white paper Kofax Business Value Stairway Maximizing the Business Value of IT Through Customer Engagement

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1 white paper Kofax Business Value Stairway Maximizing the Business Value of IT Through Customer Engagement

2 White Paper Kofax Business Value Stairway Maximizing the Business Value of IT Through Customer Engagement Page 2 All businesses, from the global 2000 to small businesses, are facing a pressing need to re-examine their capabilities in light of the next stages of their digital journeys. The pressure applies to both the IT and the business sides. Accenture Technology Vision, 2014 Executive Summary In executive offices around the globe, maximizing business value is a near universal goal that extends beyond a company s economic valuation to include other forms of value such as intellectual capital, business models, processes and other intangible assets. Some of this value is not directly measured in monetary terms but indirectly in terms of customer engagement and satisfaction, customer retention, brand loyalty, and ultimately, competitive advantage. Increasingly, business value comes as a result of an organization s ability to digitally engage with customers, suppliers, partners, and colleagues. But, pursuing this engagement as a result of IT investments does not, and should not, yield to a one-size-fits-all model. Enterprises and organizations need a pathway a business value stairway that recognizes the unique character of every business, providing compelling and realizable step-function value. The bar for customer engagement is being raised every day. Pursuing initiatives that maximize opportunities to increase customer satisfaction and retention should be considered strategic. Customer Engagement is Now Digital Engagement Most commerce today still begins with people. The dramatic change is that transactions have become increasingly digital and easy, significantly resetting consumer expectations. Customers can shop online for most everything: order a movie, book a restaurant for dinner, reserve a seat on an airplane, trade stocks, even renew our driver license, all from our laptops, tablets or smart phones anytime, anywhere. Yet the fact remains that to this day, many of the most enduring customerfacing processes haven t kept pace and still require numerous manual tasks and interventions. How and why can things be so easy for one kind of transaction, yet so frustrating and time-consuming for another? Part of the answer lies in the fact that every organization has its own unique requirements and processes to capture customer or supplier information and ingest it into their business systems. Some are relatively simple; others are very complex. Trying to find the right solution to capture information, automate and streamline processes and optimize customer engagement is one of the biggest challenges currently facing businesses. Another obstacle is the nature of back-office IT systems, often referred to as systems of record (SORs), that power most enterprises. They were designed for automating internal processes to help businesses run efficiently. Think of them as systems in service to other systems. Most were not designed to facilitate the customer-facing processes associated with modern commerce and the web. The result is a frustrating polarity. Customers can interact with some organizations as easily as tapping a few buttons, but with others, engagement is cumbersome, repetitive, and timeconsuming.

3 White Paper Kofax Business Value Stairway Maximizing the Business Value of IT Through Customer Engagement Page 3 Now s the time to ask, Where exactly is our organization on the digital journey? Can we make customer engagement more compelling, easier, more rewarding, and more profitable? Make the First Mile of Business Faster and Smarter Kofax believes the digital journey starts with addressing a customer s initial interactions with an enterprise or organization. This First Mile TM represents the often information-intensive, real-time interactions customers have with an organization. These might include: applying for a loan, filing an insurance claim, seeing a new healthcare provider, obtaining a government service, or any number of other business processes that often involve time-consuming manual processes. Excessive amounts of paperwork, interactions with multiple people and/or departments, and significant follow-up steps often accompany this phase of the journey. The entire process can be confusing, frustrating, and costly for both customer and the enterprise. Kofax specializes in making the First Mile of customer interactions faster, easier and smarter by transforming and simplifying these business-critical processes in real time. Making the First Mile faster means enterprises can automate information capture and processing turning analog interactions digital. Making the First Mile easier means customers can engage with a business via their preferred method, typically mobile devices. And by making the First Mile smarter, information can be processed, linked to systems of record and analyzed, yielding actionable insights. This combination of faster, easier and smarter engagement can significantly increase a customer s satisfaction with a company and set the stage for lifetime loyalty. It also enables organizations to better differentiate and grow their businesses, while also streamlining operations to greatly reduce operating costs. Kofax helps organizations accomplish this customer engagement transformation with an innovative software platform that combines market-leading capture, process management, information integration, mobility, e-signature and analytics capabilities. The software platform, called Kofax TotalAgility, enables organizations to develop and deploy smart process applications: specialized, highly adaptable, mobileenabled applications used to engage with customers (systems of engagement). These systems are developed in service to humans, while at the same time being compatible with systems of record. Enterprise IT architectures are now migrating deliberately from humans in service to systems to the inverse: systems in service to humans. The goal is to reflect this new orientation directly in an organization s processes and IT architecture. Building Better Business Value For decades, the software industry has been focused on automating what were previously manual processes. This, after all, is one of the key elements of what the IT revolution of the 80 s and 90 s was all about. Yet while these legacy, back-end systems of record (e.g., ERP, CRM, ECM) expertly manage the tasks they were engineered to perform, they do not easily connect to today s preferred systems of engagement (e.g., web browsers, social media channels, mobile devices). To stay competitive and agile, businesses today need a seamless link between systems of record and systems of engagement.

