Try our new research platform with insights from 80,000+ expert users

Redwood Software - Finance Automation Edition vs Tungsten RPA comparison

 

Comparison Buyer's Guide

Executive SummaryUpdated on Dec 4, 2024
 

Categories and Ranking

Redwood Software - Finance ...
Ranking in Robotic Process Automation (RPA)
18th
Average Rating
9.0
Reviews Sentiment
7.5
Number of Reviews
3
Ranking in other categories
Financial Close Software (10th)
Tungsten RPA
Ranking in Robotic Process Automation (RPA)
11th
Average Rating
7.4
Reviews Sentiment
6.9
Number of Reviews
26
Ranking in other categories
No ranking in other categories
 

Mindshare comparison

As of December 2024, in the Robotic Process Automation (RPA) category, the mindshare of Redwood Software - Finance Automation Edition is 0.4%, up from 0.3% compared to the previous year. The mindshare of Tungsten RPA is 2.1%, down from 2.2% compared to the previous year. It is calculated based on PeerSpot user engagement data.
Robotic Process Automation (RPA)
 

Featured Reviews

Amarjeet Kamble - PeerSpot reviewer
User-friendly and enables automation in finance, HR, and SDM
There is room for improvement, considering no tools having everything inside it is right. So the room for balancing improvement lies in automation enhancement with respect to the feature areas, considering dealing directly with Excel and reviewing it to do some additional stuff for it in the end system so that reading the right thing, picking up the values, and everything. Right now, you can do it with a little bit of custom scripting in addition to eight. But rather than custom scripting, if we can have a direct feature integrated inside this tool, it will be a major achievement. So, it already has that capability, as you can do custom scripting, and you can go ahead with creating your own. But the direct functions are not available. That's where we are lagging behind. However, importing the values or importing the service can be achieved. So, that is where I can see the room for improvement. In this particular area, the entire system can be improved.
Jamil Milhem - PeerSpot reviewer
Automates browsing tasks without needing a server connection
I have worked with Microsoft Power Platform and UiPath. Kofax RPA offers a comprehensive solution with built-in capabilities for executing tasks like running Excel files and web automation without additional servers. They provide their browsers and extensions. For functions such as OCR, image processing, and data extraction, Kofax has built-in features powered by their engine, eliminating the need for subscriptions to external technologies like Microsoft Cognitive Services or Google Search. One of Kofax RPA's strongest features is its on-premise solution, which is particularly beneficial for organizations operating in regions with data regulations, such as the UAE.

Quotes from Members

We asked business professionals to review the solutions they use. Here are some excerpts of what they said:
 

Pros

"Redwood has a great feature where it logs every transaction. So, at any point, we can see every step taken for each transaction. It creates an audit trail of the entire process execution. It is a really good feature. This eliminates the need for extra coding or report generation. The audit report is readily available within the tool itself."
"The out-of-the-box finance modules within the Redwood Finance framework help to speed up the process, versus designing and writing generic BOT code."
"So the best thing is ease of use."
"The best part of Kofax is that they have a whole concept. It's one product, but also has extra elements that can be integrated."
"The product provides end-to-end solutions for different business problems."
"The flexibility to use already-developed components is really good. You can use it for Excel-related operations and other things."
"The pricing of the solution is quite good."
"The most valuable features are workflow and process automation."
"The product saves time and resources."
"The most valuable feature of Kofax RPA is the simplicity of automating tasks."
"The OCR was quite stable and flexible."
 

Cons

"The room for balancing improvement lies in automation enhancement with respect to the feature areas, considering dealing directly with Excel and reviewing it to do some additional stuff for it in the end system so that reading the right thing, picking up the values, and everything."
"Mapping the process steps to an existing R2R process quickly would be a definite step forward."
"would like to see AI integration for automation in future releases. Post-automation, I envision a generative AI model. If I could ask the bot questions like the number of invoices or their current status, it should be able to provide answers directly."
"The technical support must be improved."
"Exception handling needs to be improved."
"Its documentation is not widely available on the web. They should work on the availability of its documentation. In Automation Anywhere, there is a feature called Discovery Bot that automatically records the process steps and suggests a possible bot. I am not sure if such a feature is available in Kofax. If it is not available, it will be very good to have this feature. "
"The product has some constraints and performance issues."
"Kofax RPA's UI could be more user-friendly."
"The solution could use some AI integrated features."
"The process discovery could be a bit better."
"We are on version 10.6, and the current version seems to be 11. Kofax is cycling the capabilities of the product very quickly. One of the difficulties has been to actually keep up with the capabilities as they've evolved. On the one hand, it is good that the product is getting better, but on the other hand, it is difficult to implement the best way with a product that is evolving constantly."
 

