Newest Intelligent Automation Benchmark Study from Kofax reveals that automation initiatives involving document intelligence, process orchestration and connected systems are yielding the greatest ROI
Kofax has announced the latest part of its Intelligent Automation Benchmark Study, a Forrester Consulting thought-leadership paper commissioned by the company. As the global pandemic pushes organisations 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," commented Chris Huff (pictured), Chief Strategy Officer at Kofax. "Industry winners will leverage automation with a focus on outcomes and experiences increasing organisational 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
- Mitigate disruption to automated processes due to changes in underlying connected systems and applications - 35 percent
- Centralise analytics addressing productivity of the digital workforce and all automation technologies deployed, including its utilisation within the enterprise - 28 percent
- Orchestrate multiple vendor solutions in a centralised manner - 20 percent
- 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
- Invoice Automation
- Accounts Payable Automation
- Bank Statement Processing
- Customer Onboarding
- Loan Processing
- Claims Processing
- Digital Mailrooms
- Document Security Management
- Transaction Processing
More info: www.kofax.com