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Kofax Foresees Increased Demand for Intelligent Automation in 2021
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January 21, 2021 News

 

As more companies continue to automate most of their processes to deal with the challenges of the pandemic, having the right solutions to enable them is key. While there are many automation vendors and solutions in the market, Kofax has accelerated its growth in the ASEAN region as more organisations look to use their solution.

With intelligence automation at its core, one of Kofax’s success stories from the pandemic was integrating its Kofax SignDoc digital signing solution with Sign with SingPass, a feature developed by Singapore’s Government Technology Agency (GovTech).

AIA, the leading insurance company in Singapore and a long-standing customer of Kofax, is one of the first companies to participate in the pilot project with GovTech. The immense potential value is expected to be drawn from the integration efforts benefiting all participating stakeholders, supporting the growth and development of organisational digital transformation strategies from end-to-end. Kofax SignDoc’s integration with SingPass Sign enables remote digital document signing and verification to be carried out securely and in a more user-friendly manner for customers.

Kofax’s market-leading portfolio of intelligent automation solutions automates high-value workflows requiring document intelligence, process orchestration and integration with enterprise solutions – resulting in greater efficiency and ROI. To automate and optimise e-signing workflows, organisations need to be able to capture, process and orchestrate data from contracts, forms, images, or digital assets – turning that information into actionable data for further processing.

According to Zakir Ahmed, Senior Vice President and General Manager for Asia Pacific and Japan at Kofax, the pandemic has accelerated businesses to look at more automation solutions as it becomes prevalent.  Companies can no longer collaborate internally and externally without the right tech. What makes Kofax’s solutions interesting is that being cloud-based, they are able to integrate easily with pre-existing solutions for a customer.

He added that businesses  had leapfrogged technology for digital adoption to survive and remain relevant, with the huge uptake of technology in finance, manufacturing, government agencies and healthcare. While Zakir believes there will be a gradual stabilisation of the economy as vaccines are rolled out across the world, most businesses will  remain virtual as their customers will begin getting used to the technology.

The opportunities for automating business workflows in industries includes:

  • Insurance – review client history and contract for risk assessment and scoring.
  • Customer Service – surface the most important content within emails.
  • Banking – automate the review of contracts based on regulations and compliance set.
  • Application Processing – capture and recognition of complex forms.
  • Legal Contract Analysis – condense a contract to the riskier clauses or compare legal agreements.
  • Transportation and Logistics – ingest and extract massive volumes of unstructured data and critical information.

 

“We want to help organisations grow and move forward. Customers are now looking beyond digital signing and are interested in signature verification. This allows our clients the ability to process documents much faster compared to manual processes. With AIA, its about integration which can be done with other agencies and countries in ASEAN as well. We just need to understand the need and requirements,” said Zakir.

At the same time, Zakir explained that their goal is not to conquer the market despite the positive growth in the region. While they are optimistic on demand, they are not going to over-invest but instead continue to focus on their intelligence automation solutions. Their customers who have been using a single product are now also looking to increase Kofax footprint in their business.

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