Ladies and gentlemen, welcome to sunny Las Vegas and this live broadcast of UiPath Investor Day.
Please welcome Kelsey Turcotte, Senior Vice President of Investor Relations with UiPath.
I think we may have just set a precedent for a first-ever, which would be great. Thank you so much for coming. We know that you guys are back to full-on travel. You cover a lot of companies, and so we really appreciate you taking the time and spending it with us. Today we have a full agenda. First, I'm supposed to share with you the safe harbor language. Now that that is done and it is there for your future reference, I will get straight to the agenda. We have a full day for you, and this is the order of speakers. You're gonna first hear from Daniel Dines and Rob Enslin, then hear from Ted Kummert about our fantastic product launch, our product strategy, and, you know, where we're going in the future.
We'll give you a little break. We actually have a really exciting customer panel. We're gonna keep that interactive. Chris Weber is gonna host it for us, but the first piece of it is going to be, you know, questions that he'll pose, and then after that, we'll open it up to the floor for you. Following that, Chris will go a little bit more depth into our go-to-market strategy, which I know a lot of you are very interested in. We'll close with Ashim, and then we'll go back to questions. Really appreciate it. Thank you a lot. I'll let our customers tell you what UiPath is all about.
This is the story of what it takes to survive and thrive during revolutions, famines, plagues, droughts, fires, and world wars. This is the story of Generali, a 190-year-old insurance company. Their history is a mirror of Western civilization since the 1800s. Insurance, they believe, is a boring word for possibility, like helping to build the Panama Canal, like sending the first Italian astronaut into space. Technology has been their guiding light. They were one of the first companies in the world to use automated computing machines built by the man who founded IBM. The question today is the one that's always been. What's next?
Automation isn't new to us, even smart automation. In fact, Generali started investing in automation and in UiPath, actually, before smart automation was even a thing.
We are talking about a very complex industry, very regulated, in which we require a lot of manual processes.
We looked at how do we simplify and automate those processes, make them easier for our people to complete, and how do you make their working life more fulfilling.
Generali believes in a digital twin for every employee. They've automated more than 1,000 processes, and because bots can now read and understand unstructured data, the company can radically reduce the time to process hospital payments and health claims. They've saved more than EUR 80 million in the first three years alone, and they look forward to another EUR 125 million in savings annually.
Now we're moving to the second part, which for me is the more exciting part, which is around our customers. We have now got bots online, working with our customers 24 hours a day, 7 days a week, 365 days a year. We're really excited about the new opportunities that automation can bring in the new world.
Automation is insurance for insurance companies, freeing employees to think and create and help others take the risks that make the world better. Today, there are two kinds of companies: those using automation and those we'll look back on and say, "Remember those guys?" The past is prologue. Ask Generali.
Please welcome Daniel Dines, Co-Founder and Co-Chief Executive Officer.
What an amazing story. I hope that you guys all feel as inspired as I am. It is always better to let customers speak, not just us presenting, you know, our bombastic version of the future. To me, this is really what matters. I remember vividly when I met first time Generali. It was seven years ago in a cold winter in Munich, and I don't think they heard about RPA term at that time, and they were skeptical about it. Look where they are now, and it's one of the most complex organization in the world. Insurance business is very decentralized. They have many countries, many organizations, but they made it really working. You heard the, you know, the outcomes. We are talking a lot today about business outcomes, but these are amazing outcomes. EUR 80 million in savings.
$125 million projected savings within the next couple of years. This is really transformational for a business, and I am very proud to be, as a company, part of their journey. I miss saying welcome to all of you. Thanks for coming here. I am privileged to know many of you personally. I can call friends, some of you. It's been always a pleasure to speak to analysts, to investors. I personally believe this is one of the smartest crowds that a company can have access to see how they can shape their business. To understand how you guys think, to us, it's of tremendous importance. I advise you to spend the next couple of days talking to our customers, talking to our partners, attending some sessions, see what we are up to.
I think we are kind of at an inflection point when automation is progressing from a tool to a platform to something that it's way more meaningful into how we deliver work. It's always very energizing for me to see customers, to see this type of event. We have an amazing Chief Customer Officer, Bobby, that really enjoyed putting this together. I hope that you guys will have a lot of fun and get equally energized like myself and the rest of executive team here. We've come a long way, really, to get here, and I still remember, you know, early days. It's, to me, I've always said I made the worst decision in my life to leave a good career at Microsoft as a software engineer and just plunge into the unknown in Romania and Eastern Europe to build a company.
We had to bootstrap doing some kind of software outsourcing, and I'm not ashamed to track back the early development of this platform to what is called today, like screen scraping. Then from screen scraping, we advanced to UI automation, and then we advanced to way more complex AI computer vision to understand the screens like a human user. After the 10 years, which were really a lot of hardship, a lot of death-like moments, spending 10 years with just a small team, we've seen the big scale. Our big scale started with 2015, when we really had a very tiny revenue. Throughout the years, 2016 to 2019, we've really built the concept of an automation platform. We've been really the first company that seize this opportunity to build a platform. We combine...
We realized that we have to combine not only RPA, which to me is basically UI automation, but we have to combine API, we have to combine AI, we have to get into process mining, into task mining. We have to build apps to connect people with the robots. This is what we deliver as a part of our Business Automation Platform. If we look at the numbers, we've scaled a long way. From almost no revenue, sub $1 million in revenue in 2015, we crossed recently $1 billion in ARR. I think this is a massive achievement, and it's almost unparalleled in the world of how fast you can build a SaaS business. We crossed 10,000 customers, 10,000 enterprise customers. We have customers in more than 100 countries, and this is in just seven years.
I believe that our technology really shaped the market. We've been the first company to define a really big market. I think we've been really rewarded by our bold ambition and by our fast execution in the market. It's $1 billion in ARR, and we capture a clear market leadership position in just seven years. Again, we started from a small apartment in Eastern Europe. Given the size of this market, we're really into building a generational company. We believe that automation and Business Automation Platform presents us one of the greatest opportunities of our time to build a company that will be a generational company and will sustain the test of time.
What we have to do to build this, I think, we just have to continue with some of the best things that we did in our history. We've built a platform, and we have to continue to deliver on this platform. The value of this platform, it's more than the sum of its constituents. We are seeing more and more winning deals because of the value of the platform. We are. This is the year, this new release, 22.10, and Ted will talk in greater detail later on today about it. It's a good evolution into making this platform really integrated and giving our developers a really good way of building meaningful automations and applications on this platform. We also have to continue to be customer-centric. To me, that was the biggest pivot that I've done in my life.
It was from a software engineer that used to live in a crystal bubble to getting to talk to customers, to understand customers' needs. I'm an introvert, as is the nature. It was tough to go and talk to customers, but you have to do it in the end. I think that UiPath has now a team that is really customer-centric, enjoys building something that will deliver great outcomes for our customers. Another really amazing thing that we built in a short period of time was our community. We have really a huge impact in a lot of countries, in a lot of people. We have 1.3 million users that's been through our academy, so they've been trained on our platform.
We have more than 2,000 colleges and universities that offer some sort of courses on our platform. This is instrumental in building the next generation of developers for our platform, or practitioners on our platform. At the core, we value innovations. We value bringing the best in people. I know it sounds like just, you know, maybe like a slogan, but I believe in how we articulate it. Accelerate human achievement. I think innovation is at the core of accelerating human achievement. Automation is one of the best way to think of freeing our people's best minds from routine work and focusing them on innovation. Automation is becoming a new way of operating and a new way of innovating. It has ways and new way of operating.
Because by connecting our people, our processes, enterprise application systems, by this glue of automation, will allow us to generate the highest level of efficiency that enterprises have ever seen. It's the fastest time to value type of technology out there. It's the technology that provides some of the greatest return on investment ever in the software businesses. It's also a way of giving back to our people something that is humane, something that is a different way of working. When you bring automation at scale in an enterprise, our people will focus on handling exceptions, on talking to customers, on solving more complex problem than just dealing with simple copy-pasting between applications. This is why automation is a segue into innovations for companies.
Because how can you open new business lines if all your people are bogged down in the current operations? How can you scale if you don't bring automation into your operations? I think this is kind of next to the cloud and next to AI, automation has been recognized as one of the pillar of digital transformation. Our discussions with the customers have been switched from more tactical discussions into really transformational discussions. We are talking about how we can deliver great business outcomes, how we can connect everybody into an enterprise, like generally said, like how can we offer a digital twin to everyone in an enterprise? How can we engage everyone into the beauty of automation? I cannot say really with more passion how much we believe in our mission. Ultimately, what UiPath is a mission company.
It's a company whose mission is to bring this automation platform and change the way of people are operating and change the way people are innovating. I cannot stress it enough. To help me bring this vision alive, I was really thrilled to bring a partner to run the company together. This is Rob Enslin, which is a known guy in the industry. You all know, guys, in this type of role, it either works well or it doesn't. There is no middle ground. Fortunately for us, it's working really well. It's working well better than we expected. Rob has a lot of humility. I've seen his roots into engineering. It's always a great partner to me. Rob, please come on the stage.
Thank you, Daniel.
Most importantly, Rob, you are sold on bringing the automation to the customers and to the market.
I-
You are the most customer-centric person I know.
Yeah. I love seeing what we can do for our customers because ultimately, that's what matters. Like, whatever you bring to your customers is what matters. Daniel, thank you.
Thank you, Rob.
Appreciate it.
Thank you.
Yes, we do get along, guys. That's a common question. I brought my own water to the stage because I have this little throat thing happening here. Isn't it great to be in Vegas again?
Yeah.
No, you're lying. It's not that good to be in Vegas again. It's exactly the way we left it four years ago to come back. I'm excited to be here to talk with you today at my first Forward. I'm quite impressed already what I've seen. Why UiPath? I've worked for two really iconic companies in my time, both having defined technologies of the era, SAP and Google. I feel like I get an opportunity to do it again with UiPath. I was convinced before, and I'm convinced now that automation is at scale an enterprise game changer for innovation. You know, I spent the first three months. It's actually four months, so I should have changed the slide. It's four months meeting customers, traveling all over the world.
I've met more than 100 companies, most of them in the C-suite, and I've met lots of partners. I'm gonna showcase some partners to you today as well. What I'd say is, you know, they are really engaged with the UiPath story and they understand the value of automation. When you look at what the conclusions are for me, we've got a crazy good foundation to build upon. We are the undisputed leader in enterprise automation. Customers love UiPath. The platform really delivers meaningful business outcomes. There's no question for me that UiPath does what companies really need. Not only in the time saved and the dollars saved, right?
Even in discussion with a healthcare institution the other day where they said, "We are making the patient outcomes better." The bottom line, UiPath has all the tangible and intangible attributes to be the defining company in this space. We all hear this time and time again when you talk to companies. It's been difficult to realize the promise of technology, Rob. I know this from my personal experience. Even with all these investments we have in employees, the productivity is dropping. CIOs today, they just can't move fast enough for their business. As new technologies emerge, they simply get layered on top. The fragmentation is absolutely real. The average enterprise has hundreds of applications, enterprise applications they have to deal with every single day, and the challenge is being compounded with the realities of doing business in today's environment.
If you look at supply chain disruptions, you look at the labor force. I know we're talking about are you coming to work? Are you staying in the office? The workforce has changed forever, everyone. It's not really about whether we're gonna be in the office or not. People are doing different jobs than they did before. They're not going back to the old jobs. We have to deal with a completely new workforce in the future. It's changing, evolving environment. The regulatory environment's changing all the time. You'll see a partner talk about that in Europe and how we can deal with it. These are the things that make automation great. The ManpowerGroup, many of you know them as a staffing company, workforce solutions. But if you look at the staffing industry, it has never been driven by technology. Never.
It's a crazy thing to think about staffing and automation going together. It is because they'll be able to offer more value to their customers in a shorter period of time and deliver at a higher value and better margins for it because companies will have better outcomes. Working with the ManpowerGroup, and you'll see an announcement come out, this is what we do. This is what makes automation really, really positive. Automation will drive down the internal costs, right? It will allow us to provide more robust solutions. It's very, very disruptive and helps change globally. Customers need to do all of this while their customer expectations are increasing. This is where the power of automation comes in. If you look at the Forrester report of 2022. You can all take a picture. It's okay. I knew you would.
I knew this would be the slide that would get you guys, right. If you think about it, automation-native companies achieve better growth, profitability, and competitive advantage. That is what the Forrester report said of 2022. UiPath is the largest group of AI and automation engineers anywhere in the world. Going beyond our roots of RPA to a platform that covers the full life cycle of automation. Capabilities that companies need in their enterprise. They absolutely have to have it. In order to discover, automate, and operate, they have to have things like analytics. They have to have management. They have to have governance. They have to have testing. These might not be the sexiest, most exciting things, but this is how you manage an enterprise at scale and make it work. This is all powered by native integrated natural language processing, AI, and ML.
When you look at our customers, and you'll see a demo of an acquisition we just did with Re:infer, you'll understand how this value pops to a company. McKinsey said it. Automation brings digital transformation over the last mile as the third leg of the stool with cloud and AI. With that as the backdrop, I want to take a few of the questions you've all been asking me. Is this a standalone real market? The data says yes. We looked at the TAM two ways. First, bottoms up, what does our install base tell us of the opportunity? By vertical, by customer size, and what that means applied across a pool of potential customers. Then we triangulate it with industry analyst estimates.
We're going to take you through a lot of additional data today that will show we have just begun to tap the potential of our current install base even before we look at new logo acquisition. Obviously, I believe the market is here. Here is what I see and hear. We got to 1 billion quickly, and we did it by selling to RPA centers of excellence on a process-by-process basis. This isn't what is gonna get us beyond 1 billion, and it isn't going to sustain the kind of growth rates of the past. It undersells the potential that automation can offer our customers. It is reflected in our pricing and how we organize the go-to-market organization today. We haven't been efficient in how we sell, and we aren't delivering the platform in a way, in ways that clearly articulate the holistic value automation can deliver.
Our enterprises with hundreds of thousands of employees. The ARR to us is on the Y-axis. I think there are two powerful points that can be made. There is a tremendous amount of untapped potential for UiPath in our install base, which we'll talk about in more detail. Automation truly is ubiquitous, regardless of customer size, location, or vertical. We should be selling more into these customers. Organizations of these sizes have thousands of processes that can benefit from automation. There is a tremendous amount of untapped potential for UiPath in the install base, which as I said, we'll talk about in more detail. Where do we go from here? Repositioning this company makes sense based on what we have just showed you in the scattergram. The foundation is absolutely in place.
We're going to double down on what we do really well today with the platform. Build on a widely acknowledged technology leadership, stay engaged with our customers and their success. We're gonna continue to make it easier to deploy our technology, identify opportunities for automation, and deploy. Our release 22.10 has some great proof points. Assisted Task Mining, new capabilities in Process Mining, and Ted is gonna talk about all of this. It's on show over there. We'll be able to show it to you. Uplifting our conversations into the C-suite to make certain we reach the folks that own the budget, that make the decisions, that need automation. Branding and marketing that resonates with our target customer base. We have run, and we know from experience it works. UiPath has a history of innovation. Industry analysts widely accept and acknowledge this leadership.
From inception, innovation, and engineering have been at the core of UiPath's DNA. Daniel's passion for engineering, his vision for the potential of automation, and his leadership have been instrumental. We're a cloud-first company, and we introduce new capabilities every two weeks. We'll unveil the full platform upgrades and offerings twice a year. Ted will take you through that in more detail about what we're gonna unveil this week. I mentioned we have three demo booths there. Clearly, there's five, for those that can count. That we'll share Process Mining, discovery, Test Suite, and some of the apps there for you. I think it's during the break and afterwards. Please make sure to go chat to our experts. In the end, platforms win. It's true across technology, and it's even more true across automation. Ask the Everest Group.
