Redwood Software - Finance Automation Edition vs WorkFusion comparison

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Executive Summary

We performed a comparison between Redwood Software - Finance Automation Edition and WorkFusion based on real PeerSpot user reviews.

Find out in this report how the two Robotic Process Automation (RPA) solutions compare in terms of features, pricing, service and support, easy of deployment, and ROI.
To learn more, read our detailed Redwood Software - Finance Automation Edition vs. WorkFusion Report (Updated: March 2024).
765,386 professionals have used our research since 2012.
Featured Review
Quotes From Members
We asked business professionals to review the solutions they use.
Here are some excerpts of what they said:
Pros
"Redwood has a great feature where it logs every transaction. So, at any point, we can see every step taken for each transaction. It creates an audit trail of the entire process execution. It is a really good feature. This eliminates the need for extra coding or report generation. The audit report is readily available within the tool itself.""The out-of-the-box finance modules within the Redwood Finance framework help to speed up the process, versus designing and writing generic BOT code.""So the best thing is ease of use."

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"It really does help by either freeing up people's time to focus on more value-added tasks or reducing headcount. We generally have other things that we can get people to do, helping make the employees' work more meaningful since they are not having to do the mundane stuff.""WorkFusion's SAP integrations are really good.""A helpful feature is the analytics capability within WorkFusion. The analytics dashboards, i.e., their Tableau dashboards, are really helpful for building a business activity monitoring layer. These are very visible to senior management and stakeholders, who can see and know what is happening within processes. They can see what benefits are getting delivered as processes, either ;daily, weekly, monthly, or quarterly. It is easy for stakeholders or senior management to understand the value for the money that they are spending.""The Control Tower enables us to create and use workflows. It helps us run processes. There are a lot of small features, but the Control Tower is a very good feature, wherein we can create bots and schedule them as well as create different instances of them to run in different regions.""WorkFusion helps by speeding up processes. The process takes time. It has business costs associated because there are people waiting to take the next steps in the process. The end result of waiting, whether it is an internal or external team, is that they are delayed. Therefore, it helps us in speeding up business processes and improving employee morale, as people don't have to do repetitive work anymore.""The dashboard is the solution's most valuable feature. When clients want to look at the data it's very easy for them to do so. The dashboard for the IT manager is very useful if there are issues and to create and follow processes.""The automation process is the most valuable feature.""Their robots have increased the rate of efficiency by two to five times in our organization. There is still a human element to code out the package running the robots. You can't just click something and have it run. However, once that has been done, you can parallelize it 10 or 100 times in a fairly straightforward manner."

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Cons
"would like to see AI integration for automation in future releases. Post-automation, I envision a generative AI model. If I could ask the bot questions like the number of invoices or their current status, it should be able to provide answers directly.""Mapping the process steps to an existing R2R process quickly would be a definite step forward.""The room for balancing improvement lies in automation enhancement with respect to the feature areas, considering dealing directly with Excel and reviewing it to do some additional stuff for it in the end system so that reading the right thing, picking up the values, and everything."

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"WorkFusion comes packed with certain libraries and .jars. At times, you understand that you're using a system in which a library or .jar is outdated and you need to upgrade it... They need to better manage quickly making changes in WorkFusion to accommodate a situation where other technologies are not supporting the platform.""The most common issue we have is with the OCR, but that also depends on the quality of the documents your scanning. Still, I would say the OCR is comparable to other solutions. I wouldn't say it's better or worse than other OCR engines.""We had some issues in the past, but it is fairly stable now. From what I hear, it is more stable in the later versions. With version 10.1.4, there were some issues relating to load distribution. However, it is good now.""So far, we have developed only one automation using machine learning. The results were less than optimal. Part of this could be because of the use case that was selected. Overall, our experience was suboptimal. WorkFusion was an outstanding partner in terms of providing their experts for free to help us on that particular use case, but we still have a lot of things to figure out in terms of how to use its machine learning capability.""The product could do more to expand its 'codeless' coding options by adding drag-and-drop assistance in building bots for non-technical users.""Machine learning models for document-heavy processes have room for improvement because they require significant effort to train and update.""The problem with the solution is that it is agnostic, so it's not made for banks. Sometimes we are challenged because of this. We have to make everything from scratch to make it work for our clients.""Because the data is coming from offline, paper-based invoices and sometimes from Excel, data accuracy is the main challenge... Sometimes, WorkFusion has lacked the functionality for extracting the right information from the invoices and we have had to manually correct the format."

