Intelligent Automation: A Kofax Automation Benchmark Study
Digital transformation has become crucial for companies that want to stay competitive in the coming years. According to McKinsey, companies that undergo a digital transformation and digitize their business processes are 20-50% more likely to generate economic gains. In fact, Gartner estimates that by 2025, over 80% of organizations will shift their paper-based data centers to the cloud. Those businesses that continue having manual or paper-based processes and don’t automate will fall behind. As your business begins to implement automation into its workflows, the question is: which business processes should you prioritize, and what are the benefits of adding additional intelligent automation?
Executives are preparing for what comes next and they wholeheartedly believe companies that implement automation will be more successful than their peers that don’t. Kofax, a process automation software provider, recently published its 2022 Intelligent Automation Benchmark Study, interviewing business leaders on what business workflows companies are automating and why. According to the Kofax study, 89% of digitally transformed companies have a competitive advantage.
Which workflows are top companies prioritizing for intelligent process automation?
As companies begin to incorporate intelligent automation into their workflows, it’s important to stop and consider the challenges and drivers your business is currently facing. Once that is determined, you’ll have a clear idea of what processes will benefit the most from intelligent automation. Not sure where to get started? Here are the findings of where business leaders are prioritizing intelligent automation within their businesses:
- 85% accounts payable automation
- 83% document security management
- 82% invoice automation
- 78% onboarding
- 77% digital mailroom
Ryder, a Fortune 500 commercial fleet management company, implemented Kofax’s automated workflow solutions so that its staff could invest their time and energy on much more meaningful tasks. Here’s what Leslie Mandrell, Ryder Product Owner had to say: “We had five analysts that worked overnight. Instead of using them to solve new problems, they were essentially solving the same problem every night. We’ve automated all of this so now the analysts can work the day shift and do more impactful work.”
Why do top companies believe it’s urgent to automate now?
Companies are well aware that streamlining business processes separates leaders from laggards. With this in mind, there are specific drivers that have created the urgency to automate now.
1. Improve customer experience
Savvy businesses know that the customer comes first. Without loyal customers, no business can thrive. This is why strengthening relationships with customers is one of the most powerful drivers for automation. In fact, nearly all the Kofax study’s respondents stated customer acquisition, retention, and engagement are key drivers for pursuing automation.
2. Increase corporate efficiency and productivity
The other fundamental driver executives have their eye on is streamlining processes. Executives know that by automating workflows their staff can better focus on core tasks which will ultimately enhance employee productivity and drive better decisions from their documents and data. Here’s what Robert Duber, Process Automation Manager at University Hospitals said on the matter: “Right after we started, we quickly learned that automation is a powerful tool that we can deploy organization-wide.”
3. Drive market competitiveness
With the new normal, businesses often have to quickly adapt. By automating mission-critical workflows you ensure business continuity, virtual customer experiences, and hybrid work. Investing in intelligent automation means you are investing on your bottom line. By digitally transforming their high-value workflows, you can expect increased efficiency alongside lower costs, higher revenues, and better results with customers.
How much automation is right for your business?
True, digital transformation is a process. Although many companies are still partially or entirely manual, businesses that have fully automated high-value workflows report it has been critical to their growth and keeping up high standards of service. As Chris Huff, Kofax Chief Strategy Officer put it: “To accelerate the pace of automation, organizations need to move from point solutions that automate individual workflows to a platform approach that ties them all together.”
How to get started with intelligent automation today
It’s never been more crucial for companies to implement automated business processes and digital transformation solutions than it is today. From streamlining your mailroom to accurately and swiftly processing invoices, workflow automation is a practical solution for modern companies with employees working both at home and in the office.
Kofax and its platinum partner MetaSource, a global leader in digital transformation with over 30 years in the industry, bring expertise in Intelligent Automation Solutions. The Platinum tier is the highest achievement level within the program. The partnership has a proven track record of delivering the highest value to customers and helping them grow revenues and profits. As a SOC 2 Type 2 certified and HIPAA compliant company, MetaSource’s processes are audited annually by a third party, ensuring service quality and document security.
Contact MetaSource to find out how we can help you begin implementing intelligent automation into your business or read 8 Must-Have Qualities of a Great Business Processing Automation Partner to find out what to look for in a BPO partner.