Companies that deploy automation capabilities with a holistic strategic approach improve operational efficiency +50%. The approach needs to be integrated. It must action the findings. It has to belong to a virtuous cycle and allow customers to not only automate, but to improve those automations, those processes, and redesign them. Everyone thinks of hours saved and time. That's just one set of metrics. Holistic programs accelerate revenue growth, improve customer engagement, retention, allow capital to be redeployed. This is true competitive differentiation. We will continue to add more capabilities like Re:infer in communications mining. It is an incredible capability we have as well. There's no one better to talk about the power of the UiPath platform than a customer. Takeda is gonna take you through this right now.
This is the story of Takeda. Founded in 1781 in Tokyo. For the past 241 years, they've been guided by their core values of integrity, fairness, honesty, and perseverance. They start each day by asking one question: How can we do more for our patients? How on earth can automation help? Let's ask Kyle.
This is definitely not about automation per se. It's about thinking differently about how we can help our patients. If we take a step back, right, for a second, and we look at every aspect of our business. Back office invoicing, billing. That's the low-hanging fruit. That's what comes to mind. But we've extended beyond that to R&D, manufacturing, regulatory submissions, commercial. Can we do that smarter with less error, with less manual inputting?
The answer was yes. Since Takeda began their automation journey in 2019, they've witnessed some remarkable changes. With roughly 760 live bots doing a myriad of tasks, they've seen roughly 1 million hours in savings, and they're on track to reach over 2 million hours in savings. That's time that can be spent focusing on identifying new drugs, getting vaccines to market safer and faster, and improving the patient experience.
Our CEO, Christophe Weber, stated his vision that every Takeda employee will be empowered by an artificial intelligence system. If we free up just 15 minutes per day and multiply that by the fact that we have 55,000 employees, that's 70,000 hours per week, or approximately 3.5 million hours per year. What is that time worth to our patients for ideas or for new medicines? The nature of what we do is precise, it's complex, it's deeply serious. This is people's lives. Our journey isn't about a bot to do time sheets. It's about a culture that's really driven by the patient.
This is how automation is helping Takeda not merely flourish in the 21st century, but also deliver on their nearly three centuries old promise.
How are we gonna help every customer drive this kind of outcome? It's about customer centricity and alignment around the right opportunities. We have an incredible enterprise, emerging enterprise go-to-market motion. It's working incredibly well. We have a great team in Austin, Texas, that works with customers by phone. We're gonna make certain that we expand that globally. It's highly efficient and effective. We will continue to invest in that. We're increasing our scope to larger companies who were formerly targeted with enterprise reps. New muscle, a propensity model to identify customers with the capacity to invest.
We wanna graduate these companies to a coverage model with a lower ratio of reps, so they get higher touch points to accounts to drive more customer success and expansion. This is where the most change will be. More targeted and a simpler approach, better for everyone. Chris will talk about it in a lot more detail. He'll show you where we were and where we're going. You'll see new branding and marketing elevate our conversations, the mind share in the C-suite. Our propensity model is informed by multiple vectors, which include customer verticals, the size of the companies, what tools they're using, what software they're using, what will be the propensity for them to expand with UiPath. We'll introduce new tools to leverage these insights. We'll create package solutions, taking customer insights that already exist and experience that already exists by line of business, by industry.
We'll accelerate the time to value. We'll compress the time it takes for companies to get benefit from our solutions. With package solutions, we'll have platform pricing. This will take friction out of the sales cycle. It is easier for customers to understand and appreciate value with platform pricing. It's easier for reps. It removes the line item negotiation. We've been testing this in North America, and we'll roll it out globally. We know this makes a difference. We'll focus on our partners. We'll focus on global system integrators. We'll focus on the channel ecosystems, the managed service providers. This started in Romania. It's part of the DNA of the company. We always had a partner first mentality. We wanna maintain a very friendly partner culture. We believe it's key to success. You'll notice I actually had public sector separately broken out, and that'll be globally that way.
We'll pivot the partner strategy to lean in with those that have the most influence, the most reach. We'll focus on the GSIs so that they build practices around UiPath, where they can also add intellectual property to the value they bring to their customers. I also wanna focus on some partners that we're working with because I think it's very important to showcase our partners in Europe, where a large system integrator is working with us, and you'll focus on public sector and healthcare, and we'll hear from that. Then we'll talk about embedding our software with partners. Our partners benefit from taking our software embedded to drive better outcomes for their customers. This is a significant opportunity for us. With that.
Hello, this is Adel Al-Saleh from Deutsche Telekom T-Systems. I'm at Digital X, which is our premier digital event in the middle of Cologne. I apologize if you hear any background noise, it's because of the people around me. T-Systems is a vertically focused IT service provider. We focus on the following industries, public sector, healthcare, automotive, and public transportation. Of course, we support other industries as well with our horizontal offerings. Our portfolio goes from clouds to digital security and other capabilities that the clients need in their digital journey. First of all, digitalization is now becoming a must-have for every company in the world, regardless what industry you're in. At the core of digitalization is automation. It's all about workflows, processes, simplifying how you do business. In today's world where there is shortage of skilled labor, automation is becoming even more critical.
T-Systems being a European headquarters company, grew up with data privacy, data sovereignty being at the core of every solution that we build. We've developed a reputation in Europe, where we are the trusted partner, especially when it comes to sovereign clouds, multi-cloud environment, treating your data. Therefore, with that trust, we have been able to develop our opportunities and relationships with the governments to deliver their digitization agenda. We have been tracking UiPath for many years now, and we have seen a steady progression in your innovation and the type of functionality and capabilities that you have in your products and on your roadmaps. We've been very impressed with it. We're also very impressed with the references that we see, especially in the public and healthcare space.
Our focus on automation within our digital offerings and digital agenda makes UiPath a very interesting partner for us to build partnership over many years. As I said earlier, UiPath brings leading technology and leading vision in the market of automation. T-Systems brings deep expertise and experience in specific industries where we're focused that require digitalization at scale. Bringing the two together will offer compelling propositions to our clients and enable them in their digitalization journey.
Well, iCIMS is what we call the talent cloud company, and really simply, we help the best companies in the world find and hire the best talent in the world. I think we all know that right now, especially now, finding great talent, it's really, really hard, and it's hard enough to do when it's just one person. What iCIMS specializes in is not just helping organizations find that one person, but helping organizations find and hire literally thousands, tens of thousands, with some of our larger customers, even hundreds of thousands of people per year. Orchestrating all that in hundreds of countries, in dozens of different languages, just hiring at scale, it's incredibly challenging. That's what we solve. Automation, now more than ever, is the paramount business priority that I hear from every CEO, every COO, every CHRO I talk to.
Part of that is, you know, the world of hiring for us. When you think about it, there are literally millions and millions of job postings that are driven through iCIMS every single month. Millions and millions, if not sometimes tens of millions. UiPath specifically has become the critical success factor for us in our growth and journey in and around automation. There are technologies from, in this case, UiPath. These robots that prepopulate templates with resource assignments and project details, and then notification emails are automatically sent out. This literally saves hundreds and hundreds of hours per month. This would be extraordinarily, I would even say, prohibitively expensive for us to do with people. We want our technology to be more manageable, more deployable upfront.
and just the robots that we'll deploy with that are an incredibly critical element of that planned success for us. Where we decided to start to embed UiPath with our strategic customers was to provide that automation and orchestration that dramatically reduces the myriad tasks that an individual would have to pursue. When you think about it, especially for large organizations, are you literally going to put the orchestration burden on your recruiters? They should be out recruiting, not doing tasks that frankly a hyper-intelligent automation platform like UiPath can achieve. We're deploying the technology in areas where it just releases and unshackles human beings to go do the jobs that they were intended to do and to be hyper-productive.
The depth and breadth of our partnership with UiPath is due to the incredible leadership. We are really looking forward to a bright future with UiPath. Just wanna thank you and your amazing team.
Thanks, Steve, Adel. As I said earlier, we are committed to investing for long-term growth while expanding operating margin. This is a big market. We are a market-defining leader. We'll invest, and there's opportunity with technology and partners and people at scale of 1 billion already. We are committed to delivering operating margin expansion that is appropriate for a company at our stage in the growth cycle, and being great stewards of capital to build a generational company. UiPath has built a foundation, has the intangibles that are so hard to create. As Daniel said, moving away from a tool to a way of operating, innovating, imagining, and doing. Automation transforms and drives outcomes. We can and will be the defining technology in the automation space. You're gonna hear more from Ted, Chris, and Ashim about our automation platform, our go-to-market, the financial profile. We're gonna close with Q&A.
First, thank you for joining us. Glad to be in Vegas. Glad to be at my first FORWARD 5. I'm super glad to invite, I think he's already up, Ted to the stage. He's got an incredible reputation. Yeah, long and distinguished career at Microsoft. Ted, thanks for joining us.
Thank you.
Thank you.
Thanks, Rob.
You're most welcome.
Yeah. It's great to be here with you today. You know, I was thinking this morning, coincidentally, an investment decision is actually what got me to this point. I'm an operator, to be clear. There's three main segments to my operating career. I spent 24 years at Microsoft. I tell people Microsoft's like the town I was raised in. That's where I grew up, became a business leader, ran some fantastic products like SQL Server, the run of a lifetime. The second segment of my operating career, I did the growth to IPO stage run at Apptio in the same position that I'm in today. The third is, of course, UiPath, where I've now been for two and a half years. In between Apptio and UiPath, I was a venture partner at the Madrona Venture Group.
Once upon a time, they were evaluating an investment in UiPath. That was honestly the first moment where I really meaningfully encountered RPA, understood it for what it was, and meaningfully encountered the company and understood it for what it was. As I say a lot, that's where I came to believe that this is one of the most important enterprise platforms of this time. Everyone has a slide like this and a slogan that sounds something like this. I will say in my history of building software and some of the leading software products historically in the software technology market, I've never seen anything that so directly connects to impact on a person. When that automation goes into production, that person is then freed up from something they never wanted to do in the first place.
That's a powerful thing to think about and very motivating as we build out the capabilities. There's also a sense of it's a little bit of a hero maker. That person who created that thing, that did that thing for that person or that entire organization. You see that with technologies like business intelligence, the same kinda hero-making thing that we can do for the practitioners who use this platform. It's also about. We have a very expansive platform vision that covers not only what I believe is the future of personal productivity, but also, of course, enterprise business process, helping drive digital transformation, helping drive process transformation. A very bold and expansive vision. In our time today, I hope to do three things. I hope to educate you a little bit on our product strategy, our vision, and where we're headed.
You get a sense of our point of view and how we think about things and where we're going. I wanna connect that to our market opportunity so you understand how, where we're headed, where we are with the platform, and where it's going, is creating more opportunity for us with customers and in the market. The third thing is to talk about just some of the areas where we differentiate and are still investing to maintain differentiation, especially as this competitive market continues to change. Along all the way, I always say code speaks better than I do. We've got some exciting demos, both here, and during the walk-around time, that you'll have an opportunity to experience as well. Our platform journey. I view it in three chapters. Chapter one's the RPA chapter.
If you're a historian in the software market at all, one of the things you observe is the problems don't change, but the implementations do. Every once in a while, something disruptive comes in that really changes things up. That disruptive thing was a platform, RPA, built around UI automation. UI automation is powerful in that, first and foremost, it enables us to capture all the work people do, not just integrate systems and transactions. That's interesting, but it's not all of the work. Because it emulates the work that people do, it's also very natural and intuitive to develop for. It's got this characteristic of very fast time to solution. The other thing is, it's very easy to measure the impact once you've got an automation in production.
The last thing, when it comes to integration is a 100% problem, not an 80% problem. You need to reach everything. Because it's based on UI automation, it can reach any application and data that the eye can see. There's chapter one. Chapter one comes together as our core runtime. That's the robot centered on UI automation, the visual low-code developer experience in Studio, and then the management and governance in UiPath Orchestrator. Chapter two gets us to three years ago in Vegas and FORWARD III, where UiPath was really the first to articulate the broader vision for an automation platform and what it could be. An end-to-end platform that goes all the way from discover to measure. Broader capabilities for the robot. API integration in addition to UI automation. Incorporating humans, long-running workflows.
Being able to seamlessly use AI and ML model and skills within those automations. Integrated document processing. The developer experiences went from just a professional developer to professional and citizen developers. Really connecting with end users wherever they are on the desktop with UiPath Assistant, and then via immersive user experiences with UiPath Apps. Discovery to enable you to discover more opportunities to automate. This was also the beginning of a cloud journey for us that we've now been in for a couple of years. All of this then came together in a platform that our customers can deploy and manage in their data center, in their public cloud of choice. Now in the cloud-native platform with Automation Suite or using our multi-tenant SaaS service, the Automation Cloud. That was chapter two. We also outlined last year the pillar, this discovery idea.
We see that becoming more and more continuous. The idea that you're always observing. You're always observing processes, you're always observing work, and then you find opportunities to automate. You find near-term anomalies. You help customers dynamically adapt and mitigate. This idea of semantic automation. This idea that the platform can be more intelligent. As you deal with documents and screens and data, we understand it less at a low level and more at a high level. Examples like our developers spend a lot of time working with screen elements. Still, even with things like Document Understanding, they're dealing with document constructs. In the future, throw a document at it. It knows what it is. I see that's an invoice. That's a receipt. That's a bill. Oh, I see what that screen's about. I know how you.
I can help you get data from here to here. I can help you with an automation. The purpose of that is let's get developers out of dealing with the mechanics and elevate them to spending more and more time on their business problem. This gets us to chapter three, and we're terming the platform now the Business Automation Platform, reflecting our belief that it's really at the heart of how customers are running their business. Sitting between their application landscape, their processes, their people, helping those move forward at the rate they need to. Coming together in three elements. Let's talk first about the core automation platform. This is where our developers are creating automations and applications. Core elements of that are, of course, the low-code visual developer experiences.
The capabilities of the runtime, UI automation plus API integration, plus being able to seamlessly use AI and ML model and skills. Including, and very importantly, 'cause a lot of business processes include document processing, integrated document processing. That's the core automation layer. Discovery is about finding those opportunities to automate. Process mining is an existing category, but we think there's something unique we can do in terms of connecting the full cycle around. This discovery promise can be not only about business process transformation and helping you have a better business process, but also accelerating automation. We think that's one of our unique differentiated capabilities. We've got a set of important products across this covering the full landscape. You need to understand the customer's processes. We do that with process mining. You need to observe the work.
We do that with Task Mining, watching what people are doing. We of course deal with the privacy aspects of that. We reason it over with an ML-based system, and then we can find those high-value, repetitive tasks. That's the vision for Task Mining. Another important aspect is to harness the wisdom of the crowd, the experts. What is the best source of automation ideas out there? It's actually the people who are doing the work, trying to do the work, being able to capture what they find frustrating. We've got a tool called Task Capture, which is about making it easy for them to do that. All that funnels into our idea management and collaboration platform, the Automation Hub.
That's a place where those ideas can be further curated, evaluated, ROI can be modeled, and then they can eventually get prioritized and picked up to be developed. Automation discovery. It's important to spend a few minutes on the platform foundation. It's very important you succeed or fail in the enterprise by how you deliver against these, what we would call the core abilities. You have to have the goods around performance, scalability, availability, security. In delivering a platform, they need things like unified management and governance. It's gotta be easier to use the next product but from you than to go to a competitor. So having those capabilities. Governance is a big word, but it's critically important. Governance is, in one sense, how they can assure that what is happening is compliant with what they wanna have happen.
They know those citizen developers who are developing apps, working against the right systems or not. We continue on a strategy in terms of deployment that is very much let the customer decide. This business began on premises, and we are maintaining that as a full tier in our platform, as well as now delivering that in the cloud and giving customers the full freedom and flexibility in how they're gonna deploy and use our software. The last thing I'll mention here is the built-in testing, because this is something fairly unique. Daniel had the observation a couple of years back that if you have the world's best UI automation technology and workflow system, you have a very leveraged play to apply that to the test automation market. That is, first and foremost, important for your RPA program. You need to be testing it.
