The age of robots replacing the workforce has been much talked about, yet robot-fueled technologies are already here. How can these nascent technologies be integrated with our existing workforce? Enter RapidRPA, the company delivering smart robot automation to identify growth, improve productivity, and increase engagement. The company knows it’s in early at the intersection of the enterprise and productivity and is expanding rapidly in this hot space.
AlleyWatch chatted with founder David Palmieri about the company’s ambitions and where they stand currently.
Tell us about the product or service.
RapidRPA (“Rapid”) delivers smart robotic process automation that leverages Artificial Intelligence, Big Data and Lean Six Sigma best practices. Our solutions dramatically enhance employee performance and business outcomes across a wide range of enterprise use-cases.
Launched in 2016, the company has remained in “stealth mode” for most of the year as we have added staff, built our core technology platform, and begun serving clients.
Our proprietary technology is a cloud-based solution that, pinpoints highest ROI robotics opportunities based on actual user data and maximizes utilization of robots in production anywhere, anytime. Finally, it supports continuous improvement through ongoing process data analytics.
Our project consulting services include:
- Process capability assessment and design
- Robotic configuration, testing and deployment
- Change management and Center of Excellence (COE) implementation
How is it different?
Our technology platform is different in that it uses an intuitive user experience to maximize user productivity from Day 1, works across a variety of robots without being locked-in to a single vendor and fast, easy and lowest cost cloud-based delivery – fast, easy, lowest cost.
Our consulting services have a long track record of creating client success across several industry verticals (e.g., financial services, technology, healthcare), have a deep experience in end-to-end process improvement, big data analytics, and AI/Machine Learning. Additionally we offer a boutique services yet it is globally capable, with client engagements in North America, Europe, Asia and Latin America.
What market are you attacking and how big is it?
Rapid is attacking the knowledge work automation market, which McKinsey Global Institute has estimated could have an addressable market of between $5.2 and 6.7 trillion by 2025. In the near term, the market opportunity is in the multi-billion range as RPA is a highly disruptive technology delivering benefits such as enhanced client service, compliance, improved cycle times, cost savings and employee satisfaction.
What is the business model?
Our business model is based on license revenue for platform usage our Fee-based consulting.
What inspired the business?
We were inspired by massive advancements in AI, robotics, and big data coupled with dozens of years of hands-on business transformation experience. We were also frustrated with other forms of automation – too slow, too expensive and we wanted to offer Immediate ROI for clients – typically 500% productivity gains from Day 1.
A number of the functions that your smart robots provide deal with interpersonal issues. How do you ensure that an AI powered solution can maintain that human touch?
Robots – including those with AI capabilities – are tools to help humans get things done better. Better in the sense that humans will be allowed to spend more of their days on the best aspects of their job while the robot performs the mundane and repetitive tasks.
Humans can now focus more of their energy and intellect on areas that are most vital, strategic and innovative. This is where our Change Management capabilities come in. We help clients manage the most critical aspect of RPA – helping their staff be more engaged, productive and satisfied in their role by leveraging robotics. This is accomplished through a combination of best practices aimed at employee communication, training and recognition.
What are the milestones that you plan to achieve within six months?
We plan to continue execution of our Platform Roadmap, add key hires to support our client growth and platform adoption, kick-off our Client Advisory Board, Develop additional channel partnerships and hopefully have time to finish our capital raise.
What is the one piece of startup advice that you never got?
We’re all experienced professionals and entrepreneurs, so I think we’ve heard it all! However, most of the advice we’ve gotten (and it’s been great advice) has been specific to raising capital, building the platform and managing rapid growth.
If you could be put in touch with anyone in the New York community who would it be and why?
Michael Bloomberg. He’s one of the most successful entrepreneurs of our time, his passion for the New York community and we’re raising capital!
Why did you launch in New York?
Incredibly talented people coming out of the university system, plus the number of highly skilled and experienced professionals make it very compelling to set-up here. Great clients and partners are based here. Access to capital at all stages of growth – from seed, growth, etc…
Where is your favorite fall destination in the city?
Central Park. The fall foliage is amazing!
