InnovationPath offers 98% automation with Rossum partnership
InnovationPath is an IT and RPA (Robotic Process Automation) consulting firm. They deliver automation solutions and automation-related digitization services to companies that are looking to increase their process efficiency and double down on workflow innovation.
The Challenge
InnovationPath wanted to provide their customers with automated end-to-end solutions, such as automated accounting finance departments, business operations, back-office and administration. Even though they have strong RPA solutions, they didn’t have the capacity to build AI that would be able to extract data from documents. That is why they decided to partner with Rossum.
The Solution
Thanks to partnering with Rossum, InnovationPath developed a standalone application for financial and accounting processes automation called Innovoices. Using Rossum’s AI, they extract information from invoices and other business documents. Utilizing their own RPA solutions, they connect this straight to the client’s ERP software.
Rossum helps InnovationPath not only as an integrator technology partner, but also as a business one. Once InnovationPath has a potential customer that is interested in this solution, Rossum provides the licensing services and supports the sales journey with the customer. Rossum also provides the new client with a Customer Success Manager who helps to onboard and scale the client’s solution. InnovationPath provides its RPA and integration services to get this solution up and running, on top of a commission of up to 28,5% of the ARR value for the referred deal agreed between Rossum and the client.
“Rossum is a product that opens up a new dimension in the area of document digitization. Thanks to our partnership with Rossum we are able to provide a solution that offers 98% automation.”
Michal Klodner, Co-founder, InnovationPath
The Benefit
InnovationPath uses Rossum for documents in various languages – Czech, French, German, Hungarian, Spanish, Belgian and many more. The solution proves to be very successful at different levels. Clients like Veolia and Mattoni had a goal of reaching a 25% ROI and within one year they managed to reach a 40% ROI (after deducting license costs). Veolia downsized to a 3-person team, down from 13, which resulted in significant cost savings on wages and overhead. Both InnovationPath and its clients think this is thanks to Rossum’s flexibility – unlike other solutions, Rossum is always capable of extracting most of the data on any new document layout. If not, it is enough to annotate the document once and Rossum learns immediately. Thanks to this, InnovationPath reports over 95% accuracy on data extraction with all of its clients. As a partner, they also appreciate the communication and openness of product feedback. Furthermore, the partner also monetizes the services and integrations they develop through the Rossum platform – increasing the revenue stream sources.
The Vision
Because InnovationPath believes that Rossum is not dependent on ERP but is universal, they want to turn this solution into a suppliers’ portal for Accounts Payable. It is going to be a fully integrated communication channel with payment information and much more. In terms of business, InnovationPath expects a 25% growth rate in Rossum’s line of business.