improve multi-channel communication. For Santander, a global financial services organization based in Argentina, Blue Prism reduced onboarding time from six weeks to two days. While HR staff were relieved of some of the more tedious tasks on their to-do lists when hiring a new team member, Santander also found that its new onboarding process improved employee satisfaction and retention.
Location: Austin, Texas
BP3 works with companies like Walgreens, Boeing and eBay to optimize and automate business processes using RPA. During the Covid-19 vaccine rollout, BP3 worked with a healthcare organization to optimize the dose registration process, using RPA to automate and upload dose registration, so medical staff no longer had to.
Location: Shanghai, China
Cyclone Robotics is a China-based RPA firm that automates business processes across logistics, banking, government and e-commerce. For the Shanghai branch of the Postal Savings Bank, Cyclone Robotics used RPA to create an “intelligent assistant” for each employee. These new assistants took over many of the repetitive tasks that previously led to employee errors and have helped the bank save nearly 450 human hours each month. Cyclone Robotics is also using RPA intelligent robots to assist the finance department of Xingcheng Special Steel. The bots automate orders, receipts and invoicing, as well as product profit process analysis reporting.
Location: Edison, New Jersey
Datamatics’ RPA- and AI-powered Trubot helps media companies automate structured content generation and advertising. For improved search capabilities, Datamatics incorporates other deep learning methods, such as natural language processing, natural language generation, image processing and machine learning with its RPA technology to pull metadata — such as title, episode name and synopsis — from over-the-top (known as OTT) and archived content.
Location: San Jose, California
By combining robotic process automation and artificial intelligence, Element5 has been able to eliminate much of the backend admin work, like sending and receiving physician orders, that leads to burnout among post-acute care providers. As a company, Element5 aims to eliminate 200,000 manual hours a year to better support home health, senior living and hospice workers with solutions grounded in RPA and AI.
Location: Chicago, Illinois
Evention automates the cash management process for hotels, casinos, grocery stores and other businesses using RPA and cloud-based reconciliation. Cash is tracked with biometric-based hardware, automatically reconciling with point of sale and payment management systems. As a result, staff no longer have to count cash, businesses can keep less cash on hand and drops are automatically verified.
More on RoboticsThe Future of Robots and Robotics
Location: Tokyo, Japan
In June 2022, HeartCore launched its Robot Store, an online retail space for companies to purchase “ready-to-use” RPA bots capable of processing invoices, reconciling accounts, new-hire onboarding and data entry. HeartCore’s RPA tools will “seamlessly automate a multitude of tasks in an effective and error-free manner,” CEO Sumitaka Yamamoto said in a press release.
Location: Eden Prairie, Minnesota
During the mortgage application process, RPA bots designed by HelpSystems take over manual tasks like pulling data from internal databases and other portals, automatically entering information into a bank’s mortgage loan origination system. HelpSystems’ bots also automate workflows across multiple applications, from loan origination system to core banking, and detect missing information, automatically emailing the appropriate contact.
Location: Westlake, Ohio
For counties and other municipalities managing tax information, Hyland’s RPA is able to handle much of the processing without human help. Recently, Hyland worked with the auditor’s office in Horry County, South Carolina to implement an RPA tool that processed a third of the 90,000 personal property tax returns it receives each year, entering tax return data into its management system and detecting errors and potential fraud by cross-referencing other databases and resources.
Location: San Francisco, California
Informed helps lenders verify supporting documents related to income, identity, residence and insurance. The company’s RPA and AI software is able to quickly break down and verify vital information like pay stubs, appraisals, odometer disclosures and proof of insurance against existing data to speed up the loan approval process while rooting out potential fraud and reducing errors in real time.
Location: Irvine, California
Kofax uses RPA and intelligent automation to optimize workflows in finance, customer experience and operations. Kofax worked with an Australian transport company to help speed up status update processing for their trip and freight information. By integrating an RPA workflow within the company’s telematic system and data warehouse, Kofax increased update speed by 30 times to “almost real-time” processing.
Location: Tokyo, Japan
RAX Suite, Monstarlab’s robotic process automation tool, is helping companies manage employee workloads. With RPA integrated into an organization’s workflow, automated assignment tools determine staff availability to complete tasks while “rules-based task prioritization” decides which tasks take priority.