These automations are now critical to your processes, the work that people do. You need testing attached to that. That formed our first go-to-market. We've gone on with our second, which is now to go after the app dev testing market. That's the Business Automation Platform. Now, to connect this to our market opportunity, it's fairly straightforward. Looking at the core automation area, certainly we've got the core automation market, plus the document processing market with our Document Understanding product, and now with Re:infer that we'll talk a little bit more in a minute. These other categories where we've got capabilities already we're delivering in each of these other app platform categories. iPaaS, the capabilities that came as a part of the acquisition of Cloud Elements. Deep API integration, now a part of the platform.
In low-code application platforms, this is UiPath Apps. In BPM, things like long-running workflows and task management with Action Center are capabilities. You're gonna see over time, more and more of those capabilities, which is gonna enable us to say to a customer, "You can use us instead of using one of those platforms as well." Of course, in Discover, we have the Process Mining and Task Mining markets, and then the test automation market, which again, we're going at this from an RPA testing standpoint as well as now with a general app dev testing market. Why am I optimistic? The first is because of the customer success that we're seeing. Automation Cloud is 2.5, roughly 2.5 years old at this point. Started in one region with one product.
Now it's all of our products in six regions worldwide. We're very much operating at scale, and we've got great customers. What better testament can you have than a customer like VMware with their history in the infrastructure software market, betting now on the Automation Cloud and having migrated all of their automations to the Automation Cloud, which I believe represents over 400 of their processes. In Process Mining, we've got customers like KPN who've used it to instrument procure to pay and found over $3 million in savings. We have customers like Sensire that have taken Task Mining and looked at their invoice processing and discovered that now 65% of their invoice processing can be automated.
We've got customers like LexisNexis that have taken Task Capture and Automation Hub, crowdsourced ideas that help them identify over 300,000 hours of savings. With UiPath's Test Suite, Cisco has applied that to their generalized automated dev testing, and they've gone to I think it's 80% coverage by automation, reduced maintenance by half, and increased their QA cycle times. With Document Understanding, we've got a customer like Thermo Fisher who've applied it to invoice processing. They've reduced the cost of their invoice processing by 70%, processing over 800,000 documents a year. UiPath Apps. In the keynote tomorrow, I'm gonna highlight a couple of great use cases, but we have more and more customers now seeing the power of connecting an immersive user experience to their automation. The other reason I'm optimistic, and I'll be careful to couch this.
You're never past the hard problems in the software game. You're never past them. There's a lot of hard things we're now starting to put in the rearview mirror. I think of if the term potential energy from physics. I think software development sometimes looks like that, where you put a lot of effort in before you start to see the outcomes and before you start to accelerate. You know, us going from on-premises to cloud, we're largely past that. The challenge, of course, you step up to is how do I do on-premises and cloud at the rate of cloud? We're largely through that transformation. We're now talking about cross-platform. We've delivered now cross-platform deployment into Linux. We've got cross-platform execution in our robots, Linux, serverless, Mac. We're announcing this week a cross-platform development story with the first web-based version of Studio.
That's also a heavy lift in the code. All of what I just said there, that we're now starting to put behind us. We've undergone an important platform transformation in Process Mining as well, where we've got a complete modernized foundation that we're now using for Process Mining going forward. This is another reason I'm optimistic. The last thing is getting into these new categories. It takes some time and energy. It takes some energy and time on the product perspective, and it takes energy for us to be able to sell them effectively and get our ecosystem. I feel like the momentum we're starting to see is reflecting we're getting past the knee of the curve. We wanna show you some of this.
The demo stations, and a lot of this is oriented around new capabilities we're gonna be announcing and talking to customers about as a part of 2022.10, which will GA at the end of October, get launched in November. In discovery, we'll show the new Process Mining platform. There's some great new analytics, root cause analysis there. We'll show this new feature in Task Mining that I'll talk more about called Assisted Task Mining. In the core automation platform, we'll show you Studio Web and UiPath Apps, and then we'll also show you the capabilities of the Test Suite. We wanna do one live, so I'm gonna set up the scenario here. We announced the acquisition of Re:infer at the beginning of August. Re:infer pioneered a category of software we're calling communications mining.
Basically, communications mining is a deep understanding of communications data. Think email, chats, things you see in service desk tickets, whatnot, anything in terms of communication. Mining is the understanding of, well, what is this conversation about? What are they trying to accomplish? What is the tone of this conversation? Those are interesting attributes. If you've identified those, then you can apply automation. A great example is email automation. Every consumer-facing brand in the world has anonymous email addresses that get massive amounts of email that they wanna follow up on. This can completely automate the processing of that email. Re:infer has several customers that have done this, one of which is gonna appear tomorrow, Deutsche Bank, who's gonna talk about the value they've seen in applying this to email automation. It's a pretty exciting direction.
To set up the demo scenario, Vishal here, from the product team, is gonna play the role of an insurance underwriter. The left in the blue is meant to illustrate what their life was pre-automation. What you'll see there is once you get the email, well, you gotta figure out what it's about. You gotta figure out what they're trying to accomplish. Once you figure out that, then you can actually forward it and lead to the processing. Then, of course, on the right shows how with this natural language system paired with automation, can actually automate a high percentage of the transactions. You not only get better efficiency, but you get a customer experience. Now to hand it over to you, Vishal.
Thank you, Ted. Good afternoon, everyone. I'm Vishal. I'm a product manager over here at UiPath. To understand this better, we'll take a customer scenario. This is related to policy renewals at an insurance company. Before UiPath and Re:infer, this process was completely manual and took more than three days, spanning multiple people. With UiPath and Re:infer, the underwriters just have to process the exceptions, reducing the time from three days to just three hours. This is huge. As a business SME at this insurance company, I can see what are the biggest drivers of the volumes. Over here, I can see for the customer requests that are incoming, one of the biggest drivers is policies, and more importantly, policy renewals. This is the biggest driver of incoming communication.
Switching over to the trends view, I can see that for policy renewals. We have constant inbound of requests, and they peak at the renewal timeframe. They were expecting a huge amount of automations or huge amount of mails to be automated. In this scenario, they were able to automate 94% of their mails, which means out of every 100 emails, they had to process only six . Even out of those six, the underwriters did not have to go through the entire process. They just had to validate the exceptions. Let's take a look at one of those exceptions. As an underwriter, for me, this is an exception.
I can clearly see this is a renewal request, and Re:infer has already extracted the policy number, effective date, and the UiPath robots has matched this policy number to the policy in Salesforce, and they have giving us recommendations and also telling us why this exception happened. There was an email mismatch between the CRM system and the sender. Over here we can see, okay, yes, there is an email mismatch. I can validate this and just approve it. With this, the policy to document will be generated and sent to the customer. That is how simple the life is of this underwriter now. Combining Re:infer with UiPath Document Understanding, we can also process attachments within these emails and solve end-to-end process like claims, where there would be a document in the email and you may want to extract and validate the contents of the document.
With this solution in place for the customer, they were able to save up to GBP 370,000 in just year one. It is huge. This is the power of UiPath and Re:infer together. Thank you, Ted. Back to you.
Thank you, Vishal. One of the things along the way there in the conversation about AI and ML in the market today, there's always a lot of conversation about the science, right? When we see things like GPT-3 and what that can do, it's amazing. That's always a featured conversation. In bridging the gap to where customers get value out of their AI and ML investments, there's an unsung hero which is mapping that to the user that's sitting in front of it. One of the powerful things there is how we've taken things, and we've mapped it to that business SME. 'Cause we don't wanna have every business SME that understands, say, the business rules around processing an underwriting request into a data scientist.
The problem then of mapping to them, there's actually some very hard engineering problems in making it understandable, safe for them to be able to use this type of technology with confidence. We're very excited about Re:infer, the potential, the team. There's a lot of opportunities here. It goes well beyond email, AI processing. It gives us some foundational assets that are gonna help us in our general pursuit of the document processing market. It's a very exciting thing for us. Talking about differentiation. Starting way back there in the beginning in chapter one, we talked about how the linchpin technology that really made RPA into what it is, was it being built around UI automation.
From my perspective, you can describe a lot of UiPath's early lead in this market as simply the engineering excellence and the technology they delivered within UI automation. It is a very difficult and detailed problem, and one of those things you can really only get right unless you've worked with lots of customers with lots of applications on lots of platforms. It's the only way to get it right. And the difference is, do I have a platform that produces automations that are reliable, or do I have a platform where I suffer from the brittleness that a lot of especially screen scraping and other automation technologies have suffered from in the past? This is a place that helped UiPath establish leadership and we're continuing to invest in to maintain leadership. It starts there.
Second thing I'd talk about is just delivering as a complete platform. As Daniel said, a platform is more than the sum of its parts. It takes, obviously, competitive products. Platform value is also about consistency. The other aspect is, do I get more value because I got these products from UiPath versus getting best of breed separately? For example, in Process Mining, in the general discovery space, we see our unique opportunity as not only business transformation, but in closing the loop. I have a hard time seeing how you do that if you are not the platform owner. If you're not us, how do you connect to automation? It's delivery as a complete end-to-end platform. There's also spaces where I see a data advantage as time goes. This understanding, we're calling it a work graph.
There may be better terminology, but if you think about what we're gonna know, we're gonna know about processes, we're gonna know about work, we're gonna know about automations, we're gonna know about their relationships. Reasoning over that, how we can provide better understanding and better outcomes as you're trying to reason over processes, find opportunities to automate, maybe even benchmark yourself. We think this is a place where there's also a data advantage as time goes, that the market leaders will be able to have. We also think this semantic automation idea, you're gonna do the best job as you're the platform that understands all the and implements all those relationships for customers. How do we understand how all of this maps? Well, we've mapped it lots of times, and we have that insight from our data.
We also see an advantage today, especially as others are entering the market. A lot of their market entries are cloud only. We see a balance, and we see it as a differentiating advantage that we're now able to offer the same platform both for on-premises delivery as well as in the public cloud. This is a very exciting week for us. Back in products and engineering, we are putting the final touches on UiPath 22.10, and this is the first at FORWARD. We've really talked about this extensively to the market. These are some of the highlights. In Process Mining, I mentioned that we've got a modernized foundation we're building upon. It's gonna deliver much higher scale in terms of the ability to do analytics.
We got great new analytics like root cause analysis that makes the output of Process Mining that much more actionable for customers. Task Mining's got to answer basically two questions for a customer. What don't I know about? They'll use Task Mining to find stuff, find opportunities to automate they had not identified. The second thing is, tell me how the thing I know about actually happens. As multiple people do the same task, you're gonna see real variations, exceptions, or they just do it differently. Assisted Task Mining, this new feature, uses both algorithmic and human assist ways to help you consolidate down to one view of that task with all of the exceptions. Which means that when a developer picks it up, they're gonna be able to get the first implementation much more right.
In automation, we're really excited about the first web-based experience of our Studio developer tool. I'm very, very excited about that. It's a complete reimagining of the user experience for Studio. It's also our first cross-platform developer experience. Re:infer. I think Re:infer is a great example of just how we're making, you know, it's kind of the evolution, the expressiveness of the runtime and more capabilities. It's also the first manifestation of something Rob talked about, which is delivering more as vertical solutions. In this case, being able to go in and speak directly to a customer about email automation and having an end-to-end solution now we can talk about. It gives us a way to land more quickly and deliver more business value.
In the core platform, a view where we are in the cloud, we're now starting to focus on two ends of the spectrum. We're having a lot more discussions with larger, more mature organizations about adopting the Automation Cloud. That's driving a set of investments more oriented around the high end. You know, more high-end features like, you know, managing your own encryption keys, that sort of thing. The other thing we're focused on is more about developing capabilities for product-led growth. The ability for a customer or an individual to self-serve into the platform and the ability for us to speak to them in the product to nurture adoption and potentially upsell of other capabilities.
Chris will talk about that as a point of leverage and how we're gonna be able to scale and deal with the customers more at the lower end of our market segment, more and more efficiently by having this digital-based motion to work with them. Very exciting time for us. With that, I think I'm done, and I'm handing to break. That's probably the most exciting part of this presentation. We are now headed to break. Thanks so much for your time. Please visit the demos. Okay. Thank you.
Please take your seats. Our session will begin in five minutes.
Please welcome Chris Weber, Chief Business Officer, and our customer panel.
I paid for Adi to fly from South Africa.
Let's keep the order of that?
Yeah.
That's better.
Andrew, how are you? The first one is your-
Yeah. This is gonna be there.
What's that?
Thank you.
Yeah. I don't know if it'll come up or not. That's okay. Hello. How is everybody? Great. My name is Chris Weber. I'm the Chief Business Officer at UiPath. I have the privilege of introducing a number of customers to you. We thought what we would do is have a customer panel to understand how these customers are using automation as a platform, why they chose UiPath, what they're doing today, and what they plan to do in the future. Then we'll open up for some questions from the investors and analysts as well. What a great session. Then after that, we'll talk about our go-to-market approach that Rob and Ted alluded to. First of all, let me introduce the customers. So I'll have each of the customers introduce themselves. We'll start with Adi.
Good day, everybody. My name is Adi. I'm from South Africa. I'm from a company called Vodacom, which is a subsidiary of Vodafone. I look after a department called Digital Process Re-engineering, and my portfolio spans over five African markets.
She traveled from South Africa to be with us and arrived about two days ago. Thank you, Adi. Chad.
Hey, guys. Welcome. Thank you for having me. I work for Uber. I've been there for a little over four years now. I'm in the finance organization. We're spread across over 13 lines of businesses, doing RPA for the most part.
Perfect. Shiva.
I'm Shiva Vannavada. I'm the Global Chief Product and Technology Officer for dentsu. Dentsu is one of the largest marketing agencies in the world operating across 60+ countries as well as 60,000 employees. My job is to work with the creative media, technology, commerce, and data organizations within dentsu to bring innovative solutions for our clients.
Perfect. Gautam.
Hey. Good afternoon, everybody. This is, I'm Gautam Oza. I am Head of Process Transformation and Intelligent Automation at Wells Fargo. Our group is the central team that is responsible for onboarding products. It's like a small software company. We onboard products. We have the process mining platform, we have the low-code/no-code connected workforce platform, and on top of that, we have the UiPath AI-driven automation platform. Collectively, these three or four platforms that we have form a continuum of services where we try to enable end-to-end automations for our lines of businesses. Once these platforms are scaled, we also define the strategic roadmap and the life cycle of how to adopt these tools and scale them.
We support a bunch of different federations, so it's the central team that supports six different lines of businesses, develop and scale their own automations and manage this overall ecosystem of end-to-end automation across Wells Fargo.
Terrific. I'm gonna ask you in a minute about what are the problems you're trying to solve or the business outcomes you're driving. Maybe take a step back and just how did you start down the automation journey at each of your companies? Adi, we won't make you go first all the time. We'll start here, and the next time we'll switch the order.
Okay, cool. I think as a general rule, a lot of CEOs will look around and see what others are doing, and they'll also want it. That was the first trigger point, is that other people had the toys, and they also wanted it. I think the now looking back at the journey, it was about trying to see how do we then leverage technology to improve on our efficiencies. Because as time goes, we find that the top line is struggling. How do we then add efficiencies so that our operating expenses actually reduce considerably so that we actually operate at the most optimum?
Great.
Yeah.
Ken?
Sure. If you look back about 4+ years ago, Uber was trying to go public, right? Trying to become profitable. There was one of the leaders in the financial operations was kind of charged with reducing our close. That's kind of why my team was formed. We've again, so we started in finance, and we're still reporting into this finance organization, but we're spread across all of Uber. If you think about the manual processes are so intensive, really, UiPath has been great partners on helping that journey.
Great. Shiva?
For us, it started very typical, which is we want to find operational inefficiencies, right? You know, this was about six years ago. We were doing our annual review plans with the CEO, CFO and COO. The CEO wanted to see if we can reduce the overhead so that we can start investing in new product and services offerings. You know, being in the room, I said, "We should do automation because that can bring lot of savings." That is how our journey started. The approach that we have taken is to create a central automation team. Again, as I mentioned, like an agency world is very unique, unlike, you know, Wells Fargo or Uber, where we rely on people for providing our services.
Mm-hmm.
Initially, we started as doing as a central team, and we had some good successes. As the journey progressed, we actually shifted the entire mentality to what we call as elevate our people's potential. You know, we created a citizen development program where we are training every single person within dentsu to build their own automation solutions.
