The Forrester Wave™: Digital Process Automation Software, Q3 2017
We’re pleased and proud to share that K2 has been positioned as a Strong Performer in The Forrester Wave™: Digital Process Automation Software, Q3 2017*.
At K2, we are relentlessly focused on our mission to enable every organisation to automate the processes that move work between people, systems and machines, and we believe that our relentless focus on this vision is what helped us get this result.
The K2 process automation platform provides customers the ability to build enterprise-ready apps and scale those apps, or the number of apps needed, to automate processes across organisations. Thousands of companies around the world have been using the K2 platform to build hundreds of thousands of applications, from loan origination for banking to employee onboarding and expense management, and many more. We are only getting started, and with our continual technological advancements, we will be supporting our customers in their growth journey with K2.
It should be no surprise that we fundamentally believe in the power of process automation to transform businesses. And it is the disruption of transformation that so many businesses are trying to navigate today. We’re entering a new era in digital transformation. An era in which process automation is accelerating to enable the ability for a business to react quickly and get to market with solutions faster than ever before. The speed of the consumer is making this more critical than ever, as the slower a business moves the faster customers leave for new solutions. In research conducted by Harvard Business Review, respondents don’t just see disruption as likely – they believe it is imminent. 28-percent of respondents said their industry has already passed the digital inflection point, while another 56-percent said they expect it to happen by 2020. In addition, 47-percent of respondents believe their traditional business model will be obsolete by 2020. But, that doesn’t mean you should fear as 86-percent view digital disruption more as an opportunity than as a threat to their business.
These are fascinating statistics as it’s clear that business transformation is reaching a fever pitch and the majority of businesses are recognizing the need to utilize more technology to offer more services, get to market faster and operate more efficiently. In many cases, a foundational pillar of these strategies is focused on automation, particularly the automation of business processes across an organization.
But, getting there isn’t easy. IT departments are strained with limited resources and application backlogs are only growing. If this sounds familiar, you may be wondering how in the world you’ll find the time to automate your business while also looking after all the demand the business is putting on IT in the first place. That’s where the beauty of a platform comes in, which enables you to build both deep mission-critical applications and the ability to build and deploy many applications quickly. Precisely what we believe a process automation platform should enable you to do, if it has all the necessary elements.
A process automation platform has several interconnected components and features that define its usability and feasibility. These attributes impact accessibility to people, data and the ability to work effectively. These attributes include:
- Integration: Connecting people, systems and devices in real-time and continually extending to support new third-party data connectors to avoid being locked into an ecosystem. Visually configurable connectors to industry leading solutions or rich service API connectors and SDKs to connect to virtually anything (IoT and RPA).
- Forms: Robust, intuitive, reusable and flexible user experience for collecting and integrating information into your automated processes or to be used for data and trend analysis on any device, wherever they may be, even on third-party hosted solutions.
- Workflows: That can be designed by developers and Citizen developers alike to easily automate legacy as well as next gen processes (RPA, IoT, AI integrated) that are agile, intuitive and comprehensive.
- Mobile: Empower and support a mobile workforce by enabling action-on-the-go, online or offline on any devices in a secure manner.
- Pre-built Apps: Templates and commonly used applications that incorporate all the key elements of a process (Forms, Workflows and data integration) and yet, can be customizable for specific business needs.
- Deployment: A choice of rapidly building business process apps in the cloud or on-premises.
- Security & Governance: Robust management portal, role-based access controls for all assets and applications, with priority to industry standard compliance and security.
- Analytics: Data-driven decisions enabled with out-of-the-box process reports as well as integration into third-party reporting tools such as Microsoft Power BI or Tableau.
The combination of all these attributes form the key differentials of the K2 platform that enables you to build and collaborate on a single, complex application, and then rapidly scale across all enterprise processes. This makes it possible for process automation to not only happen within your business, but to scale across an organisation without the need of more technical resources. It’s happening today as K2 has been found to reduce application development time by 78% with ROIs of over 466%. That’s massive time savings and incredible business benefits as a result.
We also believe that all of these ingredients helped us receive the highest scores possible in the Forrester Wave in the following criteria: Smart forms and user experience, Process and Flow Design; Low-code/No-code, Mobile Engagement, API Support, Data Virtualization, Analytics, Integrations, Guiderails and Governance, Lifecycle Management, Enterprise Scalability, Digital Workplace, Ease of implementation, and Geographic presence. And while we’re very proud of that, our work is not done. We fundamentally believe that as a company we’re only just getting started and there is much more we will enable in terms of technological advancements of our platform.
We have many exciting updates coming this year, please stay tuned to our blog and our website as you won’t want to miss what’s next.
Manager, Marketing and Channel Development at K2