Location: Bellevue, Washington
RPA bots deployed by Nintex Kryon are helping analysts across various industries, from banking to manufacturing, take advantage of the vast amounts of data they acquire. Nintex’s RPA platform provides analysts real-time dashboards, system integration and enhanced cleaning capabilities, helping them process data more efficiently.
Location: Orem, Utah
With RPA, Plena Data is able to take over many of the repetitive tasks accounting departments face. For accounts payable, Plena Data’s software robots are able to flag duplicate invoices and zero in on any important details. They also handle bulk deposits and third-party payments, and have the potential to analyze incoming payments throughout the day.
Location: Pune, India
Propero provides automation solutions to direct-to-consumer brands and other enterprise organizations in partnership with Robocorp, a leading RPA firm offering open-source tools and cloud platform. Working off Robocorp’s open-source platform, Propero helped U.K.-based accounting firm FD Works automate their payroll system. Before integrating RPA into their payroll process, staff at FD Works had to complete numerous tasks manually, like payment file creation and government reporting. By handing off menial tasks associated with payroll to RPA, more attention could be paid to accounting and strategy.
Location: San Francisco, California
A robot for every person? That’s the goal of UiPath, a robotic process automation company that provides an RPA platform to organizations to help them become fully automated. UiPath helped Transcom, a global digital customer experience firm, embrace an “automation first” strategy to better manage customer needs, for example. Working with UiPath, Transcom reduced clicks and other manual processes customer service agents had to navigate when assisting customers. Now, 250 bots are completing 2 million tasks each year to support Transcom agents.
Location: Palo Alto, California
Uniphore provides conversational AI and automation capabilities to customer service centers. Combining RPA with voiceprint biometric technology, enterprise-grade software as a service, intelligent decision support and self-service guidance, Uniphore provides sentiment, emotion and intent analytics along with in-call guidance. Additionally, it automates after-call work, like call summarization and parts replacement.
Location: New York, New York
WorkFusion uses RPA and AI to help financial institutions automate their adverse media search, a process aimed at curbing money laundering. Evelyn, Workfusion’s AI-enabled adverse media screening analyst, searches and records evidence across multiple sources, including internal systems and commercial databases.
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Michael Otey
Oct 18, 2022
Effective project management is essential for businesses of all shapes and sizes. Project management can help your organization to better manage project timelines, deliverables, and budgets while giving increased visibility into the status of a project. As well as into a project’s costs, risks, and team members.
This post is sponsored by Brightwork
The role of project management has been changing within today’s organizations. Project management is no longer just for specialized project managers working with complex software. Projects are now typically owned by each different team. The tools and processes used to deliver projects have also changed. Today, light-touch and easy-to-use project management applications are becoming more popular.
There are a number of ways that businesses can implement project management. Businesses can try to use basic Excel spreadsheets, implement complex project management solutions, or even attempt DIY solutions. Each of these methods has its own advantages, challenges, and limitations.
Excel spreadsheets can be inflexible and fragile – they are easily broken by changing business conditions. Spreadsheets provide limited visibility into projects, and they can also be difficult to share.
Some businesses also attempt to build their own project management solutions using tools they already have like the Microsoft 365 platform. However, they often find that building their own project management system isn’t that easy.
Let’s take a closer look at using Microsoft 365 for project management. BrightWork 365, a unique and advanced project management software, leverages the Microsoft 365 platform to provide a lightweight and effective project management system. The key is that you can use the tools that you are already familiar with.
Previously known as Office 365, Microsoft 365 is the clear leader in cloud productivity suites. Microsoft 365 is based in the cloud, which means there is no need for local servers or other legacy infrastructure. It offers businesses a multitude of tools, applications, and features designed to enhance the user’s ability to work, collaborate, and communicate.
Fueled in part by the pandemic, Microsoft 365 usage has continued to grow rapidly. According to some of the latest Microsoft Office Statistics and Facts, there are 155 million active Office 365 business users, 400 million Outlook.com users, and 115 million daily Microsoft Teams users.
Microsoft 365 includes many tools that can be used for project management:
All of these tools are part of Microsoft 365, however, combining them into a coherent project management process can be challenging. First, you need to be knowledgeable about all these different technologies. Second, you also need project management expertise and software development skills.