Gautam?
Ours is much more of a typical journey for any financial institution. We are constantly looking for those saves and efficiencies because there is much more to be done. If we can relieve our team members from the mundane and the regular, they can focus on more cognitive pieces of it. The initial part of it, we were very much focusing on the middle and the back office automations. Along came a time where we had to look at really relieving our operations team, and at that time we were searching for the tools that could help. We kind of zeroed in on UiPath, and since then we have focused on both sides of it. We continue to rigorously automate our back-end processes.
At the same time, we are trying to revolutionize our operations so that when a customer reaches out to our front office, our centers or they call our contact centers, they can get attention from the agent rather than the agent clickety-clack on the keyboards, right? We can offload that. Then again, we are trying to kind of journey along with UiPath into their newer products so that we can add more knowledge or skill to the bot. It is not just about switching between applications, but we want it to be more smarter so that it can pull the context out of it, right? That's where we are headed, and that's how we kind of package this program now.
Great. The next question I was gonna ask is like what are the business outcomes? I think you've all talked about them. There was efficiencies, costs, et cetera. Maybe we'll start with you, Gautam, in terms of on the business outcomes, if you could expand on that, and then how do you measure the business outcomes or the impact on the automations that you're doing?
Right. It's again, the continuation of what I said. Like we are really zeroed in on extracting every bit of efficiency from what we do. Speed to market, how quickly we respond to any request that comes from a customer or internally. If I'm looking at an audit process, I'm looking to standardize the way I do these audits or risk and compliance and control checks. I do not want it to be dependent on what Gautam feels this morning, right? It is not dependent on my mood and my outcome for the day. It is standardized, so those outcomes drive-
How we use it. We are plugging this into many places where standardization is the key. We are plugging at contact center, not only the efficiency, we are looking at our contact centers as a place where there is a lot of flux. Do I want to be training more and more people every week, or can I automate and package it and keep it as a automation ready for them to come in? I only teaching when you get a call type A, use the automation, and that's that. I do not have to give them a 300-page SOP, standard operating procedure, saying, "You need to know all these steps before I can put you on the floor.
Mm.
We are trying to change the outcomes from just being the cash out of the program. Our program has already paid for itself, and we are quite confident that we can keep churning that out.
Mm.
There are additional benefits to be had. Now, there's another mindset change that we're looking for from our business partners. We want them to think automation first in many cases. Don't even bother creating a manual process at all. Like, start automation.
Yeah.
We'll put the right process from the get-go.
Love that. Terrific.
Yeah.
Shiva.
From our perspective, again, like the first step was how do we take all the high risk, and especially like, you know, when we are doing media, at a global scale, there is risk involved. Initially it started with like, you know, how do we take out anything that is high risk, repetitive and manual thing and build automation out of it. After like a few you know, months of running the program, we realized, thanks to the team, that like we were actually able to save about 400,000 hours per year just within U.S. by following some of the automation. Along with saving, you know, the company tens over $10 million in terms of like
You take those hours saved and convert it to some OpEx number.
It's in two folds, right? Like, so it's not just like saving the hours, but as I mentioned, like, you know, we go through a very rigorous audit process, especially in terms of taxation as well as, you know, how we are spending our media dollars, that the clients are giving to us.
Mm-hmm.
Like for their advertisement needs. Typically, the process was heavily manual, meaning like, you're using spreadsheets and then like gathering all the information and trying to like, you know, make sure they are accurate for the auditors. In most of the cases, it wouldn't be accurate because it's all humans doing the work.
Mm-hmm.
There are always mistakes that happen. You know, by automating those things, we eliminated the risk. You know, spending the amount of money that we get from the audits, right? Also the other aspect that we found out in the automation program is we are providing services to the clients, and all the clients are also asking for, you know, as usual, providing the services in a more efficient way. You can use a different term for that one, cheaper, faster, better, right? Again, like, you know, most of the things we were able to provide those services to the clients by using automation in many different areas. You know, the outcomes were like pretty strong and by starting it in U.S., we're now expanding to global across many different countries.
Great. Chad.
I think here, you know, we take a very value-centric approach, and our framework has changed over the past few years. If you look at our pipeline now, we tend not to take automation unless it hits a value threshold. That could be. There's two parts to that, dollar amount, but then also, as you were mentioning, risk controls. There's a lot of risk value there. I'll give another example of something that we don't measure, but it's something that we're looking at how to actually put a value to this, like revenue loss. There's a use case I talked about last year, right? It was.
We built an automation that helped, you know, potentially we could have lost between $2 million-$3 million a day at Uber if we lost our license in London.
Mm.
We built that automation. It was a simple automation. That's kinda what we do. We look at it in terms of value save.
That's terrific. Adi.
It's so interesting. Chad and I happen to both report to a finance function. For me, what became important was when we started off our journey, we had the typical narrative of trying to save manual hours. I think having reported to the group CFO at the time, he then said, "Adi, I give you, say ZAR 15-ZAR 50,000 . Why are you giving me hours? How am I going to spend hours?" Right? I think we almost had to take a step back to try and understand why are we doing this. I think one of the things I then had to do is restructure my team to position ourselves as an enabler of strategy.
When we are dealing with the consumer business unit or the Vodafone business, their biggest pain point is to try and see to what extent can they fast-track revenue enablement. We've now got parts that are assisting in fast-tracking the creation of revenue. When we're then talking to the finance team, and we are dealing with the revenue assurance team from a billing perspective, we wanna see to what extent can we help them identify potential revenue leakage. We find that when we've got automations in place, hours is a measure, but as part of the business strategy, we are then helping the revenue assurance or margin assurance team fast-track the identification of potential revenue leakage or fraud. You'd find when we are talking to the network guys, how do we help them in
How do we enable them become a better network and engineering team, where we then look at network elements. I'm a finance person, so excuse me for any telco people in the room. If we're talking about the network and engineering team, how do we enable them to become a stronger team through the use of automation? I think one of the things we've then done quite well is to position ourselves as an enabler of strategy. Our matrix of measurement is tightly linked to a particular business strategy or vertical strategy of business KPIs. The measurement is a self-reflective story because it's easy to say in the logistics space, when orders were placed, they used to have an SLA, aspirational SLA that says all orders must process on the day they get received.
Which never happened in the history of Vodacom. Now that we've got bots there, all orders are received and processed on the day that they get received. Because then from a customer experience perspective, we are pushing out more devices to customers in their hands than we've ever done before. It becomes such a complex and yet dynamic measurement, scheme because it's quite linked to each vertical's KPI and strategy.
Yeah, it's great. You'll hear me talk in the go-to-market the same thing that Adi and everyone talked about here around business outcomes and driving that. It's so important as we think about rewiring the go-to-market organization, whether it's sales, pre-sales engineering, industry value, customer success. We have got to identify business outcomes, and everything we do is sell around those business outcomes. We'll talk about that more, but it's interesting even internally, hearing how you're structuring it. Why don't we open it up for some questions? I have one closing question for you up here. I'll give you sort of the magic wand. Ask what you love about UiPath and what you want to see more or less from. Maybe we'll just open it up and see if there's questions, and I guess we have some mics.
Hi, everybody. Thanks very much. Michael Turits from KeyBanc. It's fantastic to hear you talk about business outcomes. A lot of what we've been hearing about today has had to do with the underlying platform and the expansion of that to a very broad enterprise automation platform. I was just curious what you all think of in terms of that portfolio of broader automation technologies underlying there. RPA, should it be low-code? Should it be intelligent data processing or document processing? What do you think of as the key parts of automation?
We'll just start from down the bottom.
Sure. I think Daniel used that word a while back. We are at an inflection point, right? You could only do so much UI automation. You could do only so much screen scraping because our CTO has embarked on an out and out digitization strategy. We are trying to get onto the cloud completely. At some point of time, all our applications are going to be modernized. We also have come up with an overall architecture for the enterprise and the whole bank. The spaghetti of services lying in corners and then trying to wire them up in a complicated way. It's going to be a thing of the past. In that kind of construct, there is a sweet spot for end-to-end connected automations, right? You need to use your intelligent BPM tools.
You need to use your data automation platforms and then the robotic platform with the AI construct together to solve higher degree problems. You could not be always selling this idea of automation through civil sharing thing. I will help you enter data into some system for next 10 years. That's not gonna happen. What would end up happening is we are pushing, we are trying to change completely the way our customers think. We want them to be digitized. I don't want them to send me their W-2 at all when they want a loan. I want them to send me a code which I will use to extract the W-2 digitally. What if they don't send even? I would use some of these technologies to digitize it and eventually move it to the same system that is the connected system, right?
I don't want to again have a document sitting there where somebody is typing it out, because then I'm taking three steps back. There is a play for all of this to be connected together, and we are working on coming up a roadmap where we are looking at many different technologies. There is an awesome movement that is happening at UiPath, where we have now Re:infer that is integrated. There has been a concerted effort every year to add to the capabilities, right? It's not the same thing that was there in 2016, 2017, 2019, right? That kind of helps us evolve as well.
Yeah.
You know, about dentsu's perspective, we utilize many partners across dentsu in many countries. What we, you know, are looking for is an end-to-end automation suite so that we have one platform versus many. Especially when it comes to, you know, doing the back office functions. There is maturity in that area. We would want to see things move in the marketing side of things where we can provide automation to create better marketing outcomes for our clients. There is also a bigger vision in play. At least like, you know, from my own vision for dentsu is right now we are seeing a new generation of workforce that is coming in, right? Everyone knows like Gen X, and they are not like most of my, you know, people of my age.
They want to not only make money, but also they want to serve as a, you know, purpose for the entire society. When we think about those aspects and the reason, like, they hate doing anything that is manual. We want to think about like automation as a new way of working in the agency space where you are providing everything that is needed from a manual perspective, like from, you know, employee onboarding to, you know, what you are doing internally, to what you are doing for your clients. Everything should be automated, and our employees are only working on the high-value tasks so that they can balance their work and life, but also be a force for good in the society.
Yeah.
Yeah. From my perspective to add on top of that, you know, intelligent automation speaks for itself. You know, I think just RPA alone isn't gonna get there. That's why I love UiPath, because it has a lot of things embedded in it. Process Mining, right? Helps you understand where you wanna focus. Document Understanding. There's, you know, chatbot capabilities that we're bringing back in to our organization as well. I think, in terms of having a smarter workforce, as you were alluding to, right? That you're gonna need more technology to help, that's what we're looking for. To help make it more efficient for the organization.
I think without emphasizing what the guys have said, I think what became important for our organization and the strategy that I've employed is to focus more on a human-centered intelligent automation strategy that says, "How do we make our people the most integral part of our business while using technology to enable them?" I think it just so happens that UiPath, from a growth perspective and the products that they've brought in, has been a very big enabler for us. I think apparently I'm a very difficult individual, but I think UiPath has entertained me from a product perspective because based on my needs and the growth of the organization, I've been able to request certain functionalities and certain products that are fit for purpose without us having to build external functionalities.
I think one of the things we've been able to do quite well is the integration of machine learning, AI and RPA in and adding more value to the levels of automations that we have. Where we're almost saying, and I always oversimplify this, machine learning becomes the brain capacity. If you want to have unlimited brain capacity, to what extent can you infuse machine learning in a business process? We're almost playing an important role in operationalizing artificial intelligence and then therefore empowering the human in the business process. I always say then RPA becomes the unlimited hands that helps you execute on your work. I know it sounds a bit obscure to some of you guys without me going into individual use cases, but I think for me it's having that human-centered intelligent automation element with the technology supporting the people.
Great.
Thanks. Thanks for doing this. Bryan Bergin from Cowen. As you think about the potential adoption of UiPath products within your organization, can you talk about how far into the adoption curve you think you are?
I can start with that one because I have a very unique case here. Again, like, as I mentioned before, we started with like an efficiency. We created a central group. Then, you know, after a year we found out that it is fundamentally flawed, especially in agency space. Because while, you know, CEOs, CFOs and COOs, they get enticed about the cost savings, our people, they fear automation, right? One of the things that we found UiPath to be very powerful is the Automation Hub and the StudioX, right? Those were game changers for us because we could literally have every single person within the organization or most of them who are interested in doing their own automation, get trained very easily. They started building their own automation solutions for themselves just to save time for them.
Especially important in the pandemic days, right? Like, you know, that literally is one space like, you know, where we are trying to see the adoption to kick in more and more. Right now, you know, again, we started a journey in U.S. In U.S. itself, we have created 350 automation solutions all by non-technical centralized team. They saved, you know, the 400,000 hours that I was talking before. They did that one, not like a specialized team. On top of it, right, they got certified in UiPath. So we have 40 people certified, 170 people that are citizen developers. So the adoption is growing. Now, like, you know, our entire leadership team is keen on rolling out to the global, like across all of the issues.
You know, I have Brian here, who started this program in U.S. Now he has been elevated to the global role. The adoption because of like, you know, how we used UiPath has been very helpful. It is like, you know, growing as a grassroots movement within the organization.
I can go next. When I think of the adoption we have with UiPath, you know, we started with just RPA shop. Over the past couple of years, we've done more around OCR. We used Action Center to help us scale some of our automations 'cause we are a global company. I think when you put all that together, it's easier to have all within one platform versus double sharing to different. If you think about our users that are processing invoice, when we use OCR as part of the capability, they have to go to a different system to take a look and do some checks and balances. Having it all within UiPath's framework has really helped the scale. The last thing I'll say around scale is if you think about during COVID, right?
We were able to scale the freight organization by doing some automations that really helped us not hire when we had this huge tragedy. Without that and the help of UiPath, I don't think that our freight organization would be as powerful as it is today.
That's great.
Okay, I can go next. I think the concept of adoption has different levels to it. You'd find one of my biggest sponsors is the Group Chief HR and Group CFO. I think I always find it interesting where certain action items out of an ExCo. A CFO would say, "We need a bot too," you know? Then we have an action item, IT, build a bot tool literally as an action item out of an ExCo. That speaks to at our most senior level, they have a very solid understanding of what the technology can or can't do.
From an operational level, we have such multifaceted types of use cases, when the bots are slow because of a VDI not running, I get calls from the most senior of executives asking, "Adi, why are your bots not running?" I think right now we are at a point. In my department, we've got a bigger pipeline than what we can do execution on because we've got limited hands on keyboards. That's why we recently now unlocked the citizen development program. I think what becomes important is noting how we started off in South Africa. When I had done board presentations to the five other markets, all the board members accepted the concept of RPA. We were meant to upskill in each country a squad.
2020, COVID happened, so we ended up upskilling virtually four different squads across the different countries. Now that I've been doing in-country visits, one of the biggest complaints I get is that my team is not moving fast enough. For me, it always. There's a complaint in there, but somehow there's also a compliment because nobody would want more of something useless. These are at the most senior of directors that are engaging with me with the same narrative. I don't know what the curve looks like, but I think we're in a good space. We're looking forward to now unlocking more citizen development programs because one of the things we
Because Vodacom is transitioning from being a telecommunications company to a technology company, one of the things I was presenting at our group expo sessions was. What are the traits of a technology company employee, right? One of the things I mentioned is that there's no literature. I read up a lot on these things. There's no universal understanding of what a technology company employee does. But I realized that one of the things is to free them up to have freedom of autonomy and thinking. RPA, using the citizen development program, we want for our employees to be technology company employees by freeing them, their capacity up. We've started the journey about six months ago. We're sitting at 60 citizens already across 5 different countries. I think my biggest pain point now is how fast we can get more licenses.
That's a budgeting finance thing. That's our biggest problem right now, how fast we can actually have the adoption move. Because in each market that I engage with, the whole concept of digital transformation now is starting to become real. We all have it in our PDs, and I think I asked a very tricky question. I was like, "Why do you have digital transformation in your PD?" They're like, "Digital transformation is a thing." I'm like, "No, what does it mean for your life? You know, your every day?" The answer was, "I'm in finance, and two years ago, I was still doing the same thing that I'm doing now, and yet we are transitioning." We are now using the citizen program to be enabler of that individual role transformation, and that's also been going quite well.
