With 2017 fading into the horizon, we’re not only looking ahead to digital transformation and process automation trends coming up in 2018, but we’re looking back at the topics and trends that resonated with our website visitors this past year.
After analyzing stats from the Kofax Advisor blog in 2017, four primary topics emerged in the 10 most popular posts of the year: Robotic process automation (RPA), digital transformation, compliance and financial process automation (FPA).
Top 10 blog posts of 2017
Robotic Process Automation
Analysts called 2016 the “Year of the Robot.” In 2017, we’ve seen the accelerated adoption of robotic process automation by large enterprises—an especially powerful tool when combined with other proven technologies such as document capture and business process automation.
Across the business in accounting and finance, process automation levels may be anywhere from 25 to 90 percent. How can your organization fill those gaps? With robotic process automation, which Forrester calls “a fresh alternative to the ‘big spend’ of typical business process management programs.”
Robotic process automation is often thought of as a back-office function, but this technology can both directly and indirectly improve the customer experience in banking by automating and speeding previously manual functions in customer service, customer due diligence (CDD) and customer onboarding.
Don’t leave value on the table when choosing a robotic process automation solution. This checklist of must-have RPA features will help you choose a solution that will have a real impact on your business.
More than just a business buzzword or a call to go paperless, digital transformation is a real imperative for organizations committed to creating a seamless experience for customers. Digital transformation is less about flipping a switch to “go digital” and is about an ongoing commitment to make step-by-step changes to achieve true enterprise agility.
In this four-part series on digital transformation, we look at inspiring stories of organizations that are moving from digital zero to total enterprise agility using a proven framework we call the Business Value Stairway.
Customer onboarding is your most critical point of engagement—a chance to wow and win a raving fan…or deliver a terrible experience that ends the relationship before it begins. In this post, we look at how banks, insurance companies, government agencies and other organizations are transforming their customer onboarding.
Compliance is expensive and frustrating for most organizations: the average financial firm spends $60 million a year on Know Your Customer (KYC), Customer Due Diligence (CDD) and Anti-Money Laundering (AML), and since 2008, banks have collectively paid more than more than $300 billion in fines for non-compliance.
General Data Protection Regulation (GDPR) is one of the alphabet soup of compliance acronyms like KYC, AML and CDD. If your organization is based in the UK or European Union or you have customers, partners or suppliers in the EU, GDPR regulations apply to you. The cost of non-compliance can mean the difference between staying in business or closing your doors.
Throwing more people at your compliance problem is not a scalable or cost-effective solution for KYC, AML and CDD—nor are people able to significantly speed the onboarding process and customer experience when bogged down with manual identity checks. In this post, we cover the 6 Es to streamlining your CDD operations.
Financial Process Automation
How do best-in-class financial organizations break process silos, increase collaboration among staff, suppliers and customers, and drive strategic outcomes for the business? With financial process automation—the key to freeing up the finance team’s time from copy-and-paste and data verification to focus on analysis, reporting and strategic recommendations.
Financial organizations that haven’t automated accounts payable or invoice processing spend on average $12.51 more per invoice than those who have. But AP automation benefits add up to more than just costs; time to process, better relationships with customers and suppliers and other benefits accrue as well.
Organizations can automate anywhere from 50 to 90 percent of end-to-end financial processes across Procure to Pay, Order to Cash and Record to Report cycles. Fill those gaps with an intelligent digital workforce that automates copy-and-paste, data-gathering and consolidation, and data entry tasks from one application to another.
Wishing you a prosperous New Year from all of us at Kofax. We’ll return in 2018 with our best predictions in process automation technology and digital transformation for the year ahead.