3 Innovative Digital Transformation Startups To Watch
Cloud, AI, And VR
Digital disruption is revolutionizing every industry, with startup companies jarring incumbent organizations and changing entire sectors.
At Tech Day New York 2019, an annual gathering in the tech and startup communities, Barclays’ Innovation Officer Jeff Yellin described the digital disruption in the financial services sector, where legacy banks have to contend with FinTech companies that provide more advanced services. During Yellin’s informative speech to attendees, he compared the situation to Netflix overtaking Blockbuster in the video industry.
Enterprise technology is not immune to these changes either, with new startups challenging incumbent companies providing digital transformation services. What new startups are emerging in the enterprise digital transformation realm? Here are three top examples from Tech Day New York 2019.
As entire enterprises embrace automation, individual departments also need their own tools. An example includes the office of the CFO, where tools such as business intelligence and enterprise performance management (EPM) software are leveraged in order to improve decision making.
However, it’s up to IT to ensure that business users are deriving enough value from these applications, which can be time-consuming and resource-intensive to manage. OneCloud is a new platform that bridges that gap by connecting these applications that are on-prem and on the cloud. It is 100% code-free, and it is a tool that automates performance management integration.
“What we're seeing and what is definitely prevalent out there is all these on-prem applications that need to coexist with cloud-based applications. It needs be seamless from an application perspective, and that is really facilitating the need to actually automate and integrate the office of the CFO,” said Quin Eddy, co-founder and CEO of OneCloud. “There are so many different processes and applications that need to be brought together that are either underserved or not served at all by the traditional iPaaS technologies like Mulesoft or Dell Boomi.”
Enterprises across all industries are moving away from paper-based processes and are embracing digitalization. Modernizing and eliminating paper can save time, save resources, and increase efficiency. Over the years, there have been examples of organizations that achieved digital transformation by embracing automation.
However, the move from paper-based processes to automation is often challenging, with numerous roadblocks, such as getting a buy-in from C-Suite. There are still countless organizations that are clinging on to outdated processes in the workplace.
HyperScience is an emerging service that literally turns documents into data. By using artificial intelligence (AI), HyperScience is able to convert both printed and digital documents into useable data. The tool can quickly unlock and reconcile critical customer data trapped in document repositories. This includes a more efficient way to conduct invoice-processing. By tapping into the AI capabilities on the platform, organizations are able to streamline complex internal processes.
3. Moon Hub
Virtual reality (VR) has numerous uses in the enterprise, including with data visualization. One of the fastest growing uses of VR is with employee training. Moon Hub, a company that has been around for about two years, provides immersive VR training for large companies. Simply put, enterprises and employees recognize the great value from using VR to conduct critical training.
“We've spoken to a lot of large companies, and the thing that we found is that it all has to do with retention rates,” said Vinh Ly, co-founder and head of operations for Moon Hub. “When you compare retention rates of doing iPad training and eLearning training, you get about 5% percent retention rates. With immersive technologies such as VR, it shoots up to 75%, according to studies from Harvard and Stanford. We really want to get that engagement in their training, and bring back the fun element as well.”
Businesses should keep an eye on the newest startups in the enterprise technology space because they might provide tools that give an organization a competitive advantage.