Okay. Gautam?
I can quickly run through it, but I kind of feel for you and anybody heard of Better Call Saul? There's a thing called Better Call Gautam. Like, there are a lot of these exec meetings that happen and a problem is talked about. Can we call the robotics team? Can we call Gautam? It always tends to be like that, but we have taken slightly different outlook to this. From the beginning, we are a risk-averse environment. We do let people have the access to the tool, but in a controlled way. For the LOBs specifically, we have federated it and we have trained them, and we have active engagements with them every month, three or four times in different capacities to elevate them. These LOBs are working on business process automation.
Alongside, we have cherry-picked, handpicked certain teams in the technology side who are allowed to do their own automations. All in all, though, we probably have 300-350 people automating processes at Wells Fargo. If you again look at penetration, right? Like, or adoption, every single LOB line of business has at least 15-20 automations running for them or more. We have tens of thousands of bots in our contact center. The penetration is there, but not everybody is allowed to just start writing their automation because we are a risk-averse environment.
Okay. One more.
Yeah. Mark Murphy with JP Morgan, right here in the middle. Great presentation. Thank you. Wondering if you can comment on how your usage of UiPath is split between UI-level integrations and then maybe API-level integrations, if it's possible to just try to throw a percentage out there. Then also, are you using it more with what you would think of as kinda older legacy applications or using it relatively more with kinda modern, you know, cloud-based SaaS applications?
Maybe start Chad.
I'll go first. I would say the split. When we first started the program, I would say it was 90%-10%, and now if you look at it, we're probably 80%-20%. 20% UI, 80% other, right? In terms of modern, you know, we're a global COE, so any business process that we touch, if it's modern or legacy, then if it's automatable, we'll automate it. It really depends.
Adi.
I think for now, we're still primarily on the user interface, maybe 70%-30%. I think from what I found to be quite interesting in terms of the evolution of the use cases is that we've actually built several industry firsts in the telco space, where we then have RPA bots being used as a light touch integrator, where the legacy systems wouldn't have been able to integrate well with the newer kinds of platforms. That was what I've seen to be quite an interesting trend, even to a point where in the financial services space, there's a product called M-PESA in Africa, which is the biggest fintech platform in Africa.
We have so many UiPath RPA bots running on that platform to a point where even the product development team wants to be upskilled to have UiPath included in the products because they can see its capability in being able to be integrated well with APIs. I think this speaks to how people are starting to appreciate and understand the different use cases that it can be applied to. That's why I don't think there's a hard percentage, but there is an evolution and a hybrid that's taking place.
Yeah. I would say like a 10% API, especially because the approach that we have taken with citizen developers, and we want to grow that one. The API is gonna increase because we just recently kicked off a massive new initiative that is creating a global platform that would combine all the services that we are providing to our clients into one single space. That is where the automation is going to drive most of how things work. Think of like, you know, doing your insights to your reporting, to running campaigns, like all of that in one single platform. We are hoping that, like, you know, we can partner more closely with UiPath to enable all the automation needs across that entire platform. API usage is going to be very high.
I wouldn't be able to put a real number onto it, but we have taken a wide spectrum of the applications that we have, and we have built quite a few direct integrations that are unique to our environment. Our environment itself, like the way it is set up, it is legacy prone. It's organic growth from all the acquisitions and mergers we have had. Over the period of time, we have acquired so many applications that probably don't stand the test of time, and now you are at a point where you have to automate. We probably would, the scale would tip towards more legacy automation. But the key, like I would like to call out a few things is we have tried to integrate with our data extraction tools.
That's the continuum of services that we have. We have recently acquired a no-code/low-code workflow solution. All of these newer integrations are directly through APIs, right? Through a central servicing platform rather than individual integrations. That kind of helps us keep the integration layer very clean, not one-to-one specific integrations that can now, over a period of time, you have to keep maintaining them, right? These are all generic APIs which we use through Kafka, and that is growing. The trend is growing to all go towards that. As I mentioned earlier, like our digital drive, our cloud drive will definitely push us there, right? More and more usage of API-driven automations.
Hey, Chris, I think actually it's time to wrap up.
Yes. So maybe one closing comment, we'll start, Gautam. Gautam, as you start to evolve your UiPath automation journey, you have the magic wand. What would you wanna see more or less of or the same from UiPath?
Actually, like, it has been a great partnership. The journey that UiPath has taken since 2017, 2018, we have been riding along, and it has been evolving. We have grown strong into our platform and our automation program. Most of the times we have been able to co-create, and the co-creation has been like again, Daniel said, the sum of parts is larger than the parts, right? Which has helped us. Where I feel at times we tend to lose steam is from the idea to converting it, right? It takes a while, and the execs on our side lose interest. That doesn't kind of track well. Eventually, you then give up on some ideas you take forward. How quickly can we evolve from, "Hey, this is an idea, great idea, let's all invest." Can we convert that very quickly?
That would be fun because otherwise we have been having tremendous success with you guys.
Terrific.
Yep. I would echo the same thing. You've been a great partner. We are part of the advisory board. We've been giving a lot of feedback, and most of the feedback has been incorporated. If I have a magic wand, again, like based on my role in the organization, I'm trying to consolidate many different technology partners into a specific, you know, set of partners. I would love UiPath to be that one platform.
We are definitely aligned on that.
Right. That allows me to like, you know, take everything out and have like, you know that. You know, incorporating cognitive services as one thing, like anything that is Web 3.0, newer technologies are coming in, we are going to be investing heavily. Like in those kind of areas, but one platform for automation across the issue.
Terrific.
Yeah. I think from my perspective, UiPath has been fantastic. We started actually with AA almost four and a half years ago when we pivoted to UiPath. I think if I had my magic wand, I would just want the next four years to be as good as they've been the past four.
Great. Adi?
I think if I had a magic wand, I would ask UiPath to carry on entertaining me and my weird requests. I think just to appreciate the relationship of co-creation that has happened in the last four years, where we started from nothing and we're here. I think this is not a UiPath ask more than an industry ask in the RPA space, is the move away from the measurement of success being hours, because our CFOs are telling us they can't eat hours. We almost need to position ourselves as a strategic enabler and understand that digital transformation needs to leave the business better off in a more financially stable condition. We are not automating for the sake of automating but leaving the company in a better place.
I think if we had to be stronger in that narrative, I think it would have made my life a whole lot easier, in adopting my strategy, but it is what it is now. I think it's that strategy narrative that needs to come out stronger.
Good feedback.
Adi-
One more.
If you can automate, like measurement of employee well-being, that would be great.
Well-being of what?
Employee well-being.
Is it that retirement?
It's never about, like, you know, saving money, right? Like that is how we approached it, and it was flawed. Right now, we are literally using automation to make people's life happier.
That's great. Awesome. Adi, Chad, Shiva, Gautam, thank you so much, not only for the business partnership, but for taking the time out to spend with the investor and analyst community. Please join me in thanking the panelists.
Thanks for having me.
Thank you.
Thank you so much.
All right.
Great job.
Thank you.
Awesome job. Thank you. Thank you so much. You guys rock.
Thank you.
Thank you. All right, you have one more session with me, and then we'll turn it over to our esteemed CFO, Ashim. Again, my name is Chris Weber. I'm the Chief Business Officer at UiPath. I've been here about six months, and I wanna talk to you today on an agenda item that I think we're all interested in, and that is how we're going to accelerate growth at UiPath. I wanna start how I actually came to UiPath, and it's funny, I came from Microsoft after 24 years. It sounds very familiar with Ted. I don't know if UiPath has a pattern matching where they look for Microsoft people who were there 24 years and wanna make an impact with speed. Seems to be a recruiting vehicle. What happened when I was at Microsoft, it was about, I think, over five years ago.
An executive came back from a customer visit, it was a retail customer in the Midwest, and they talked about this company called UiPath, and they talked about this thing called RPA, robotic process automation, of which I knew nothing of either. Very quickly, this executive said, "This is going to be game-changing for the industry." I researched UiPath. I started looking at it. For me, personally, I was running a sales business of about $35 billion-dollar business, about 4,500 go-to-market resources in my org. When I started looking at it, I said, "Holy cow, this could have a massive impact on my own business." I had my head of sales operations.
I went to her and said, "Hey, take a look at this." We both concluded very quickly, this can have massive impact on our sales rep productivity. It could basically drive efficiencies internally within the organization. Probably most importantly, we thought it could impact both our customer and partner satisfaction. I became a massive fan of it. I had the opportunity to meet Daniel about five years ago, and I became an even bigger fan. Because at the stage I am in my career, there's really three things that I look at. One, my ability to make an impact with speed, two, the people I get to work with, and three, culture. All those things, I got very excited about UiPath. I followed them religiously.
About six months ago, timing and the opportunity came where I was able to join UiPath. I'm super excited to be here. I've been a massive fan of the company. That opportunity that I saw five years ago for my own sales organization, I will tell you six months in the company, that opportunity is as big or bigger than what I saw five years ago. The opportunity for accelerate growth is huge for us. Now, as Rob talked about, I love this concept of untapped potential. You know, I think there's a saying on potential, but we'll use untapped potential. Untapped potential without action remains untapped potential. We have a lot of actions to take to accelerate growth, but we're starting from an incredible place of strength.
You heard what the customers talked about, our product, our platform, industry-leading. The value's incredible. The time to value that customers can get is super fast. Those fundamentals, that structural advantage is really healthy for us, and then we have to build on it. What I'm gonna talk about is what we're gonna do in the go-to-market organization to accelerate growth. There's three big things that we have to do better, different, faster to capitalize on this opportunity. Number one, I would call it focus. We're gonna talk about that. It's focus on the markets we invest in. It's focus on the right segmentation and customers. It's focus on the right go-to-market motions. We'll talk a lot about that. The second one is value. You've heard this throughout Rob, Daniel, Ted's talk, you heard it from the customers.
We need to sell different, and we need to sell on business outcomes, and business outcomes relevant to the industry that the customers are operating in. I'll give you some examples where I think we do that in a world-class way and where we need to improve moving forward. The third thing is scale. You can think about scale, multiple dimensions, but the biggest one, I would say, how do we think about our partner ecosystem as an extension to everything we're doing in our go-to-market organization. We should also think broader in scale about the programs, pricing and packaging, licensing, all of those things that give us scale to the business. That's what I'm going to go through. If we execute really well on these, we'll be able to accelerate growth and capitalize on the opportunity that's in front of us.
I believe everything starts and stops with segmentation because you have to figure out where you're going to take these precious resources that we have in our go-to-market organization and get the highest rate of return. What I'm trying to show you at a very high level is the segmentation we have today on the left and where we're going to on the right. I think there's a couple of key things. One thing that doesn't come across clear in these slides here, we need to do this market by market, and we need to invest in the markets that are going to give us the biggest return overall. As you look at this on the left-hand side, we essentially have two segments today, what we call our enterprise segments and then what we call our emerging enterprise, which is everything else outside of enterprise.
That could be anything from a large corporate account to a mid-market account to a tiny mom-and-pop shop. We sort of service them all in the same model. We need to change that. You can also see the coverage ratios. In the enterprise, we have on average, globally, one account exec to 50 accounts. That's average. I will tell you in some areas, it's even higher. Then in our, what we call our emerging enterprise, which is the corporate mid-market and SMB, our average ratio globally is about one to 150. I will tell you in our ability to capitalize on growth and the opportunities in these segments, we have to change these ratios. One of the biggest things that we're going to do is focus a higher density of resources on the customers who represent the highest propensity.
By the way, I think this model on the left has worked up until now in terms of it's been a great strategy to sort of have a land grab, to get acquisition, new logos, et cetera. Where I think we run into headwinds and have an opportunity is how do we expand in those accounts once we land them? It's going to take a different coverage ratio on those accounts that have the largest propensity to grow. The other thing is, on the left-hand or on the right-hand side, we're going to go from three segments or two segments today to three segments. We'll have our enterprise segment, and think about that as less accounts with a higher density of coverage ratio to really capitalize on it. That is our biggest growth opportunity moving forward.
The corporate and mid-market, so those accounts that don't fit in that profile in the top pyramid, will come into this corporate mid-market segment. We'll take a set of accounts out of that, the very small accounts, and move into this new segment we call SMB. We'll talk about each one of these segments and the cost of sale dynamics in each of those. As I talked about, our biggest growth opportunity is in these enterprise accounts. When we look at it, there's different ways we look at it from the TAM to our current performance, et cetera, it says where we have the highest density of resources in coverage, it gives us the greatest return. We need to do that in a more significant way.
The way to think about it is those highest propensity accounts at the top of the pyramid are going to get better coverage ratios for us to capitalize on those opportunities. When I talk about coverage ratios, it's not just the account exec, it's our pre-sales engineering resources, our industry resource, our value engineering resources, and customer success. We need a higher density of that entire unit focusing on those accounts. Not only can we acquire at a larger degree, but our expansion can accelerate in those customers. This one, if you summed it up in one area, it's really that orange line at the bottom. How do we accelerate adoption, usage, and consumption? It gives us massive expansion opportunity in our current customer base.
At the same time, there's also a set of accounts that we will invest in from an acquisition perspective because they represent such a large opportunity. This corporate mid-market segment. Rob talked about it today. We have an engine that's working really well today. It's very efficient. I love the cost to sale model that's in here, and we just want to accelerate. What we're doing in this segment is actually focusing on bigger accounts. Those accounts that don't make the cut in the top of the pyramid that sit there today with very high coverage ratios, they will come down in this. If you sort of think about it, those at the bottom of the pyramid on the top pyramid today become the top of the next pyramid there.
The coverage ratios will improve, and we have a model that has a fantastic cost to sale model for us to accelerate both new acquisition and growth expansion with current customers. In order for that to happen, for us to be able to drive that cost to sale model, that coverage ratio, we need to do something with our very small customers at the bottom. This is where we're creating a new segment. This is one of the opportunities that we have. Without this new segment, what happens is everything goes into that corporate mid-market segment, and we clutter that with SMB accounts, which can be very small, lots of transactions, lots of new logos and acquisitions. We're creating this new segment that's going to be primarily served through digital.
You heard Ted talk about that, and it's a fantastic model, and that's product-led and digitally oriented. Think about this as a broader distribution strategy where we can get the reach, the scale, and an even better cost to sale model to go after and service these customers. As Rob also talked about, we will think about graduation from the SMB segment to corporate and mid-market, and we want our sales teams incented to drive graduation and same from corporate and mid-market up to the enterprise. This. There's a ton of work ahead for us to do on this, but I'm convinced, as you heard these customers, where we engage in a meaningful and deep way and sell on business outcomes, and I'll talk about that, we have the opportunity to really accelerate growth.
Rob also talked about verticals, and I think this is super important. In addition to segmentation, in addition to investing in the right geographies, verticals plays a very important part in our segmentation 'cause not every industry or every customer represents the same opportunity. We will double down on the verticals that have the highest propensity and give us the best chance to accelerate growth. I list a number of these here. Banking, financial services and insurance, fantastic market for us. Healthcare, public sector, manufacturing. Again, as we do our propensity models and segmentation, the vertical lens will be very important in that. The second thing relative to vertical is we will start to structure our sales teams around these verticals. Let me just give you the example in the US.
Today, we're structured by East, Central, West, and then we have some verticals that we've done around banking, financial services and insurance and healthcare. Where we've seen that vertical focus, we've seen growth acceleration. In those markets where we have critical mass in the U.S., we will structure everything around industry and vertical. The last thing, and you heard Rob talk about, is solutions and solution accelerators. This, to me, is all about how do we get customers to value quicker? 'Cause you heard from the customers, incredible value. What we have to do is accelerate that. As we think about building these solutions and solution accelerators, they have to be vertical or industry-oriented. We'll talk about the business outcomes.
Think about it as geographic investment in the right geographies, the right segmentation, and then industry, not only from the propensity modeling to the sales structure, but to the solutions and solution accelerators that we're driving. This one I get very excited about, and you've heard this all day, is our ability to sell on business outcomes is so important for us. Let me just give you. Let me contrast two scenarios, one where we've done it and one where we haven't. When we talk about, I think what we've done historically is we've been able to sell into the centers of excellence, and we've been able to sell on automating processes, how many automations, how many processes can we automate. In a best case scenario, we can get to an outcome around hour saved for an organization.
