By Dan Johnson, Director of Product Marketing at Kofax
“The only thing constant is change.” The ancient Greek philosopher Heraclitus spoke these wise words long ago – but little did he know they would ring truer today than ever before.
Change – disruptive change, to be exact – has become so pervasive that we’ve come to expect it. In fact, it seems to be the one 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, organisations don’t know what’s coming next. While constant disruption can be unnerving for business leaders, some companies have proven it’s possible to thrive amidst the never-ending uncertainty. These companies respond faster and more effectively than the competition. How? What’s the variable in the change equation that separates the leaders from the laggards?
It’s intelligent automation. The technology makes processes and operations more resilient and agile, so businesses can react, adapt and embrace change.
The C-suite believes in the benefits that intelligent automation offers. A resounding majority (90 percent) of global executives said automating workflows post-COVID will ensure business continuity, according to the Kofax 2022 Intelligent Automation Benchmark Study. Nearly the same number (89 percent) thought digitally transformed companies have a competitive advantage.
If you want to achieve true digital workflow transformation, however, you need to apply intelligent automation to three key areas of business vital to success. When done properly, businesses develop the resiliency and agility required to balance the equation of change.
The Intelligent Automation Trifecta: Customers, Employees, Processes
Eighty-eight percent of executives surveyed in the benchmark study said they need to fast-track end-to-end digital transformation. The key drivers behind this shift are:
- Optimizing customer acquisition and retention (94%)
- Running the business (operational processes) (93%)
- Improving customer engagement across channels (93%)
- Ensuring compliance, data management, and security (83%)
- Enhancing employee productivity and satisfaction (82%)
A quick scan of this list is all it takes to see the three most important elements for a healthy business:
- Loyal customers
- Happy employees
- Dynamic processes
Intelligent automation is the most effective and efficient method of transforming all three areas into sources of productivity, satisfaction, and cost savings your organization can depend on.
1. Satisfied Customers Are a True Expression of Success
Who doesn’t love a great customer experience? When it’s particularly good, you might 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 especially frustrating.
Remote and hybrid work, supply chain issues, and decreasing employee retention have all made it harder than ever to deliver a personalized and speedy customer experience. 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. Required documentation can be uploaded and verified via smartphone, saving time without sacrificing security. Customers can check the status in real time across any channel.
Once on board, the positive experience continues as automation pre-populates forms for existing customers. Intelligent chatbots provide knowledgeable help (or route 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 off.
2. Loyal Customers Are a Function of Your Employees
No matter how far into your automation journey you are, human employees will always remain an integral component for success. In fact, if your employees aren’t happy, you’re going to struggle keeping your customers happy. Customer-employee interactions may be declining, but when they do happen, they’re often about more complicated tasks. An unmotivated worker who takes no pride in their work isn’t going to produce a satisfied customer.
The challenge to keep workers engaged and satisfied is harder than ever, as the Great Resignation has swept 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 experiencing staffing shortages, intelligent automation can help you get more done with fewer staff. Automation technologies like cognitive capture and document intelligence can capture, process and analyze all the incoming structured and unstructured information, with fewer errors and in a fraction of the time. With information digitized, managers and executives have access to real-time data, so they can quickly decide the best course of action when the next disruption occurs.
Automation also creates a better working environment for employees. Robotic process automation creates digital workflows that take over the mundane, boring tasks like processing applications and loans. Human workers can focus on more interesting projects that require more thought and strategy. Additionally, they have access to the data they need to complete this work thanks to automated workflows.
Happy and engaged employees are less likely to join the resignation wave, and your organization will earn a reputation that makes it easier to attract new talent.
3. Dynamic Processes Yield Exponential Gains
These days, you never know how you might need to adapt your business processes. Supply chain issues, Brexit complications, the pandemic and regional regulations pertaining to compliance and data security all contribute to the cacophony of chaos businesses have been forced to deal with the last two years.
Since there’s no sign of things calming down, the only way to survive is to make key processes and workflows agile.
Supply chain issues? Onboard new vendors quickly with a seamless and secure digital process. Leverage RPA to integrate data from internal and external databases and applications, so customers and suppliers have access to real-time status updates on shipments.
Regulations slowing you down or costing you in fines? Facial recognition along with authentication and verification technologies improve fraud detection, while document security features like content redaction, secure print release, and data encryption keep the information secure (yet accessible).
Dynamic processes, by its very definition, will change. A low-code automation platform makes it easy to adapt on the fly. Any citizen developer can jump in as new obstacles pop up – no coding required. Add in cloud platforms that scale quickly and you’re ready for whatever changes come your way.
Regardless of your industry, intelligent automation streamlines critical business processes for maximum efficiency and resiliency.
To sum up, organizations that plug in a powerful intelligent automation platform can digitally transform workflows to create a frictionless customer experience, reduce employee burnout, increase employee satisfaction, and streamline operations. Be confident in your ability to solve for the unknown and make success the new constant for y