Research Finds Siloed Automation Provides Limited Benefits While an Integrated Approach to Intelligent Automation Enables Success
Irvine, CA – April 21, 2020 – Kofax®, a leading supplier of Intelligent Automation software to digitally transform end-to-end business processes, today announces the Kofax 2020 Intelligent Automation Benchmark Report, a study conducted by Forrester Consulting and commissioned by Kofax. The report finds while many enterprises have prioritized automation, they’re struggling to scale and achieve hyperautomation. It also finds taking an integrated approach to intelligent automation can result in accelerated ROI, enhanced customer success and employee satisfaction, and reduced technical debt.
“The 2020 Benchmark data clearly tells a story of enterprises moving beyond siloed, ad hoc automation and toward integrated, single-vendor Intelligent Automation platforms. Boards and executives understand the value of a single platform that can digitally transform a multitude of processes while providing an open architecture capable of easily connecting to third-party applications,” says Chris Huff, Kofax’s Chief Strategy Officer. “Our aggressive R&D has been aimed at cloud-enablement, embedding AI to handle unstructured data, and orchestrating downstream workflows – allowing customers to rapidly drive increased capacity, productivity, employee satisfaction and customer success.”
For the second consecutive year, The Kofax 2020 Benchmark Report reveals organizations are making considerable headway automating key front- and back-office operations:
58% of organizations have deployed automation technologies to digitize information
52% are using it to automate front-desk interaction
49% have implemented automation for fulfillment and verification
45% use it to perform rules-based tasks
44% use automation for business spend management
44% automate back-office tasks
38% automate decisioning
30% use it to automate Accounts Payable (AP) and orchestrate workflows
Hyperautomation accelerates business transformation and success by enabling IT and citizen developers to harness complementary integrated automation technologies – including process discovery, robotic process automation, business process management, advanced analytics, business rules, embedded artificial intelligence and machine learning. Despite automation gains, the report points to several factors preventing organizations from achieving hyperautomation.
Siloed Automation Leads to Technical Debt and Delayed Success:
Nearly all decision makers surveyed (98%) report adopting an unintegrated approach to automation resulted in unanticipated challenges.
Two of the most significant challenges reported were high technical debt (46%) and delayed success (35%).
Nearly half (45%) of enterprises report they’ve taken ad hoc approaches, automating their many use cases via siloed solutions from a multitude of vendors.
Integrated Intelligent Automation Accelerates Digital Transformation:
99% of decision makers believe there would be considerable value in working with a single automation vendor and automation platform.
52% of decision makers cite improved customer experience as the top benefit of leveraging a single-vendor platform.
78% of employees say a single-vendor automation platform provides greater efficiency of their daily tasks, and 65 percent say it allows them to be more productive.
The 2020 Kofax Intelligent Automation Benchmarking Report is based on a January 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 UK. It provides insights into the current state of enterprise automation.
Kofax software enables organizations to Work Like Tomorrow™ – today. Kofax’s Intelligent Automation software platform helps organizations transform information-intensive business processes, reduce manual work and errors, minimize costs, and improve customer engagement. We combine RPA, cognitive capture, process orchestration, mobility and engagement, and analytics to ease implementations and deliver dramatic results that mitigate compliance risk and increase competitiveness, growth and profitability. Kofax provides a rapid return on investment for over 20,000 customers in financial services, insurance, government, healthcare, supply chain, business process outsourcing and other markets. Kofax delivers its award-winning software and solutions through its direct sales and services organization and more than 650 indirect channel partners and integrators in more than 60 countries throughout the Americas, EMEA and Asia Pacific. For more information, visit kofax.com.