I think in order for us to accelerate growth, drive expansion, and even new customer acquisition that's sticky, because we've done a number of analytics on what creates a sticky new logo or acquisition. A lot of work on that. It has to be grounded in business outcomes. Business outcomes, that means we have to understand the customer, the industry, and what they're trying to solve. You heard it up here from the panelists, and a lot of their business outcomes were cost efficiencies, cost takeouts, et cetera. We've developed this model, internally, we call it the North Star model, and we're just starting to roll it out, but the impact that we've seen has been significant.
What it allows us to do is we use external data from, like, McKinsey that will say, by industry and by department, what is the total potential automation capability? It would say for a banking customer, 40% of the finance organization can be automated. We take that external data. We work with the customer on a three, five, and seven year financial model that says, "Okay, in year one, in that customer, how much do we think we can automate if 40% is the total potential?" Maybe we take 2-3%, whatever that is. We build that model out over years. We take a fully loaded cost model. As you know, salespeople are fantastic at saying, "Hey, here's the ROI you're gonna get," and the cost is just the cost of licenses. That's probably not an authentic way to represent cost.
We take license costs, maintenance, professional services, and even the customer's labor costs to build out their center of excellence. We build a fully loaded ROI model. What I get so excited about this is it allows us to align this model to business outcomes and talk to CXOs in their language. Because one of our biggest opportunities is not only continue to win over the center of excellence, but we have to win over those executives in companies, and the only way is to talk about business outcomes. I think this model is so powerful as we go down it.
I think we can go to a customer when we do it right with the customer, and even if that customer doesn't have a budget for automation, the models are so compelling, we can show the customer they'd be better off taking assets off their balance sheet and investing in our automation because the ROI is so high. That is what we mean when we talk about business outcome selling and selling at the CXO level. That'll take a lot of work from everything we're doing on the models to training to talent, et cetera. Where we see ourselves doing it puts us in an incredible position. I'll just give you one example. My first month at UiPath, we had a credit union, one of the largest credit unions in the U.S. They came to Seattle to visit.
It was their center of excellence that was coming to visit, but they were using UiPath. They had done some automations. They were absolutely in love with the results they were seeing, and they wanted to put a proposal in front of their CEO and CFO to go big with UiPath and automation. But when they came in, they basically had said, "Here's what we wanna propose to the CFO." I think they had inventoried, I think it was, don't quote me on this, but like 2,600 processes that they wanted to automate. They said it was gonna save them, you know, thousands of hours, whatever it was. That's the way I think we historically have sold, and even our COEs sell that way.
Our team that was on the account, they did a beautiful job, and I'm not stating we do this all the time, but the goal is to do it all the time. They said, "I think there's a better way to do it." We have listened to the analyst calls. We've listened to the quarterly calls with your CFO, and the CFO has listed their number one business outcome is improving member satisfaction by 10 points. That was the number one goal of the CEO. Our team did an amazing job and said, out of those 2,600 automations, I think it was about 625, we believe line up to this thing called improving member sat. We believe we can make an impact on 5 points, so half of that 10-point gain. That is what we built their proposal for.
I will tell you, the discussions we've now had with their CEO and CFO is much different than if we would've went in and said, "Hey, we can automate 2,600 processes and save X hours." This whole thing around talking in the language of the customer, selling on business value, and selling at the executive level, it not only will accelerate our new acquisition motion, but as importantly, it will make priority the expansion in our current customers. It's a huge area for us as we're moving forward. Ted talked about this. I love this slide for multiple reasons. I call it pricing, packaging, and the platform. I would say historically, and this has worked for us to get to the first $1 billion of ARR, we sold every product separately, right?
Which probably meant we focused a lot on the core automation and probably not broad enough on the platform. What we're gonna be announcing shortly is a platform SKU, and you can see the products that fall into that. On the left is the way we used to sell on à la carte. We will now have a platform SKU. I get very excited for three reasons. One, this simplifies the purchasing process for our customers, and I think all our customers will say, "Hey, we want a simpler way to consume your value." The second thing is it simplifies the way we sell internally. Instead of product by product, we can sell a platform solution or SKU. And the third thing, if we do our job well, this will increase the ASP within our customers, which is all good. I'm very excited about what we're doing here.
If I look at my previous employer, they've been the master at product or pricing, packaging, and bundling. This is a lot of goodness that Ted and his team are bringing that our salespeople are very excited about in terms of simplifying for customers, simplifying the way we sell for our salespeople, and ultimately increasing the ASP here. The other thing that I would say is, you know, I've been here six months now. We have some real untapped potential that we can take advantage of here. Products like Test Suite that you heard Ted talk about, not only is that an incredible value proposition to test our core automations, but as a standalone for application testing, we're seeing incredible momentum there. Our products like Document Understanding and the newest acquisition with Re:infer.
The thing I love about those, as you solve a use case, like for Document Understanding, let's say it's mortgage application process. Once you solve that, the ability to scale is, I don't wanna say easy. There's nothing easy in sales, but it's more easier, less hard than some of the other scenarios, 'cause then it's just about the documents they're processing. Same with Re:infer. New acquisition, but we're seeing incredible interest and energy from our customers because again, when you solve a single use case in communications mining, the way you monetize that is just the amount of emails or chat that are going in there. I would tell you, there's incredible energy within our sales force to do more here. This product platform SKU helps us.
This will be the one area I will invest more in to drive growth in the business around Re:infer, Test Suite, and Document Understanding. It's an incredible opportunity. We have to get our broad sales team delivering that value message, and then we need to support them with pre-sales engineering resources to help the customers through that, but it's an incredible opportunity for us moving forward. Okay, partners. I would say the first thing here is just the same themes I talked about on the customers is identical on the partners, which is we're gonna focus on the partners that can deliver the best outcomes for us. I would say in this one, less is more. That's number one. Number two, where we want to focus the partners, I think we've confused them 'cause we talk to them about multiple things. We talk to them about reselling.
We talk to them about deal registration, bring us leads. We talk to them about usage and consumption. Moving forward, we're gonna make it super clear. It's all about usage, consumption, and adoption. That is where we want them to build their businesses around UiPath. We think that's where they can build the healthiest business for themselves, and it's also the biggest impact we can have on our customers. Now, if the partners wanna bring us deals, fantastic. We love that. If they wanna resell, we wanna support that, particularly where we don't have the reach and scale in that SMB segment. We're gonna fundamentally refocus the partner efforts on those partners who have, I'll call it superpowers around usage, adoption, and consumption.
That is our quickest way to scale the things we've talked about within our sales force, not only around expansion within current customers, the ability to drive new acquisitions and new acquisitions that are sticky. I didn't get to share faces and names here, but probably one of the biggest pride slides that I have is for all this to happen, we have to have the right talent on the bus, both talent and culture, and let me just call it experience. I'm really excited about the go-to-market leadership team that we have. It's almost all new across the board. We've made some public announcements in terms of Ryan Mac Ban leading our Americas business and Mark Gibbs recently announced leading EMEA. Next week, I'm confident we'll announce our new Asia Pacific leader as well.
What I would tell you is we're really getting precise in terms of the talent that we're bringing on in terms of do they have enterprise experience at scale? Do they know how to build sales teams that drive demand? Do they have a consumption mindset and come from that background? I would tell you, we have a phenomenal leadership team. We'll continue to build on it, but it's gonna be super important as we build and scale out everything we're doing on the actions that I talked about because we have a world-class team, not just at my leadership level, but on the levels all down. I would say we're off to a fantastic start on that. Let me sort of close with two examples of some exciting customers where I think we've sold outcome-based or value-based selling, and it's really worked.
The first one is a company. I won't use their name because they're not ready to go public yet. What they do is they take consumer goods companies, clothing lines, et cetera, and they basically do the marketing in e-commerce for those brands. Let's just say Champion as an example. Everyone's familiar with the hoodies that they have. This company would take that, those hoodies and get it on about 25 different e-commerce sites, Amazon.com, Walmart, Target, et cetera. There's about 25 of them. Then they would manage the pricing, the promotion, the inventory, et cetera. This was one of the most inspiring stories when I first came in. We were talking to the CEO, and what he talked about was, you know, we talk about, you know, automating back office, mundane legacy processes. He is building his entire company around UiPath.
I don't wanna call it the humanless company because that's not an accurate statement. But he looks and says, "What can't I do with the robots and automation that UiPath has?" Today, our automations take the inventory and place it on those 25 e-commerce sites. The automation monitors that inventory all day long. What he's telling me is it's very interesting. Many times there's colors where they don't have inventory that show up that says, we do have inventory. Then there's another one where they don't have colors, and it's showing the inventory available both ways. The robots and automation place the inventory, they manage the inventory, they fill out the support tickets, et cetera. What he was telling us is, "I'm not automating back office processes. I'm building a company around your robots and automation." He looks to continue to expand that. It's just a fantastic example where this isn't about back office mundane processes. He's using our automation and our platform to drive top-line revenue growth at a cost model that's super effective for him. Then the second customer you'll get to see tomorrow in Rob's keynote is Orange Spain, telecommunications company, in Spain. I happened to be in Europe. I was actually in France. Bruno, the CIO, flew up to meet with me because he was very proud about a dashboard that he and his team built around our automations. It was interesting. This dashboard, and you'll see it tomorrow, it's stunning. You can pick. I think it's one of 21 different divisions or departments to analyze the impact of the automations.
You can pick nine financial metrics, CapEx, OpEx. There were seven others I didn't even understand what they were. I'm sure this audience will understand it a lot better than I do. You could even pick what automations you want to look at. I just said, "Hey, pick all divisions and departments, pick OpEx savings, and let's just pick the last three years." What he showed me was the automations they've done with UiPath have saved Orange Spain EUR 91 million. That is impact. That is outcome. Now, here's the cool thing on that is the center of excellence or the CIO, they built the dashboard, but all the ROI analysis is built by the finance team. It's not like the fox guarding the henhouse. I look at it as third-party validation on that.
If you just talk about business impact, that's massive for a company. As I talk about what we're gonna do to accelerate growth, it's three things. It's focus, right customers, right industry, right market. Number two, value, which is outcome-based selling at the industry level. The third thing, everything we're doing is to scale our business through our programs, through our pricing and licensing, and most importantly, through our partners. Again, thank you for the time and look forward to the Q&A. Appreciate it.
All right. Hello, everybody. Thank you so much for coming here. I think Daniel started the day by talking about how it really does feel like we're starting off meeting as friends after a long time. Really grateful for everybody to be here, to be supporting our journey and to hear about kinda how we think about the company over the next years. Also, thanks to everybody joining us on the webcast. We have an incredible group. So you know, if I reflect on the first couple of messages that you've heard today, we're really starting from a position of strength. A really strong foundation has brought us to where we are. The second is we're positioning our company to get to the next levels of growth.
As we go through my section, the goal for this is to be able to take that not just by reinforcing it through words and through additional strategic points, but through data. I just wanna take a quick moment. Kelsey Turcotte, Allise Furlani, Jake LaBella, and AJ Ljubich, and their teams, they've done an incredible job of assembling a set of data that we've never really shown before. We're gonna take you deeper into our company to really show how these themes come to life and why we have so much conviction about the future of our company.
You know, my story is I've actually been with the company for six and a half years, two of which as a customer and four and a half in roles, either customer success or in finance, and now of course, in the role of the CFO. I've gotten to see a lot of milestones. I got to meet the first North American employee, in early calendar year 2017. I got to see us cross 100 customers greater than $100,000, in 2019. Now we talk about crossing $1 billion. We look at these as the starting points or these milestones as a starting point in our journey.
More than just milestones, they actually reflect the core strength that has been built through a lot of effort over these last years, from the beginning, where Daniel has talked about to where we are. It's not a few deals. It's not a few customers. We've come to this point, and we have a lot of leverage to move forward because we have, one, an incredible culture of innovation and market leadership in our technology. A strong global presence, which we're gonna talk about in detail, supported by a strong set of operational processes that give us the ability to focus on the customer. When you look at our customer base, two things come out. One, Chris talked about it and Rob talked about it. They love the product, not because of small use cases, but because of large business impacts.
Our customers buy more, and they buy more and more with time. We'll take you into those details and then how the repositioning further accelerates that trajectory. When you look at our culture of innovation, our culture of innovation is something that Daniel has focused on from the very beginning. I sat with him five years ago in a conference, and I asked him, "What makes a great company?" He said, "First is a really credible product." He used the word credible. That word credibility is at the heart of why of how and why we invest in our product. We look at it. If you look at kinda where we've come from and the investment that we put in, it's not to hit a metric.
It is to get a tangible return and a tangible set of leadership out of outcomes in this market. Data for you. One, my first interaction when GE bought our automation was 15 people in Romania, all of them engineers. Today, Ted talked about a global presence across centers like Bellevue, Bucharest, Bangalore, across the globe. With that, those teams have delivered. They've delivered over 700 patents. That's from 18 inventors across our globe. In this market, technology matters. You do not hand over the keys of your operations to a product or a platform that can't withstand the weight of that. The patents, the focus on that has really given us, extends our market leadership. Second is we move from a product to a platform, and you saw that in Ted's presentation.
Those engineers are not just deepening the well, but it's broadening the reach of what we can do for our customers. The thing that probably speaks most to it, and I still sit, and frankly in amazement, I continue to tell Ted, I'm amazed at it, is the pace at which we've moved to cloud. A fully on-premises customer company, serving hundreds and thousands of customers, making the decision to go and say, "We have to become cloud first," have more frequent releases to be able to meet the use cases, to be able to meet the value, the solutions that our customers are moving to, and to be able to meet the roadmaps that every single customer has today. That is incredible.
That is not just in the fact that we invented a product, but we've grown that from a couple million dollars of revenue to $200+ million in just a short period of time. You would remember we talked about this ARR value last year. Even at, from $140 to $215, like I said, it's not a few deals. It's sustained growth, sustained execution. We keep a very high bar in terms of investment and innovation, but we keep a higher bar in terms of execution, making sure we deliver on every dollar that we're putting into the company. Long-term, we look at sustaining this level of investment.
With the scale and the differentiation that our platform drives, we still think that we'll keep that within the target around 12%-18% of revenue. Having a global product is very good, but having global reach to meet your customer demand is essential. I can tell you personally, when I was the CIO for shared services, I had shared services. Sorry, one sec. I had shared service centers in Bucharest, Cincinnati, Monterrey, Shanghai. I think about one of our largest healthcare providers. They're processing claims in Ireland. They have a call center in the Philippines. Having a global reach, not just in terms of sales, but in terms of delivery, in terms of customer support, is a massive differentiation for us. It also means that our foundation is built.
When we talk about scalable profitability later, imagine me standing up here saying, "We've got to figure out how we enter into Japan. We got to figure out how we enter into Australia." Those would be all loss leaders for the next period of time. We are in these countries. We have great leaders in these countries. We have established processes in these companies, in these countries. We have systems in these countries to make sure work and operational processes and data are flowing through correctly. The second thing that I think is really important to highlight is if you look at the bottom two boxes, I know there's been a lot of questions about macro impact, our market, sustainability, et cetera. We gave, for the first time, dollar-based net retention rates split by geography. We've talked about the impact of Europe and Japan in terms of the financials.
You can see that while our dollar-based net retention rate continues to be very strong, even at its current levels, you can see where Americas is. I talked about this. Americas started a little bit later than the rest of the geographies. We started globally, and then we entered North America. Still, it now has 45% of our total ARR, 25% of our total customers, and the net dollar expansion rate is still in the 140s. Geographic and global presence is a strength. While there's some impact of the choppy macro environment that we have today, it is a strength. We will continue to support and grow globally, and over the long term, that is part of being a durable growth company.
