How Kofax Can Revolutionize Your Document Processes
August 28, 2019
Intelligent Process Automation Streamlines Your Workflows
Robotic process automation (RPA) has had some dramatic effects on small businesses over the last few years. With digital transformation efforts increasing as new software becomes more affordable and, in many cases, a necessity, many decision makers are looking at how they can implement RPA solutions like Kofax into their organizations.
The total value of the RPA market was $597 million in 2018. By the year 2025, that number is expected to skyrocket to almost $4 billion. That’s a considerably significant rise for an industry that only began gathering steam in 2015.
The adoption rates of RPA technology are increasingly becoming central aspects of the DX roadmaps of many businesses—92% of IT decision makers believe that automation technologies will be key to addressing emerging needs as organizations ramp up digitization.
Solutions like Kofax have seen growth with SMBs that want to utilize automation for virtually every aspect of their business operations; whether it’s customer service, streamlining workflow processes, reducing operating costs, or advanced monitoring and analytics of business processes.
Today, we’re going to examine how Kofax can improve your documentation workflows and processes with automation.
Improving the customer experience through digital technology is one of the primary goals for SMBs. This can be achieved through numerous methods by implementing digital transformation in a company—a good online and mobile presence is perhaps the most obvious way that an organization can improve its interactions with consumers.
Automation is another way that a better CX can be achieved. In fact, one-third of decision makers specifically outline an improved focus on customer service as an expected outcome from implementing enterprise automation solutions.
There is a greater understanding now among small businesses that streamlining and automating many of the time-consuming tasks that are part of the typical customer journey is an important step in keeping a business competitive.
For example, using document capture and transformation technology can drastically improve the way a business processes and delivers information to the correct systems, without delay and with little of the manual input that slows down so many customer interactions today.
Customer-Related Document Processes Sped Up With Kofax
Customer Applications: Paper-based applications can take weeks and are very time-consuming. Digital applications are far quicker, but automated solutions like Kofax Capture can speed up the time even further still by being taught how to receive and acquire information the company receives from customers, saving employees from the repetitive manual tasks of inputting data themselves.
Automated Remittance: For businesses that might receive remittance documents online from customers, it’s common for a variety of different file formats to be used, like PDF, DOCX, and XLSX. An RPA can extract and transform differing files to uniformity and then automatically send them to the ERP system for storage.
Invoice Management: This is a crucial aspect of any relationship between business and customer. With automation, invoices can be scanned, categorized, and added to workflows for employee approval. This quickens the time it takes for payment and helps maintain a solid relationship.
Customer Onboarding: Customers routinely have to have some form of identification certified when they are pursuing an application. Automated certification speeds up this process by using ID software to verify the identity, often from material as simple as a phone image—shortening the process from days to minutes.
Aspects of Information Capture
We’ve looked at how automated processes can improve the dynamic between vendor and customer. Digitizing the process of handling documents within an organization is one of several reasons decision makers adopt digital transformation roadmaps for their companies.
Now let’s take a look at the process for documents that information capture can dramatically improve through the use of RPA solutions.
Cognitive Capture: This is the centerpiece of a good document capture system. Namely, the ability to capture and process all types of documents, whether it’s a hand-written invoice or a digital document with the wrong file extension.
Omnichannel Capture: Not only is it important to speed up the process of handling incoming documents, but the distribution and storing of data, too. Bots can draw data from multiple sources across an organization and sort the information quickly and effectively, sending it other parts of the business and preventing siloing.
Digital Mailroom: This essentially refers to eliminating the painfully slow and laborious process of having employees manually assess documents. They are typically expected to:
- Review digital and paper documents
- Enter data from documents
- Classify and validate documents
- Route documents
If you install a bot capable of doing all these tasks for you, you're saving your employees time and allowing pursue other tasks that need them.
Machine Learning: Bots can learn to adapt and learn new processes on their own. For example, after processing a sample of specific documents, the system will use AI to automatically recognize how interact with each field of the document in the future without guidance.
By replacing these manual capture processes with automation, businesses accelerate workflows and improve their operation efficiencies. Not only are workers freed up from performing these tasks themselves, but bots can perform them more quickly and without error, 24 hours a day.
Process Intelligence and Analytics
With digital transformation, the ability for executives to make decisions based on data-driven analytics is a key advantage over competitors which haven’t yet incorporated digital solutions into their organization.
90% of all data that exists in the world was created over the last two years alone. That’s an astonishing amount to work with. With businesses have to process more data than ever, having a complete understanding and total real-time visibility into the high volume of data passing in and out of your systems is essential.
Kofax Analytics offers businesses the ability to:
- Gain insight into all critical omnichannel capture and document automation processes through nearly 100 pre-defined metrics and more than 100 records
- Filter the number of batches and documents by batch class or document type to identify bottlenecks
- Monitor human operators, businesses processes, and software performance
- Apply security settings based on user roles and contextual data rights to protect sensitive information
- Access information remotely on a variety of devices
Having total control over your automated systems is an important step in your document processes. Analytics allows end-to-end visibility, monitoring for compliance, reduced risk, and immediate actionable insights for document data.
Are you considering automating your document processes? Impact Networking is a certified Kofax partner and our experts are well-equipped to give you all the technical support and guidance you need to successfully introduce process management into your organization.
Reach out today to start a conversation about how you can improve your business with intelligent process automation.