Pricing and Cost Advice

"The licensing was purely based on the number of transactions being processed in production."
"Kofax's prices are pretty reasonable."
"Its pricing is reasonable given the product capabilities. Kofax has a wide range of products, and it can sometimes be confusing to understand which capabilities come with which product set. One of the key facets that we've been looking into recently is cognitive document recognition that was a core pile of some of their other technologies such as Kofax transformation modules (KTM)."
"The normal price for an on-premises license is €50,000. That's the price for one robot license. You can have more than one robot license but only one can be run at any one time. I believe the cost of adding a second robot is around €14,000."
"Kofax RPA's licensing costs are yearly and expensive."
"The pricing model for automation solutions like Automation Anywhere, UiPath, and Microsoft Power Platform is subscription-based, where costs are calculated based on factors such as the number of hours used and the scale of automation required.......With Kofax, you purchase a license upfront, and that's all you need. You can create as many automation workflows as you require without additional costs for individual use cases."
"Price is not a problem, because they are a competitor and we have a special rate."
"I don't have complete insight at this point in time, but I would guess that Kofax is a lot less expensive than Automation Anywhere. I would expect its license to be on a yearly basis."
"Kofax RPA is moderately priced but expensive in comparison to UiPath and Power Automate."
report
Use our free recommendation engine to learn which Robotic Process Automation (RPA) solutions are best for your needs.
824,067 professionals have used our research since 2012.
 

Top Industries

By visitors reading reviews
Financial Services Firm
19%
Computer Software Company
11%
Manufacturing Company
9%
Energy/Utilities Company
8%
Financial Services Firm
16%
Computer Software Company
12%
Manufacturing Company
9%
Government
6%
 

Company Size

By reviewers
Large Enterprise
Midsize Enterprise
Small Business
No data available
 

Questions from the Community

What do you like most about Redwood Business Process Automation - Finance Edition?
Redwood has a great feature where it logs every transaction. So, at any point, we can see every step taken for each transaction. It creates an audit trail of the entire process execution. It is a r...
What is your experience regarding pricing and costs for Redwood Business Process Automation - Finance Edition?
The pricing is very client-specific. It's not a one-size-fits-all price. They don't have a single price for everyone. It's based on the client and the number of transactions. As Vodafone, a large c...
What needs improvement with Redwood Business Process Automation - Finance Edition?
Everything seems to be working well. However, I see value in integrating AI for automation. So, I would like to see AI integration for automation in future releases. Ideally, after I perform postin...
What do you like most about Kofax RPA?
You can automate browsing tasks without needing a server connection. The platform provides its browser, allowing you to run anything inside it.
What is your experience regarding pricing and costs for Kofax RPA?
The pricing models across the market initially differed significantly, as most RPA implementations were licensed on a per bot basis, unlike Tungsten RPA, which uses a server-based model. Though the...
What needs improvement with Kofax RPA?
Automation of complex processes involving stable legacy systems could be a major plus. The biggest issue lies in the stability of the target environment. Automating systems based on Citrix, where u...
 

Also Known As

Redwood Business Process Automation - Finance Edition, Redwood Robotics, Redwood Finance Automation
Kofax RPA, Kofax Kapow, Kapow
 

Overview

 

Sample Customers

ArcelorMittal, Alliant Energy, Allianz, Arla, Bacardi, CPS Energy, DSM, Faurecia, Genetech, Jabil, Jumbo,
Aetna, BNP Paribas, Citi, Goldman Sachs, HSBC, ING, Aviva, Humana, Willis, Merck, University Hospitals, CardinalHealth, American Red Cross, Alegri, Capita
Find out what your peers are saying about Redwood Software - Finance Automation Edition vs. Tungsten RPA and other solutions. Updated: December 2024.
824,067 professionals have used our research since 2012.