The next thing is, as you think about this process, you know, one of the hidden secrets that we actually have is the foundation that supports this. You know, Mihai Faur, I think, is in the room in the back. First CFO of the company, built the company from scratch. I remember the early days just talking to him, the first NetSuite implementations, the first Salesforce implementations. Today, we actually process across 47. We have employees in 47 countries, customers in 100 countries. The level of operational support that we've had to add to meet that demand, which is large when you think of the statutory requirements, the process requirements is minimal. Instead, we've grown our digital workforce. It's not just the case of drinking your own champagne or things or metaphors that people talk about.
It is the backbone of how we operate, and that gives us the ability to scale. Our G&A percent, we look at our path to profitability as we grow revenue as not having. As I think Ted talked about it, a lot of the hard work is in the rearview mirror. There's gonna be some minor investments to be there, but getting to 7%-9% of revenue, that is not just within reach for us. There is a clear path to be able to get there while we continue to support growth. The last piece is really our customers. You can have the greatest RPA products, you can have the best operational processes, but if your customers aren't growing, you don't have enough of them, that would reflect an issue with the product and market fit.
We've talked a lot about this. 1,600 customers are greater than $100,000. That did not happen in one year. It wasn't a COVID boom. It wasn't one geography that had a great year. This is sustained growth. Again, we haven't shown. We've shown the $100,000+ figures, but if you look on the right, what's even more important is that these customers reflect that the propensity to buy is real. While we have 10,500 customers, these customers continue to accrete their average ARR over a period of time. That is incredibly important. If you have a great customer base, and you saw some of them today, you heard Adi say it, and I'll probably repeat it a couple times. Her biggest problem is she can't go fast enough.
This segment of customers, you can see that actually in this slide, and we've shown this slide in some of our earnings pitches. This takes our top 25 customers on the left, and the yellow says when did they buy. The blue each shows a time in which they have purchased, and the orange shows when they entered into a larger contract with us. This shows that our top customers, this is the way they operate. I think Chris mentioned it, that said, they're building companies, they're building processes around our technology. You don't buy every single quarter. You don't enter into large contracts if it's initiative, if it is a band-aid. This is something that is meaningful to our customers, and it's not just our top 25. When you look to the right, you can see the multiplier effect from the original land to where customers are today.
You can see an incredible multiplier that is there. We're gonna talk about this as we go forward, but extrapolating this across the rest of our customer base will continue to accrete customers. That's an equation for durable growth. Time is our friend. This chart actually takes those cohorts and says, how do customers behave over time? I think you heard this, like, I was thinking about Gautam Oza and what he said on Wells Fargo, and I can relate to this from GE. You start a program, and we are far ahead of where we were five years ago or four years ago. It takes time to move an organization. It is a culture and an operational shift for every function to understand automation. As time moves, the multiplier of how much they invest in automation, it's not a 1.1 type of effect.
You can see the multiplier that is there. As we move forward, I talked about our first North American employee landing on the ground in calendar year 2017. Just think about as you start extrapolating the base of Americas alone while we encounter a choppier environment, time continues to be something that we feel is a tailwind for us. It's not a maturity curve we're afraid of. It's can we go fast enough? Can we focus to serve our customers who have the highest propensity to buy up the chain? That is a strong foundation. We talked about having a really good foundation of where we are. We hear this a lot. What brought you to where you are doesn't mean that you continue it to get to the next level. Rob and Daniel have laid out a really bold vision for us.
How do we get to the next $1 billion? How do we make this what Daniel calls a generational company? Simple financial building blocks, but we'll take you through how the strategy that Rob, Ted, and Chris talked about translates to the financials. Those financials are durable growth, how to get that next $1 billion, but how to do it in a way that has leverage and profitability and generating free cash flow while continuing to make sure we have a strong operational cadence to keep our focus on the customers. The first foundational element is the conviction that there's tons of opportunity. We are not opportunity constrained. The TAM chart that Rob showed in the beginning shows a massive market. This is a different way to look at that market and then see are we really in the early days?
The answer to that is yes. The left side actually shows the entire is a picture of our entire market, 300,000+ customers. You can see the number of customers greater than 5,000 employees. There's a massive base of customers that are there. I talked to you about UiPath building their operational scale around this. I would be a million-dollar plus customer if I had to pay. Not for Chris to sell it to me. I would want a discount, but I would be that one of those customers. We do wanna serve that market. The opportunity is in that blue segment is what Rob and Chris have been talking about. Those are the large enterprises where if we focus our resources, it has the highest propensity generally to buy.
We can then go and look at those orange segments and move them up, and we'll talk more about it. Getting back to are we in our early journey? 10,500 customers with an opportunity of 300,000 plus. If you look at just the areas in which we're in, there's tons for our partners or distributors to go after in a cost-effective way, but there is also a ton for us to be able to go after in that higher segment. If you do the math quickly, it's almost north of 18,000 customers. We're in little over 3,000. That isn't about getting 100% market share to get to where you need to be. We can...
The room to double that segment, the room to be able to go and acquire those customers and meaningfully expand them is significant. This slide is, you know, I think it's a favorite. I got a lot of people talking about it in base. It is our scatter plot. This is our universe. Each one of those are stars or constellations of our customers. You've seen it. We've talked a little bit about how we focus our resources to move those dots that have the highest propensity up and to the right, and we're gonna dig a little bit deeper into this and connect it to the vertical strategy that we've talked about. This is actually propensity to invest in motion. First principle is we have the data to look at this by industry.
A lot of the strategy that Chris talked about, it isn't simple high-level concepts. We have the data to actually go in and segment the market. It's not an exercise. It's a data-driven exercise. Banking and financial services is one of our largest verticals that we have out there. You can see how customers behave across the employee base, and you can very easily start looking at what is the escape velocity for customers that have a higher propensity to buy. We can understand it. We can identify what makes those customers tick. We can go across our enterprise and then execute the segmentation that Chris talked about.
You can take that example of a large vertical and go over just simply to the right and see here's IT, which is a smaller vertical than banking and financial, but there's opportunity there. We can segment that base as well, and you can see a difference. As you dig deeper and deeper into the data, we can then execute to the level of segmentation and vertical focus. Why is that important? By having this data compiled, one, we're at advantage against any competitor. When we look at that's a big competitive moat to be able to have this customer base to be able to understand it. The second is, as we talk about packaged and vertical solutions, we can prioritize where to invest, what outcomes matter the most in what industries, and what customers are the best for that to be targeted to.
Sorry, it's just advancing. The next piece is the pyramid that Chris talked about. This pyramid, and I've gotten to learn a lot with Chris and the team and Rob as we've gone through this strategy and really kinda honed what's our execution plan. What is very apparent is that this translates into financial results. We always say kinda finance people need to know how to add, a little bit of subtraction, hopefully not too much, and an occasional multiplication and division. If you have higher sales and you have a lower cost structure to get to those higher sales, that yields profitability. Chris talked about it.
The top of the pyramid is where we can focus on those high-propensity customers. That massive reach of smaller SMB customers or small customers with a smaller propensity to buy, we can have a very low cost of acquisition or a low cost of support. We actually met with a customer just here in the last two weeks where they're talking about customers or small banks that have a propensity to buy, but they're not gonna be massive. That partner wants that market. They want to partner with us to get there. Incredible low cost of acquisition. They will support those customers better.
When I think about Gautam, or I think about Adi, or I think about the team from Uber, that allows us to take our go-to-market team and focus them on those customers that want to go faster, that need our help to go faster. That really turns out to better business outcomes. That's larger revenue with ASP. Gives us faster speed, which gives us an ability to execute at a pace that supports growth and acceleration and a lower cost. This is one of the ways that we also can get a lower cost of sales that is important as we get to our profitability equation. That is the strategy with data. I wanna go through the modeling points, and I know that this is something that everybody's been waiting for.
This is fiscal year 2024 in terms of our first look at next fiscal year. When you look at it and you take if you first kinda just normalize for the mathematical headwinds that exist between our SaaS platform as well as foreign exchange, you can see that growing 20%-25%, that is there. The opportunity exists. We have an execution plan to be able to do it. As we're thinking about modeling, the anchor point is 18% growth. That accounts for the choppy macro environment in which we're in. It also accounts for the repositioning, which still takes time to execute. Doing that, again, we've shown that we feel like that there's opportunity that comes out on the other side of this.
That 18% in this environment is where we would anchor the models. Sorry. The other piece that is there is we're showing and quantifying the actual headwinds to both our SaaS, which we are excited about. 22.4 launched Automation Cloud Robots, one of the full first SaaS end-to-end capabilities that we have. We want customers to adopt it. We show ARR. We have the durability of ARR as that metric, but we've accounted for that. That gets us close to 10%-15% of where we are in terms of SaaS. The second is foreign exchange. We are better for our global base, but in our short term, we have to account for the FX headwinds that are there.
This is a mathematical equation of where we are today, and that we've also accounted for to stay where we are. Even with that, we look at being able to begin to meaningfully add to our operating margins, giving 300-400 basis points a year on a non-GAAP basis. To be clear, these are, there's upside to these cases, which Rob will talk about, Chris has talked about in terms of our execution, but these are anchor points that we would suggest as we're going through modeling. Long-term margin profile. Margin is important to us. It's not a metric. For us, it is a question of, we fully believe that as we focus on being great investors and great stewards of capital, return on investment is there.
This page actually shows you where does that come from. On the gross margin basis, we've talked about this since IPO, we've been very consistent. 80%, given our cloud business, feels like a very reasonable landing point for us to be able to move from there. As we scale, there's obviously scalability from that point as we normalize on our cloud. Sales and marketing, 30%-35%, we've talked about. There is opportunity in sales. One of the things that Chris Weber has talked about, which I love personally as a CFO, is being an efficient allocator of capital. That means investing, but that also means reinvesting. Looking at areas that are contributing and looking at areas that have underrun any ROI and being able to appropriately allocate them.
That's a rhythm that we take very seriously. We're constantly looking at that as a leadership team, and we've talked about what drives leverage there from a strategy standpoint. R&D, we're gonna continue to invest in. Sales and marketing. Sorry, G&A, we've also talked about the scalability of our base. When you put all of that together, 20% plus operating margins in a market that continues to grow is our really strong conviction of how we feel about the company. Modeling notes. I'm gonna walk through these. These are just basics that we wanted to have everybody since you spent so much time with us. The first is revenue recognition. When we went through the IPO, we talked about a difference between our hybrid cloud and our on-premise, right?
Our hybrid cloud is one that uses both cloud orchestration, but on-premise robots, and on-premise is on-premise. With 22.4, we launched Flex pricing. That means that a customer is really not differentiated beyond what we think about from a discounting standpoint, in terms of their choice between cloud or on-prem. In doing so, that actually normalized or harmonized those two methods of accounting. Instead of having three different methods, SaaS, on-prem, and hybrid, they actually moved to one. Hybrid used to be 40/60. Our on-prem used to be 50/50. It actually normalizes to 45% license revenue upon delivery of the license and 55% subscription revenue over the contract term. That is an update from a model standpoint. Our SaaS business continues to be ratable. Duration.
We continue to drive the company in a way that is customer-centric. We still feel like that our duration has, depending on the customer, depending on the deal, 12-15 to 25 months, it can vary. You can look at that range and understand how to model. Our billings duration, we still feel consistent on. 12 to 15 months in terms of the duration that is there. Foreign exchange, a topic that obviously is very relevant and that a lot of people have asked. Both revenue and net new ARR, they're translated from their local currency transactions to USD at an average monthly rate. The renewal impact of our ARR base, because ARR is a balance, is translated upon the renewal itself.
The period in which a customer renews and we invoice this, that is when that renewal gets revalued. Cloud. ARR will impact, will have both that renewal impact upon transaction as well as the net new impact. That's how we calculate our ARR impact. RPO follows a similar process. That's GAAP, local currency to USD at the closing date of when we close our books. Cloud, we've talked about a 5% headwind to revenue growth. We explained that in the anchor points, and we look at that as a reasonable way of moving forward. The last piece is the relationship between a revenue and ARR. We continue to feel like there's good correlation over a period of time for revenue and ARR on a growth rate standpoint.
Slowly but surely, those two metrics are actually converging. You can see that in the metrics. SaaS will create a little bit of a headwind to that, and you can see the numbers there on the page in terms of what that relationship will look like. Last piece is gross margin, and cost. Gross margin, we look at a 200 basis points decrease year-over-year, and that is really driven by our cloud business. We've talked about and reinforced a long-term model of 80%. Commissions accounting. Remember, we capitalized commissions when we went public at the start of our IPO process. We look at that as continuing to have a 200 basis points headwind to operating margin in fiscal year 2024.
Our 300-400 basis points already accounts for that. You can see the leverage we're actually delivering, and that's just a pro forma accounting basis, and we'll talk about that and continue to give transparency as we have historically. Stock-based compensation, we have a very rigorous process. We have a new CHRO. Our comp committee meets on a regular basis. Within that framework, we really are looking at this on a dilution basis. We target around 5% dilution that is targeted to retain and attract the best talent. That continues to be in a realm that we feel is reasonable and is important as we go forward with our growth. Our stock compensation expense is, you know, it is GAAP-based. It's recognized based on the stock price at the time of the grant.
The higher the stock price at the time of the grant, especially in our pre-IPO days or early post-IPO days, that expense will bleed off, and then newer grants will come in at, you know, for now, a lower price. Income tax, 30% non-GAAP tax rate, and there's really no material cash impact from a tax standpoint. That's modeling. I know that's a little bit dry. I kinda leave everybody with this. We have our anchor points in terms of the model that is there. Before that, we spent the last three hours talking about the incredible opportunity and the execution plan that we have. There is considerable runway, a runway to drive growth.
That is what we're executing to, that is what we're investing, and we feel very optimistic in terms of where we are, how we're positioned. Segmentation, that is something that we just have to do. Chris talked about the importance of it. We've shown you how that translates to a financial impact. It makes sense at our scale, and it drives both growth and profitability. It is not one or the other for us. The last piece is, you are some of the best investors of the world. We consider ourselves that we have to meet that standard. Every dollar that goes out in our budgeting process, it's ROI-based. What are we expecting from this? We have an incredible operating rhythm. That's how we brought the company to close to cash neutrality.
We've talked about the margin enhancement and the leverage that we're seeking to expand. That opportunity is within our power, and we'll continue to execute that to the best of our ability. With that, I really appreciate everybody's time. I'm gonna turn it over to Rob to close. Go Giants. Don't do the floor.
Go Giants.
Okay. Whoo! It's been a long day. How are you feeling? Time to get to Q&A, I guess. Thank you, Ashim. Great job. You've heard a lot here today. Here's what I want you to take away from this afternoon. First, we own the automation market. As the only end-to-end platform that can help customers realize the true potential of digital transformation.
Automation driven by UI, API, and AI. Being very vendor-agnostic, giving our customers deployment flexibility, managing the full automation life cycle, and all of this matters. Second, we are driving the market evolution, helping customers adopt automation process by process as a tool is how we got to $1 billion. The next chapter is how we're gonna help our customers with automation holistically as a way of operating and innovating. Third, I wanna be clear. The objective of all of our work is to re-accelerate growth. The road to $2 billion is clear. We have the TAM. We deliver business outcomes that resonate with C-level executives. Customers own this decision-making and the budget, and we have the team that can execute. We know how to do this. Finally, we are committed to sustainable growth and leveraging our financial model.
No question, we can do both, and we are moving quickly to align the business around significant opportunities we and our customers outlined for you today. Thanks again for joining us, and we hope you enjoy the rest of your time at FORWARD 5. We really appreciate that you took the time to come to Vegas. I'm now gonna ask my colleagues to join me on stage to take Q&A. Thank you. Thanks, everybody. How long are we gonna take Q&A? Where's Kelsey? How long? We have the first question from Mr. Phil Winslow in the corner over there. Oh, I don't need to click it anymore. Is there a reason why I'm so far away from you, Daniel? Okay, let's go.
