With an aim to help business users within an enterprise to improve organisational capabilities, Milpitas, California-headquartered Jiffy.ai has been facilitating enterprise automation with a no-code development platform. Jiffy.ai has been helping the companies revolutionise areas such as finance and operations.
The startup believes that innovating and automating in a business setting has historically been a struggle — requiring teams of people, a variety of roles, and a significant budget to bring new ideas to life, among others. It needs full support from multiple stakeholders. But with the advancements in AI, powered by machine learning and natural language processing, we are able to finally put the power of innovation in a business user’s hands.
Uniquely structured with a 20-person co-founding team, 70% of whom come from the C-suite level or have previous founder experience, Jiffy.ai helps Fortune 1000 customers execute their business transformation initiatives by using intelligent automation to improve complex processes at scale and create efficiencies by 10x.
Analytics India Magazine caught up with Babu Sivadasan, CEO, Jiffy.ai, who was a former president of Thiruvananthapuram-based IT company Envestnet. “Jiffy.ai was conceptualised with the singular vision of putting the power of innovation and automation in a business user’s hands,” said Sivadasan. With over 150 employees, Jiffy has offices across Palo Alto, CA, Boston MA and Trivandrum and Bengaluru, India.
Sivadasan shares that they enable organisations to deploy automation HyperApps that make various organisational functions and end-to-end complex business processes automated, resilient, and autonomous.
The Jiffy.ai product suite offers an integrated automation experience using AI-powered machine learning, cognitive processing, Natural Language Processing and more to remove mundane, error-prone tasks from the workforce. This allows employees to focus on higher-value strategic and innovative work. “This is how we are focused on accelerating human-machine collaboration,” he said.
Highlighting some of the use cases where they have helped various businesses, Sivadasan shared that using Jiffy.ai’s Invoice Processing HyperApp, a global manufacturer was able to automate the entire invoice processing function across multiple countries. “We achieved 85% straight-through processing over 12 weeks across 150,000 invoices a month for 5,000 suppliers,” he said.
Sharing another use case, Shivadasan said that they worked with a global professional service firm with new hire onboarding, which can be very challenging if carried out manually, especially when organisations hire in large numbers. They wanted to automate their onboarding process to ensure a smooth first experience for their new hires. “Jiffy.ai automated 80% of the client’s onboarding activities, making the process faster, frictionless and a pleasant experience overall, which was a welcome move for their HR team, that could focus on more strategic tasks,” he added.
In another instance, where a leading American airline faced an overload of requests for ticket rescheduling and refunds due to COVID-19, their customer service teams were unable to cope with the tens of thousands of requests coming in, and accuracy in their work was suffering. Jiffy.ai, with its powerful hyper-automation capabilities, resolved over two thousand person-hours of the backlog in less than six weeks, with accuracy. This helped the airline deliver a superior customer experience, despite limitations caused by the pandemic.
AI/ML Is Central To The Company
With a team that has deep expertise in AI, machine learning, natural language processing, fintech and automation, their core product is designed on these technologies to enable complex process automation and application design which enterprises can avail in just a few clicks.
“Our technology sits on top of legacy systems dependent on manual entries which tend to be slow and heavily error-prone. We combine the power of RPA, deep document processing and native cognitive (AI and ML) capabilities into a single integrated platform with built-in enterprise-class security,” shared Sivadasan.
He further added that they are the only context-aware system in the market, capable of recognising and fixing mistakes and discrepancies through self-learning machine models that can handle structured and unstructured documents without the need to create new machine models from scratch.
“It’s this combination of intelligent document processing and machine learning, which gives organisations greater control and governance, and access to centralised scaling so deployments can take place in days and not months,” he said.
Talking about the tech stack, Sivadasan shares that it has everything an enterprise might need to hyper-automate complex business processes to increase accuracy and reduce both errors and costs. For instance, Jiffy.ai Automate is the only app-based intelligent automation platform that lets a user implement, manage and monitor enterprise-wide automation, to bring about business transformation.
“The single dashboard combines the power of RPA, ML, AI, document processing, workflow and analytics that supports the end‑to‑end lifecycle management of automation with a human-in-the-loop approach to achieve significant ROI,” he said.
As the demand for enterprise automation is picking up, there is an increasing number of companies who want to streamline operations; therefore, the demand for solutions by Jiffy.ai is quite up. “We currently have more than 30 enterprise customers, and our client base has grown more than 200% in the first half of 2020 alone,” shared Sivadasan.
Talking about funding, the startup received $18 Million funding led by Nexus Venture Partners with participation from Rebright Partners, W250 Venture Fund and other C-level business leaders.
“Our new funding will be used to scale our product, technology and sales as we pursue a responsible path to AI and innovation by delivering on our vision, grow the team further and scale our product roadmap and existing customer base which already comprises Fortune and Global 1000 companies,” he said.
Overcoming Challenges Due To Pandemic
While Covid-19 has impacted many businesses they work with, there’s an increased demand from a global workforce now being forced to work from home, and the added pressure on teams to lean into more collaborative workflow technologies. Sharing an example, he said that customer service teams have struggled with customer inquiry volumes, and through their technology, they can automate help desk operations, ensuring 30% improvement in agent efficiency.
With so many disruptions to the supply as a result of the pandemic, businesses are looking toward RPA to achieve the full value of intelligent automation, and embrace this rapid pace of change. “And we expect that solutions like JIFFY.ai will become an increasingly important part of the strategy and free up their employees to focus on creative, innovative, and higher-value activities,” he said on a signing note.