BrightWork 365 is a project management solution built on top of Microsoft 365 and the Microsoft Power Platform. BrightWork 365 is deployed in your Microsoft 365 cloud environment. It provides project management templates, dashboards, reports, and collaborative features to enable project teams to increase their project success rates. While at the same time, giving management high-level visibility of your ongoing projects.
Deploying a project management solution in Microsoft 365 reduces the friction of implementing a separate project management system. BrightWork 365 delivers project management to wherever people are using Microsoft 365, and on the devices they are familiar with.
Let’s look at some of the main Microsoft 365 components that the BrightWork 365 solution utilizes.
BrightWork 365 is suitable for all project types. It offers a small learning curve, and you are able to use it right away (Start) or you can customize it (Evolve) to fit your own business processes, rules, and project workflows.
Built-in dashboards and reports are designed to increase project visibility and information sharing. BrightWork 356 utilizes four main project management pillars:
Let’s have a closer look at how these components work together to help you manage your projects by leveraging the Microsoft 365 platform.
Project and portfolio management templates enable you to get your projects up and running quickly. PPM templates in BrightWork 365 help you to organize and manage the project workflow. These templates allow you to create projects that can record and track all the project information in one place.
BrightWork 365 uses Microsoft Power Apps to build project templates. You can see an example project created by a template shown in Figure 1 below.
BrightWork 365 comes with several built-in templates. Figure 1 shows a project created using the Standard template that’s supplied with the BrightWork 365 PPM tool. Across the top you can see the default Initiate, Plan, Execute, and Close Out processes.
The menu across the top enables you to display information about several different project aspects including:
In the lower portion, you can see a project management dashboard representing the schedule dates along with the current project status.
You can use the built-in templates directly or copy and modify them to create customized templates that better fit your own project management processes.
Projects can be created by project administrators or by team members submitting project Requests. BrightWork 365 helps you set up a smooth project request management system. It provides a Request form that users fill out and then submit to an approval process that is outlined in Figure 2.
The default Request states are:
The request intake form can be configured to match your local requirements and ensure users submit the information that’s most important to describe the project. Requests are built using Power Apps for the forms and Power Automate for the workflow.
BrightWork 365 provides visibility into your different projects. Projects are the collections of work items that you’re either managing or working with as a part of the project team. The Project view enables you to list projects as well as edit and update project information.
You can optionally approve and assign budgets, as well as track individual cost items and vendor information. You can also log various actions, resolutions, approvals, and notes during the course of the project’s lifetime.
The Project list is built on top of Power Apps. Power Automate drives workflows and automation. Projects are added to Microsoft Teams as channels. SharePoint Online is used for document management and it enables you to create new Office documents, like Word documents, and you can export project management information to Excel.
Portfolios are collections of related projects and programs. You can see a sample of the BrightWork 365 Portfolio view in Figure 3 below.
Portfolios provide visibility into multiple projects so that management can understand the status of each project and make better business decisions. Dashboards are designed to make project statuses more visible for easier decision making. Power Apps provide the dashboard displays and the ability to drill down into portfolios, programs, and related projects for more details.
Reports use Power BI. Unlike the rest of the Microsoft 365 platform, Power BI requires an additional license. Power BI reports give management visibility into portfolios, programs, and projects. Connectors can pull data from hundreds of on-premises and cloud sources into a single reporting engine. Reports and project status can be delivered to project users on screen and through Outlook email.
Accounts in BrightWork 365 are managed using Azure AD security. There are several security roles in BrightWork 365 that come setup out of the box. The roles included are:
You assign Azure AD users to these different roles.
BrightWork 365 is built on Microsoft Dataverse as the underlying datastore. Dataverse has multiple connectors that enable you to integrate it with a number of other systems like Microsoft Dynamics 365.
Using mobile devices to access your project management systems is another requirement for easy project access and management. PowerApps provides a mobile device interface for BrightWork 365.
Built on the Microsoft 365 platform, BrightWork 365 provides a complete and effective project management solution. It’s also easy to adopt as it is built using the Microsoft 356 tools that users are already familiar with. Businesses don’t need to cope with complex and unfamiliar tools that require additional infrastructure.
You also don’t need to attempt to reinvent the wheel by building your own project management system. Instead, BrightWork 365 leverages the Microsoft 365 platform to bring the BrightWork 365 team’s years of project management expertise within easy reach of all businesses using Microsoft 365.
See BrightWork 365 in a short video demo!
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