Markit has teamed up with WorkFusion to automate some of the high volume manual processes that support its Information, Processing and Solutions business divisions. Automation is expected to increase the efficiency and accuracy of the processes, improve operational performance, reduce costs, and enable the company to deliver greater value to its customers.
Markit considered building an automation solution in house before deciding to work with WorkFusion, which provides a software-as-a-service platform that supports the automation of high volume, labour intensive business processes through a combination of workforce orchestration, robotic process automation and cognitive automation powered by machine learning.
Chip Carver, head of Information at Markit, says the company selected WorkFusion on the basis of its knowledge of WorkFusion’s management team and its provision of a best-in-class innovative product. He explains: “We evaluated the product in a proof of concept phase to ensure it meets our needs. Its parsing and machine learning capabilities will allow us to automate processes across the value chain. The initial focus is not necessarily on helping us bring products to market more quickly, but to improve our ability to provide a more accurate, timely and seamless service to our customers.”
Max Yankelevich, CEO at WorkFusion, says: “WorkFusion’s smart automation platform offers financial services customers robotic and cognitive automation coupled with real time management of human work. This combination is delivered through the cloud and allows customers like Markit to quickly improve the efficiency of their processes while gaining agility in creating new products.”
Markit will work with WorkFusion on an initial set of applications before extending its use of active machine learning across other products and services.