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Pricing and Cost Advice
  • "The licensing was purely based on the number of transactions being processed in production."
  • More Redwood Software - Finance Automation Edition Pricing and Cost Advice →

  • "Find it online."
  • "They have a very expensive license compared to any other automation tool. For instance, at $50,000 - $60,000, you can bring in an Automation Anywhere solution. For this solution, you need at least $250,000 to get something going."
  • "It is not the most expensive solution, but it is also not the cheapest."
  • "I can't speak to pricing. It's a contract signed by upper management."
  • "We are on an annual contract to use the solution."
  • "My client is using RPA Express, which is available for them to use free of charge."
  • "One upgrade took a year to do, from the first server being built to the last bot being migrated. This was because we had to migrate all our existing bots. This is the same process and time frame that we are expecting towards the upcoming upgrade. I will end up spending half a million dollars to do an upgrade."
  • "The solution was not the cheapest, but it was also not the most expensive. Workfusion was very open to negotiating pricing and to working within the objectives of our firm."
  • More WorkFusion Pricing and Cost Advice →

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    Questions from the Community
    Top Answer:Redwood has a great feature where it logs every transaction. So, at any point, we can see every step taken for each transaction. It creates an audit trail of the entire process execution. It is a… more »
    Top Answer:The pricing is very client-specific. It's not a one-size-fits-all price. They don't have a single price for everyone. It's based on the client and the number of transactions. As Vodafone, a large… more »
    Top Answer:Everything seems to be working well. However, I see value in integrating AI for automation. So, I would like to see AI integration for automation in future releases. Ideally, after I perform postings… more »
    Top Answer:If you compare it to its competitors in the market, it is more Java-native.
    Top Answer:Everything should be cheaper. However, it's fairly priced. They have a pricing scale. We've been with them for a while, so we've already hit the roof. We've been with them so long that they are very… more »
    Top Answer:For non-technical users, it may be easy to use. It depends on what perspective we're talking about. From a business perspective, like manual tasks, it's good. However, it's all about what the… more »
    Ranking
    Views
    515
    Comparisons
    342
    Reviews
    1
    Average Words per Review
    893
    Rating
    9.0
    Views
    4,681
    Comparisons
    1,833
    Reviews
    10
    Average Words per Review
    1,563
    Rating
    8.0
    Comparisons
    Also Known As
    Redwood Business Process Automation - Finance Edition, Redwood Robotics, Redwood Finance Automation
    Learn More
    Overview

    The volume of repetitive, manual tasks across finance is overwhelming – every day or at the end of every month, quarter or year. Redwood’s finance automation reduces that unnecessary and time-consuming manual effort. We know because our customers tell us that our finance automation solution helps them achieve a much higher degree of back-office process automation compared with alternatives.

    WorkFusion, Inc. is the creator of AI-enabled Digital Workers designed specifically for banking and financial services organizations. Its Digital Workers are true knowledge workers that effectively augment existing teams in functions like anti-money laundering (AML), sanctions, customer onboarding, Know Your Customer (KYC), and customer service. WorkFusion’s digital workforce solutions help solve talent shortages, increase workforce capacity, save money, enhance employee and customer satisfaction, and ensure ongoing compliance. For more information visit workfusion.com.


    Sample Customers
    ArcelorMittal, Alliant Energy, Allianz, Arla, Bacardi, CPS Energy, DSM, Faurecia, Genetech, Jabil, Jumbo,
    Deutsche Bank, Amerant Bank, Bank of Asia, Scotiabank, Bank of Montreal, LPL Financial, Carter Bank & Trust, Selective Insurance, HPE, Canadian Tire, Standard Bank, Humana, New York-Presbyterian, Houston Methodist, Six Financial, State Street
    Top Industries
    VISITORS READING REVIEWS
    Financial Services Firm18%
    Energy/Utilities Company16%
    Computer Software Company9%
    Manufacturing Company5%
    REVIEWERS
    Financial Services Firm52%
    Computer Software Company17%
    Retailer9%
    Manufacturing Company4%
    VISITORS READING REVIEWS
    Financial Services Firm17%
    Computer Software Company14%
    Comms Service Provider10%
    Manufacturing Company6%
    Company Size
    VISITORS READING REVIEWS
    Small Business18%
    Midsize Enterprise9%
    Large Enterprise73%
    REVIEWERS
    Small Business29%
    Midsize Enterprise3%
    Large Enterprise68%
    VISITORS READING REVIEWS
    Small Business18%
    Midsize Enterprise11%
    Large Enterprise71%
    Buyer's Guide
    Redwood Software - Finance Automation Edition vs. WorkFusion
    March 2024
    Find out what your peers are saying about Redwood Software - Finance Automation Edition vs. WorkFusion and other solutions. Updated: March 2024.
    765,386 professionals have used our research since 2012.

    Redwood Software - Finance Automation Edition is ranked 17th in Robotic Process Automation (RPA) with 3 reviews while WorkFusion is ranked 6th in Robotic Process Automation (RPA) with 30 reviews. Redwood Software - Finance Automation Edition is rated 9.0, while WorkFusion is rated 7.8. The top reviewer of Redwood Software - Finance Automation Edition writes "User-friendly and enables automation in finance, HR, and SDM". On the other hand, the top reviewer of WorkFusion writes "Helps improve our accuracy and compliance, but the analytics module can be confusing". Redwood Software - Finance Automation Edition is most compared with UiPath, BlackLine, Blue Prism, Blue Prism Cloud and Automation Anywhere (AA), whereas WorkFusion is most compared with UiPath, Blue Prism, Automation Anywhere (AA), Microsoft Power Automate and ABBYY Vantage. See our Redwood Software - Finance Automation Edition vs. WorkFusion report.

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    We monitor all Robotic Process Automation (RPA) reviews to prevent fraudulent reviews and keep review quality high. We do not post reviews by company employees or direct competitors. We validate each review for authenticity via cross-reference with LinkedIn, and personal follow-up with the reviewer when necessary.