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Kofax Survey Details Enterprises’ Digital-Transformation Strategies and Priorities

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Kofax, a provider of intelligent automation software for digital workflow transformation, today announced the results of its study that examines what business workflows executives think benefit the most from automation.

The Kofax 2022 Intelligent Automation Benchmark Study annual report details companies’ intelligent automation ambitions, challenges, and outcomes. The first report was published in 2019.

According to the study, organizations are focused on the following high-value customer, operational, and financial workflows:

  • 85 percent – Accounts payable automation
  • 84 percent – Transaction processing
  • 83 percent – Bank statement processing
  • 83 percent – Document security management
  • 82 percent – Invoice processing automation
  • 78 percent – Onboarding
  • 78 percent – Other
  • 77 percent – Digital mailroom automation
  • 77 percent – Claims processing

Enterprises are prioritizing these workflows for a variety of reasons, from improving the customer experience, to better decision making. Executives in the survey also said automating the following functions are providing the greatest benefits:

  • 94 percent – Optimizing customer acquisition and retention
  • 93 percent – Running the business
  • 93 percent – Maximizing the value of IT investments
  • 93 percent – Improving customer engagement across multiple channels
  • 83 percent – Ensuring compliance, data management and security
  • 82 percent – Enhancing employee productivity and satisfaction
  • 77 percent – Transforming back-office operations
  • 77 percent – Gaining customer insights through data analysis

The study also details the high-value workflows that yield the greatest return on investment, the challenges organizations need to overcome to automate these high-value processes, and the progress enterprises are making in their digital-transformation efforts.

Kathleen Delaney, chief marketing officer at Kofax, commented: “This year, as companies navigate a drastically altered business landscape, they face myriad new challenges, from supply chain disruptions to workforce shortages. Yet the ‘New Normal’ is old news, customers, prospects and other constituents are not accepting excuses for falling short of objectives.

“At a moment when virtually all companies agree digital workflow transformation is key, we wanted to understand where they’re focusing their priorities, and what types of automation yield the greatest benefit. Having these insights will help executives apply their limited time and resources more intelligently,” Delaney said.

Chris Huff, chief strategy officer at Kofax, commented: “The digital-first business environment has exposed a chasm between companies that have transformed through automation and AI and those companies that have under-invested and find themselves weighed down by an analog business culture.

“Leveraging intelligent automation to digitally transform how work gets done is the opportunity of our generation. Companies across every industry are winning by focusing on delivering frictionless and delightful experiences for their customers, while at the same time creating productive and purposeful experiences for their employees so they can engage in more meaningful activities,” Huff said.

Robert Duber, process automation manager at University Hospitals, explained how automation helped the hospital make manual transfer of patients more efficient: “One of our early projects was related to the transfer of patients between facilities and then documenting it. Patient transfer was a manual activity and we saved quite a bit of time by automating it. As the pandemic took hold, we started to look into capacity issues and found that automation freed up staff and yielded the time needed to improve the quality of patient care.”

Visit Kofax here to see the complete survey.

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