Finance tasks top the list of processes companies want to automate
Pretty much any business workflow can be automated, but which ones do enterprise executives say are the most important and deliver the greatest value?
A new report from automation specialist Kofax shows that tasks relating to financial transactions top most lists, with accounts payable automation top on 85 percent.
Next comes transaction processing (84 percent), bank statement processing (tied at 83 percent with document security management), and invoice processing automation (82 percent). Further down the list come onboarding (78 percent), digital mail room automation (77 percent) and claims processing (also 77 percent).
"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," says Kathleen Delaney, chief marketing officer at Kofax. "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."
When asked about the reasons for automating these functions, improving customer acquisition and retention comes out top on 94 percent. This is followed by running the business (93 percent), maximizing the value of IT investments (93 percent), improving customer engagement across multiple channels (93 percent), ensuring compliance, data management and security (83 percent), and enhancing employee productivity and satisfaction (82 percent).
"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," says Chris Huff, chief strategy officer at Kofax. "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."
The full report, which also looks at return on investment and the challenges faced in automating high-value processes, is available from the Kofax site.