All right, Phil Winslow, Credit Suisse. You know, thanks for all the details today, particularly on the go-to-market changes, you know, Rob and Chris. Just wanna kinda double-click on that because when I think about, you know, to Daniel's point, wanting to build a generational company, when I think about other sort of generational software companies, they were able to sell deeper and also broader into their customers, but also continue to keep that new customer acquisition engine going as well. When you think about sort of you know, call it, you know, the hunters versus the farmers sort of inside of UiPath, how you are going to balance or prioritize both, you know, expanding more of those customers up into the right, but also bringing more customers into the top of that funnel?
So-
A follow-up for Daniel on the product side. It was amazing to see, I think, where we were at FORWARD, you know, in Miami to where we are today. When you look at this broadened your platform, what are you most excited about, and what are you hearing the most feedback from customers about?
Okay. Good. Phil.
Thanks.
Chris, why don't you take the first one?
It's a really good one. In fact, we're right in the middle of, as we look at segmentation. I believe there's a distinction between the expander or farmer and hunter. As you look at territory design, et cetera, which can be very important, I think segregating and having hunter territories and farmer territories primarily. That's the work that we're doing. I would see a segmentation model, particularly in the top two segments, where we would have hunter territories and farmer territories. It might not be perfectly pure based on the verticalization, distance to customers, et cetera, but that's a pivot point that we're certainly focusing on. 'Cause we think it's a different motion on both of those. By the way, acquisition is super important for us, and I talked a little bit. I call it sticky acquisition.
We've done a bunch of analytics that says what are the new logos and acquisitions that are sticky and grow, and that's the thing we really wanna put focus on.
There was a second question for you, Daniel.
Yeah, the product related. Look, I think our platform is coming of age right now. This is the most exciting thing for me. What was on paper three years ago now is getting consistency. I see products better integrating each other. I see developer experience easier. Listen, in the end, if we look at our big value prop and how we can increase adoption is to actually reduce the automation cost. This is what the platform is delivering right now. It's really an iterative evolution, but it's very important in the maturity of the platform.
Yeah.
Hey, Raimo Lenschow from Barclays. Two quick questions, one for Rob and Chris. If you think about the changes you're doing to the go-to-market, you're trying to sell higher up, you're trying to be more strategic. You're both coming from companies that did that in their lifetime, but it took them quite a while to earn that seat on the table. Like, how do you think about that kind of evolution of UiPath being that and getting to that seat relatively quickly? Because that used to be a process, and I know every software company wants to be there, but not many actually have achieved it.
Okay.
I had a follow-up for Ashim. You know, I get the opportunity and it's all great, but I also see the starting point for the 2024 numbers, and I get a lot of questions from people saying like, "Well, actually
You're kind of decelerating a little bit in just macro, there's all the changes. Is there a little bit of handholding you can give us here? Thank you.
Chris, go ahead.
Yes. I think on the selling on business outcomes at the CXO level, it's I think a combination of people, process, and enablement. It's all three of those things, which does take some time, and so we're trying to figure out how we can get to a clock speed to beat what would traditionally happen there. I think on the enablement side, the models, like I showed this North Star model, I think that can help accelerate. The other thing we've done is I have a team within my organization that is what I would call a combination of industry and value engineer resources, and it's sort of the hack to say instead of We have to get every seller being able to do that. That will take some time.
We have what I would call a highly trained, efficient SWAT team for our biggest, most efficient accounts and opportunities, where we can overlay that to help the sales teams as we're driving both talent, the enablement and then the tooling there. It's a combination of those things. We also know that takes time, so we have this other team, which is highly trained SWAT team to help enable the team and engage directly with customer opportunities.
Yeah. I would just, Raimo, I'll just simplify it down to it's about branding, positioning, and getting us to drive business outcomes, right? If you look through just, you know, take Generali, the video. If I package that in a box and I run that 150 times to insurance companies, I don't think there's any C-level executive at any insurance company that's not gonna wanna do a $125 million annualized run rate cost reduction, right? We have the stories, we have the content. I think you heard it here today. It's about packaging it up, putting the solution and getting us into the right business discussions. It's also very important that we connect what we wanna do to the big GSIs, because they are relevant in all of those companies.
I do think we are part of the decision-making process. That's where we will reposition ourselves on. For sure, we've got all of the catalogs of what we need to do, how those packages get built. It's our job as leaders here to make certain we get out to the right level. The folks that we've hired into the market, Mark Gibbs, Mike Daniels, Ryan Mac Ban, have all been in this industry before. They know how this talk track works and how to actually position it. At the end of the day, it's referenceable customers at scale that changes it. I think we can do it faster than any other company because we actually know what the roadmap looks like.
Raimo Lenschow, on 2024, as we talked about, one, it's an anchor point of how we see things today. The second is, remember, like, you know, the starting point is north of 20, you know, is a 25% growth market. There's mathematical things we just have to factor. For half the year, you know, it's gonna be half of our, the H1 is gonna have a 1.12 euro versus where we are today, which fluctuates on a daily basis, but we know it's well below that. The second piece of this is, you know, we're accounting for what we all acknowledge is a choppy macro environment that's continuing, and we're accounting for the repositioning that Chris Weber and the team are doing from a segmentation standpoint.
When you look at both of those things together, that's kinda what drives the anchor point in terms of that. The opportunity isn't about a quarter or a half. The opportunity is, you know, is there in our longer-term model, which we feel we can execute to. That's our anchor point of where we start today.
Yes.
Great. Thanks. Kirk Materne with Evercore. Maybe one for Ted and Rob and then a quick follow-up for Chris. You know, Ted and Rob, when you think about sort of the activation of enterprise automation, there's a lot of apps that live in every single big customer that you work with.
Yes.
What are the opportunities to actually partner with some of the bigger systems of engagement and maybe get them to sort of, you know, help you all, help them to a certain degree, meaning they don't have, you know, the RPA technology, but they do have huge landing points?
Mm-hmm.
You know, is there an opportunity to start working more cohesively with them to create, you know, sort of automation fabric that might span between the two of you? You know, just a quick one for Chris. Just, can you just talk about how the new pricing tiers are gonna work for like existing customers? If someone was on, you know, just bought RPA, how are you gonna deal with that, I would guess, especially with the enterprise customers? Thanks.
Great questions, Kirk.
Yeah.
Go ahead, Ted.
Well, we'll start first with the ecosystem. We have a bunch of great partnerships today where we've done value-added integrations with leading SaaS and application providers. You know, what we've done with Tableau is one example. You know, where, you know, if you've got an insight, you want an action. Or what we've done to Alteryx to connect into their data management platform. What we've done with iCIMS now is an embedded business model, and we're pretty excited about the potential for this embedded business model in the future. Every app in today's age, you use the term system engagement. If you're building an app today, you've got to consider your data ecosystem. What is the data you master?
What is the data you aggregate is one of your big assets in how you provide value now, in addition to the process that you implement or whatever. That's a fan-out they have to connect and integrate with the rest of the enterprise. Those touch points are places where they're going to need an automation platform and embedding that capability, whether it gives customers, you know, the ability to customize, them an ability to customize and map. I think there's tremendous potential here. We're gonna continue to drive forward high-value integrations with our alliance program, and then we're moving forward like we did with iCIMS on an embedded play where we can add value to their solutions, in the offering they provide.
I think on just the pricing side of things, certainly for new customers it'll be very simple and straightforward. For customers who are already on licensing and renewing, we have a plan to transition them over time, and it involves a number of different things, how we package both the platform and the robots, how do we talk about value, et cetera. What I will tell you, the best indication of do we have it right is our sales team and my leadership team excited about it. As Ted knows, we've come out with this, there's a lot of energy around that 'cause I think there's a value play we can offer to customers and simplify for them.
Yeah, I'll just go back to the first one, Kirk. I think there's a huge opportunity to embed, as Steve from iCIMS said. Like, I think that's something that we can do, even get muscle memory around how to do that at scale. I view that because we want we wanna be agnostic, and we just spoke about being vendor agnostic, right? We wanna be an automation platform that goes above all of those others. We don't wanna be specific. We're not gonna be a transaction-based knowledge of process, how do supply chains work. But we can actually improve pieces of it based on AI and ML at a really, like, at an incredible speed.
The more partnerships we create, the more open an ecosystem, the more value customers are gonna get, and I think we will benefit in that realm as well. You know, for those of you that know me, I'm much more into the ecosystem wins, partners win. If you actually add focus on the customer, the outcomes become relevant and that's how you grow, you know, great companies.
Siti Panigrahi from Mizuho. By the way, great presentation today. Wanna ask about platform. Daniel talked about how you're transitioning from automation tool to platform, and you're expanding on that platform vision. What are the three major challenges you might face to become that ubiquitous, well-adopted platform, and how will you de-risk those challenges?
Ted?
Yeah. Can you repeat the last part of the question? I'm sorry.
How will you de-risk those challenges?
How do you de-risk the challenges?
How do you de-risk the challenges?
Of adoption?
What are the major hurdles or challenges you might see?
For adoption. Yeah.
For-
For adoption.
Becoming a-
Yeah. How do you de-risk the adoption challenge?
Yeah, I think, you know, one of the things. You know, we were trying to paint a picture of just how rapidly we've expanded the surface area of the platform. I think at times we're inside it so much, we don't even appreciate it just how much surface area there is. You think about it also in terms of buyers, user buyers we address. There's been a tremendous expansion over the last few years in what we offer. I think one of the things we're doing, we talk about transformation today, like at the moment in time today. We've been undergoing transformation for the last two years to go from essentially a one value prop to selling multiple value props, to being able to sell to those new user buyers, as well as maturing the products underneath.
That's where I've, I never paint the picture we're done with all the hard stuff, but we've been through a lot of the transformation already to get ourselves in position where now we can effectively. We've got the value propositions, and now we can effectively sell them and implement them with our customers. I think that's one of the ways where we've, you know, things are, I would say, less risky in terms of the platform and are driving adoption going forward. I think the other thing which, you know, we had customers talking about today, their desire to go faster. I'm excited that we're getting to the next stage in, say, this discovery promise. You know, Daniel talked about what are we excited about in the platform? Platform value.
This end-to-end discovery promise where we're really driving that automation flywheel, I think that's gonna be a, as we go forward, that's gonna be a lever toward driving meaningful adoption with customers.
Wanna add anything?
Yeah. I think the best way for us to increase the adoption is to look at the process landscape. We started from manual task automation, and we are moving into higher value business processes. That means API automation. If you've seen our customers talking, all of them are seeing more increased use of API automation, and we invested heavily into having best-in-class API automation scenarios. We are continuing to invest. It's about with the workflow automation that is really embedded into our platform, and it's about apps that connects with our workflows and provide this immersive experience for the end users. That would allow us to capture more market of the process automation market. Not the last, I think the OEM play that we can have with a lot of major system providers and SaaS providers that...
With eventually all of the platforms will have to have an automation story. It's very difficult to build one from scratch, even for your own in-app platform. We believe this is also an avenue for adoption.
I would just add two things quickly. Don't forget Test Suite. It is something, I'm telling you, it is something special. I've been around this industry a long time. I've worked with testing tools. This is not a testing tool. This is an integrated automation testing. If you think about companies that have to change, when you change, you have to test. You have to do regression testing. You've got to do it hundreds of times. If you're in financial services, you better do it right. We've got that integrated into this platform. No one else has got anything like this. You should see these pieces. Then the last piece, which is not the cool, sexiest piece, the management capabilities of this platform, it's unique in automation. That's what companies need.
If you're gonna run an enterprise business, you better know what's going on in your enterprise business. You don't want the trucks lining up. You want the trucks coming in and getting out on the road. Look at that full platform. That's how you get very not defensive, but we need to be on the attack when we can. We've got some really unbelievable products when it comes to enterprise automation. I don't get to select, so-
There we go.
I can actually stay.
Go to Mike.
Hi, Michael.
figure I'll go.
Michael Turits from KeyBanc Capital Markets again. Maybe this is an extension of Siti's question about expansion into other areas of the platform. We know obviously that you just had customers up there saying, "We'd like you to do everything," and you seem to be well-suited to do everything. Some of these other segments in automation are areas where either there have been companies doing it for a very long time or have point solutions that are very focused and are succeeding well. I guess it's a strategy question. As you expand into areas like API management, low- code, BPM, and even app testing, do you intend to be the, you know, the 100% best leading solution in all those areas?
Can you get by with being the 70%-80% solution and, you know, how realistically can you get to become that platform?
Good, good question.
Yeah.
You wanna take that one?
Yeah. Look, our strategy is to combine best in class, and we are playing best in class in few areas like UI automation, API automation. It's really where we play best in class with what we call good enough, and good enough is to address the needs of 80% of the customers that we have. I think this is basically the power of a platform that comes from the integration of best in class with good enough, but also letting open points to integrate with best in class, if you want. We've always built an open platform, and tomorrow in my keynote, we are gonna announce an interesting partnership on the platform in a, in an area where we have good enough, and we will partner also to offer best in class. Overall, this is our strategy. Ted, you-
Yeah, I think, you know, one of the things just philosophically, we don't wake up and say, "Yay, let's go for good enough." I mean, we are very committed towards, you know, how we build products that deliver on the customer needs. You do learn as the, you know, in coming behind someone else in the space, you learn what's the highest return capability. That's the benefit you get as a fast follower. The other thing I'd say is, you know, we're in these spaces because of the added additive value we can create. You know, process mining as it existed is great for transformation, but it leaves the customer with a problem, with a puzzle. Like, what do I do, right?
Our unique opportunity is to solve the what do I do to some degree and connect that to automation and really connect a flywheel. Almost every single one of these products we can go through and say, you know, we're different as an app platform provider 'cause we're providing the only low-code application experience that works that deeply with automation. It's not really an apples to apples when you look at a generalized low-code player.
Mm-hmm.
There's a point of view we bring as an automation platform first but then differentiating capability because we built them together.
I have the mic and I'm gonna use it.
Yeah. Actually, we have only time for one more question. I'm gonna get in trouble if we don't get some of these execs off to their next engagement. Steve, go ahead.
Great. Thanks, Kelsey.
Sorry.
Appreciate it. I'll try to make it a good one. Let's see. Thank you for a great day, by the way. Really excellent presentations, really well put together. Thank you so much. You know, in looking at some of the charts and stuff, it strikes me that on the surface, you know, you conform to kind of the Pareto overall like many companies, where 20% of the customers generate 80% of the revenue. That's not just surface level, that's true for you. You look at the scatter plot, and like a lot of those customers are very small customers, not just large enterprises.
when I think about, like, the number of large enterprises that have scaled up with RPA, and by the way, I'm from SMBC, if I didn't say, so I know it's a name you guys recognize. Why is it such a small percentage of the, let's say, the Global 2000 has really scaled up with RPA? then moving to your platform strategy, I accept the fact that you need to move to a platform strategy. It seems like the right thing. what, you know, what gives you the confidence that you can hit enough of the checkboxes in the broader automation space to get past kind of the limited scale-up that you have in terms of, like, of the number of Global 2000 customers? That's basically my multifaceted question.
You wanna take it? Chris?
Yeah. I think the same thing I talked about in terms of the way we sell on business outcomes at an executive level is that opportunity we have. Because if we do that within an account, our ability to expand and grow those large customers is significantly higher. If you took the opposite and said, we didn't do that, and we were selling at the COE level about automating processes and just time saved, I think that prevents us from growing as fast as we want to. We find whether, again, it's new acquisition, new logo, or expansion, when we have executive sponsorship and we have clear business outcomes identified with that, then that really accelerates the consumption.
Hopefully, when I was articulating, it's not just about when we're selling, but it's that expansion and usage and consumption, that same model, it's so important that we're selling at the right level and we have clear outcomes to measure that progress. That's the thing that will accelerate.
Yeah, I would just, in closing, say of the 100 customer touchpoints in the last four months, I'm 1,000% convinced that the opportunity is still in front of us, by a long way. The platform that Daniel and Ted have spoken about and what they created for the last two years and put the hard work in to make it, I think the best is still ahead for that platform as well. Wanna thank everybody for coming to Vegas. We're back. Thank you, and appreciate your time, and have fun. I'm not gonna say behave yourself. Do whatever you wanna do.
Thanks, guys.
Thank you.
Good job.
Good job, guys.
All right. Good job. Thank you.