Prioritising high value business workflows accelerates digital transformation

Editorial Type: Research Date: 02-2021 Views: 83 Tags: Document, Research, AI, RPA, Strategy, Digital Transformation, Kofax PDF Version:
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
Respondents also said they're prioritising 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
  • 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
Study respondents are also prioritising 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.

More info: www.kofax.com