Dan Johnson, Director of Product Marketing, Kofax
“The only thing constant is change.” The ancient Greek philosopher Heraclitus said these words of wisdom long ago, but little did he know that they would ring truer today than ever before.
Change – or rather, disruptive change – has become so ubiquitous that we’ve come to expect it. In fact, it seems to be the only thing we can count on in these uncertain times. But that doesn’t mean it’s predictable.
Whether it’s supply chain issues, poor employee retention, organizations don’t know what’s next. While constant disruption can make business leaders nervous, some companies have proven that it’s possible to thrive amid endless uncertainty. These companies respond faster and more efficiently than their competitors. how? What variable in the change equation separates the leaders from the laggards?
This is intelligent automation. Technology makes processes and operations more resilient and flexible, so businesses can respond, adapt and embrace change.
The C-suite believes in the benefits of intelligent automation. According to the Kofax 2022 Intelligent Automation Benchmark Study, a large majority (90 percent) of global executives said automating work processes will ensure business continuity after COVID-19. Almost the same number (89 percent) believe that companies that have gone digital have a competitive advantage.
However, if you want to achieve true digital transformation of your workflow, you need to apply intelligent automation to three key business areas that are vital to success. When done right, businesses develop the resilience and agility needed to balance the change equation.
The Intelligent Automation Trifecta: Customers, Employees, Processes
Eighty-eight percent of executives surveyed in the benchmark study said they need to accelerate end-to-end digital transformation. Key drivers of this shift are:
- Optimizing customer acquisition and retention (94%)
- Business management (operational processes) (93%)
- Improving customer engagement across channels (93%)
- Ensuring compliance, data governance and security (83%)
- Increased productivity and employee satisfaction (82%)
A quick look at this list is all it takes to see the three most important elements for a healthy business:
- Regular customers
- Happy employees
- Dynamic processes
Intelligent automation is the most efficient and effective method of turning all three areas into the sources of productivity, satisfaction and cost savings your organization can count on.
1. Satisfied customers are the true expression of success
Who doesn’t love a great customer experience? If it’s particularly good, you can tell your friends. Or post a review on social media. You’re also just as likely to share a negative review if your experience was particularly disappointing.
Remote and hybrid work, supply chain challenges and declining employee retention are all making it more difficult than ever to deliver personalized and responsive customer service. Intelligent automation helps organizations overcome these obstacles.
Frictionless onboarding uses automation and artificial intelligence technology to create a seamless and simple process for new customers. The necessary documentation can be downloaded and checked via smartphone, saving time without compromising security. Customers can check real-time status on any channel.
Once logged in, the positive experience continues as automation pre-populates forms for existing customers. Intelligent chatbots provide competent assistance (or direct the customer to the right person the first time). These same bots provide employees with relevant data so they can help customers in a more personalized and timely manner.
Digital workflow transformation will have your customers singing your praises online and offline.
2. Loyal customers are a function of your employees
No matter how far along you are in your automation journey, employees will always be an integral part of your success. In fact, if your employees aren’t happy, you’ll have a hard time keeping your customers happy. Customer-employee interactions may decline, but when they do occur, they are often associated with more complex tasks. An unmotivated worker who does not take pride in his work will not become a satisfied customer.
The challenge of keeping workers engaged and happy has become more difficult than ever as the Great Retirement sweeps across the globe. Gone are the days of settling for a job because it pays the bills. People don’t want to spend their days collating documents or entering numbers into a spreadsheet. They want a sense of value and purpose.
If your organization is understaffed, intelligent automation can help you do more with less. Automation technologies such as cognitive capture and intelligent document can capture, process and analyze all incoming structured and unstructured information with fewer errors and in a fraction of the time. With digitized information, managers and supervisors have access to real-time data so they can quickly decide on the best course of action when the next failure occurs.
Automation also creates a better working environment for employees. Robotic process automation creates digital workflows that take over mundane, boring tasks like application and loan processing. Workers can focus on more interesting projects that require more thought and strategy. Plus, they have access to the data they need to do the job thanks to automated workflows.
Happy and engaged employees are less likely to join a wave of layoffs, and your organization will have a reputation for making it easier to attract new talent.
3. Dynamic processes give exponential growth
These days, you never know how you might need to adapt your business processes. Supply chain issues, Brexit complexities, the pandemic and regional regulations around compliance and data security all contribute to the cacophony of chaos that companies have had to deal with over the past two years.
As there is no sign of things calming down, the only way to survive is to make key processes and workflows flexible.
Supply chain issues? Fast onboarding of new suppliers with a seamless and secure digital process. Use RPA to integrate data from internal and external databases and applications so that customers and suppliers have access to real-time supply status updates.
Are the rules slowing you down or costing you fines? Facial recognition, along with authentication and verification technologies, improves fraud detection, and document security features such as content redaction, secure printing, and data encryption keep information secure (yet accessible).
Dynamic processes, by their very definition, will change. A low-code automation platform makes it easy to adapt on the fly. Any civilian developer can jump in as new hurdles arise – no coding required. Add cloud platforms that scale quickly and you’re ready for any change.
Regardless of your industry, intelligent automation streamlines critical business processes for maximum efficiency and sustainability.
In summary, organizations that connect a powerful intelligent automation platform can digitally transform workflows to create a seamless customer experience, reduce employee burnout, increase employee satisfaction, and optimize operations. Be confident in your ability to tackle the unknown and make success the new constant for your organization.
Intelligent Automation: The Winning Variable in a World of Constant Change