Prioritizing High Value Business Workflows Accelerates Digital Transformation
Irvine, CA – January 19, 2021 – Kofax, a leading supplier of Intelligent Automation software for digital workflow transformation, today announces Part 3 of its Intelligent Automation Benchmark Study, a Forrester Consulting thought-leadership paper commissioned by the company. As the global pandemic pushes organizations to accelerate digital transformation initiatives, business leaders increasingly must decide which automation projects to fund. According to the study, the guidance is clear: automating workflows with a “DNA” including document intelligence, process orchestration and connected systems yields the greatest return on investment.
“Companies seeking to remain relevant and competitive in the digital economy are aggressively investing in low-code automation platforms to digitally transform internal operations and customer interactions,” says Chris Huff, Chief Strategy Officer at Kofax. “Industry winners will leverage automation with a focus on outcomes and experiences increasing organizational capacity, driving operational efficiency, empowering employees, and enhancing customer experiences.”
When asked to rank automation technology use cases in order of importance, the top responses cited those requiring document intelligence. These are workflows ingesting, classifying and extracting unstructured content from documents and other sources, and turning that information into actionable data insights for further processing. Those use cases include:
Robotic Process Automation (RPA) – 61 percent
Artificial Intelligence (AI)/machine learning – 43 percent
Digital Process Automation (DPA) – 40 percent
Respondents also said they’re prioritizing automation capabilities focused on process orchestration to ensure successful ongoing management of the digital workforce at scale. The top process orchestration needs cited in the study include the ability to:
Mitigate disruption to automated processes due to changes in underlying connected systems and applications – 35 percent
Centralize analytics addressing productivity of the digital workforce and all automation technologies deployed, including its utilization within the enterprise – 28 percent
Orchestrate multiple vendor solutions in a centralized manner – 20 percent
Study respondents are also prioritizing workflows that depend upon connected systems – the ability to connect people, digital workers, systems, data and applications. Specifically:
54 percent of respondents prefer automation platforms with complementary solutions pre-integrated with each other and/or external solutions
61 percent of respondents want automation vendors to have strong ecosystems including marketplaces and/or communities
When asked what specific types of workflows respondents are automating, use cases fell into three primary categories: customer engagement, finance and operations. Example workflows within these categories include:
Invoice Automation
Accounts Payable Automation
Bank Statement Processing
Customer Onboarding
Loan Processing
Claims Processing
Digital Mailrooms
Document Security Management
Transaction Processing
The Kofax Intelligent Automation Benchmark Study is based on a 2020 survey of 450 automation and AI decision makers, and 450 individual contributors in North America, Australia, France, Germany, Hong Kong, Japan, Singapore, Sweden and the United Kingdom. It provides insights into the current state of enterprise automation.
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