Innovation in Automation: How To Automate High-Value Workflows

Organizations continue to be faced with an accelerated rate of change and unpredictable challenges. Automation can help, but only if a more innovative approach is taken. Chris Huff, chief strategy officer, Kofax, tells how an intelligent automation platform can transform mission-critical workflows and deliver big gains throughout the enterprise. 

Instability and unpredictability have been the name of the game for businesses across all industries for the past two years. Major supply chain disruptions, labor and skillset shortages and a potentially permanent hybrid work model are just a few of the most recent changes companies have been forced to address. 

While many organizations were already beginning to automate business processes, the obstacles of the last few years have opened executives’ eyes to just how important automation is to survival. A recent benchmark studyOpens a new window discovered that 90% of executives believe automating business workflows post-COVID-19 will ensure business continuity. Eighty-nine percent also think digitally transformed companies have a competitive advantage. 

But the old approach just isn’t cutting it these days. Organizations looking to become more agile in the face of unpredictability and thrive in an unstable landscape must innovate their automation strategy. 

The study and underlying data indicate that the smart play is an intelligent automation platform that provides complementary technologies and artificial intelligence to digitally transform high-value workflows that result in bigger, faster gains and a scalable solution that supports the business today, tomorrow and beyond. 

The Status Quo in Automation: Point Solutions

Organizations have viewed automation as valuable for quite some time. Leaders expect the benefits to cascade throughout the organization, from improved customer relationships to a positive financial impact. The study identified some of the top motivators driving executives toward automation:

• • Optimized customer acquisition and retention
  • Maximized value of IT investments
  • Improved security, data management and compliance
  • Enhanced employee productivity and satisfaction
  • Better customer experience
  • Actionable insight through data analysis

Executives also feel compelled to speed up the automation process, with 88% of those surveyed reporting they think end-to-end digital transformation must be fast-tracked. Additionally, business leaders indicated interest in specific high-value customer, operational and financial workflows, with an emphasis on automating routine transactions:

• • Accounts payable automation (85%)
  • Transaction processing (84%)
  • Bank statement processing (83%)
  • Document security management (83%)
  • Invoice automation (82%)
  • Onboarding (78%)
  • Digital mailroom (77%)
  • Claims processing (77%)

However, even though many have already started their automation efforts, a common approach has been implementing point solutions for specific projects. In fact, none of the survey respondents had fully automated the high-value workflows they identified as critical to digital transformation efforts. 

Why? The old approach (which may seem cost-effective and faster at the time) ends up costing more and slowing down transformation efforts. Separate solutions built on different platforms typically aren’t very user-friendly, making it hard for non-technical users to contribute to automation projects. IT teams are faced with complex integrations trying to unite disjointed systems. A fragmented approach makes it next to impossible to scale automation across the enterprise — the true end game organizations desire. So, what’s the right move to get there? 

See More: Invest in Your Company’s Digital Transformation: Why the Time Is Now

Innovation in Automation: One Platform Transforming High-value Workflows

A single integrated intelligent automation platform breaks down silos and makes end-to-end automation of mission-critical workflows achievable and scalable. To overcome the challenges associated with the old way of doing things, the platform should come equipped with three core capabilities:

1. 1. Document intelligence: Every workflow that’s a prime candidate for automation requires the processing of massive amounts of data from myriad sources. Truly forward-looking intelligent automation platforms get the most from all AI has to offer to accelerate digital workflow transformation. Machine learning and natural language processing (NLP) unlock the value in unstructured data assets while improving processing time and accuracy. Data from digital assets online, enterprise applications, paper documents and digital identity documents all contain critical information that needs to be collected, extracted, processed and analyzed. Document intelligence applies cognitive capture and other technologies to process, extract and analyze incoming data, regardless of format or channel.
   2. Process orchestration: Digital transformation doesn’t replace human workers. On the contrary, it creates a collaborative team of human and digital workers that’s more powerful and efficient together than separate. But it can be a challenge to keep these processes running smoothly, especially in today’s hybrid workplace. Process orchestration makes it possible to manage digital workflows and ensures processes are compliant with pertinent regulations. It’s easy to update processes as needed, and organizations can increase output without increasing headcount, improving scalability. 
   3. Connected systems: No matter how great your automation efforts are, companies won’t be able to scale if the platform isn’t connected to other critical business applications. Organizations rely on their CRM, ERP, chatbots and other information systems to operate. A truly intelligent automation platform connects all of these systems together through an open architecture and prebuilt adapters that can connect to core systems.

The Results: A Ripple Effect Across the Business

What can happen when companies use an intelligent automation platform to automate high-value workflows? Well, executives expect a big payback across many areas of the business according to the benchmark study, including:

• • More efficient operations (99%)
  • Significantly reduced costs (94%)
  • Higher revenues (92%)
  • Attraction of new customers (92%)
  • Retainment of existing customers (90%)

Other areas where business leaders expect to benefit are improved customer satisfaction, competitive advantage and empowering employees to do more with less. In other words, the effects cascade throughout the business and amplify as automation is scaled enterprise-wide. 

If you’re looking for some more concrete examples of the various ways intelligent automation delivers, check out these use cases:

• • Healthcare facilities can automate the paperwork associated with patient transfers. Overworked, tired employees are freed from dull, repetitive work and can focus on patient care. Plus, automation speeds up the process and improves accuracy, so patients receive better care faster. 
  • Finance organizations can automate the accounts payable process, reducing the cost associated with invoice processing and gaining valuable insight into the cash flow position of the company. AP teams can elevate their role in the organization, adding strategic insight into financial planning. 
  • Customer onboarding is a very pertinent use case across many industries. Potential customers are more likely to complete the process if it’s frictionless. In addition to creating satisfied customers from day one, automated onboarding is a significant differentiator that gives organizations a true competitive advantage. 
  • A digital mailroom processes and validates all the structured and unstructured data coming into the business, routes it to the appropriate people and analyzes it for valuable insights — automatically. A streamlined process takes the onus off human employees, reduces errors and provides management with up-to-date information for smarter and more proactive business decisions. 

Instability and unpredictability may seem like they have the upper hand right now, but innovative companies are playing the long game and making a move to integrated intelligent automation platforms. 

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