4 White Paper Kofax Business Value Stairway Maximizing the Business Value of IT Through Customer Engagement Page 4 Building a Stairway to Value Increasing Business Value with Kofax Value Improve Information Visibility Digitize information for better access & compliance Achieve Operational Excellence Automate processes to greatly reduce costs Increase Customer Intimacy Establish new levels of engagement & collaboration Deliver Enterprise Agility Radically transform & simplify the First Mile of customer interactions Goal The Kofax Business Value Stairway illustrates how organizations can increase the value they can achieve for themselves and their customers in measured steps over time. As organizations grow with Kofax software solutions, they increase the value of their investment. They do so by: digitizing information for archives, compliance and information visibility implementing automation to reduce costs increasing customer knowledge and intimacy by optimizing the customer experience creating business responses and processes directly from customer engagement and market conditions automating processes for speed and accuracy establishing new levels of collaboration and understanding transforming the way in which an organization engages with its constituents

5 White Paper Kofax Business Value Stairway Maximizing the Business Value of IT Through Customer Engagement Page 5 Step 1 Improve Information Visibility Value Improve Information Visibility Digitize information for better access & compliance Increasing Business Value with Kofax Achieve Operational Excellence Automate processes to greatly reduce costs Goal Increase Customer Intimacy Establish new levels of engagement & collaboration Deliver Enterprise Agility Radically transform & simplify the First Mile of customer interactions Once captured, the information is automatically extracted, validated and perfected before initiating downstream business processes. TotalAgility can automatically resolve inconsistencies, capture missing or trailing information, and trigger processes to obtain necessary approvals. It then acts upon and exports the results into the appropriate systems of record all while ensuring the consistent application of business rules needed for regulatory compliance, internal governance, and security. It also eliminates the need for physical storage of paper documents. Information: Getting It and Using It Step 1 of the Business Value Stairway begins with capturing and digitizing information from virtually any source for better access, visibility, and flow throughout an organization, while minimizing the need to modify existing enterprise applications. The foundation of this first step is built around capturing information. Kofax captures all types of paper and electronic documents and forms, transforming them into accurate and actionable digitized information, and delivering it all into core business applications, processes, and workflows. The platform for doing this is Kofax TotalAgility. Making Capture Fast With TotalAgility, digitizing information can be blazing fast, highly scalable and flexible, enabling organizations to define where and how images are captured and indexed, whether in a small business office, remote branch or back office data center. The unified solution is built on a market-leading, enterprise-ready capture platform that ingests and organizes information from virtually any source: mobile device, web portal, simple or productiongrade scanners, multi-function printers, print streams, , fax server, web service or folder, regardless of location, language or information type. Utah Office of Recovery Services Utah s Office of Recovery Services (ORS) administers child support and other financial recovery programs for the state. Seeking a means to capture and digitize more than 85,000 case files (approximately seven million paper documents) and make them centrally available across its statewide offices, ORS implemented a solution that included Kofax technology. As a result, they automatically classified and separated the case files into 246 different document types at a rate of four pages per second, thereby eliminating the need for a roomful of workers performing these tasks manually. Last year, ORS verified insurance coverage on about 253,000 Medicaid recipients, helping to avoid more than $208 million in Medicaid costs. Banca Popolare Banca Popolare Di Milano in Italy also relies on Kofax for improving information visibility. The bank needed an in-house service center functioning as a state-of-the-art digital mailroom solution. With Kofax in place, the solution the bank calls the Smart Center processes all inbound documents around 10 million annually automatically extracting relevant data and moving it into business processes according to predetermined rules. In so doing, the bank is eliminating costly, manual processes while improving the efficiency of their branches and data centers.

6 White Paper Kofax Business Value Stairway Maximizing the Business Value of IT Through Customer Engagement Page 6 Making Capture Smart TotalAgility includes sophisticated and powerful analytics with out-of-the-box dashboards focused on elevating the visibility and performance of the platform. It delivers interactive views of performance metrics to better enable administrators to report on the effectiveness of their capture processes, as well as providing valuable information to improve system throughput. With these powerful analytic capabilities, organizations can gain even more business value from the capture process, including measuring system productivity, making better and faster decisions, and monitoring trends for dynamic process improvements. The next step in the Business Value Stairway focuses on increasing business value by streamlining processes to significantly improve operational efficiency. Step 2 Achieve Operational Excellence Value Improve Information Visibility Digitize information for better access & compliance Increasing Business Value with Kofax Achieve Operational Excellence Automate processes to greatly reduce costs Goal Increase Customer Intimacy Establish new levels of engagement & collaboration Deliver Enterprise Agility Radically transform & simplify the First Mile of customer interactions It s Risky to Maintain Manual Processes Kofax helps organizations achieve operational excellence by automating business processes to add efficiency, significantly reduce costs and to meet rising customer expectations. Mortgage loans, medical admissions, claims, citizen benefits, even accounts payable are historically manual, slow, painful processes for both organizations and their customers. Maintaining the status quo with outdated processes is a major risk for companies today. TotalAgility helps organizations automatically capture, extract, understand and decide what to do with information in structured, semi-structured and unstructured documents, including hand-printed and handwritten forms, invoices, checks, correspondence and any other document type. TotalAgility securely handles the entire business process, from point of origination through e-signature. By automating what were previously error-prone and time-consuming tasks, organizations using TotalAgility significantly reduce labor costs, improve information quality, and accelerate business processing time, all of which benefit the company and its customers. It also replaces expensive document sorting, filing and data entry processes to significantly increase productivity and accelerate throughput of data collection. TotalAgility doesn t just automate the capture and processing of inbound customer and IT-generated information. It also automates the acquisition and integration of information from disparate sources in particular from websites and web portals to an organization s business applications, without the need for coding. Whether its competitor, market or any other type of hard-to-reach information from web data sources, it can be more easily and cost-effectively acquired and integrated to speed decision making and further automate business processes.

7 White Paper Kofax Business Value Stairway Maximizing the Business Value of IT Through Customer Engagement Page 7 Swiss Post Swiss Post, the postal service of Switzerland, is the country s second largest employer. Beginning in the 1990s, the organization set up a nationwide IP network upon which all communications solutions were to rely. Its goal was to incorporate 3,500 multifunction peripherals in brand offices and stores across the nation, automating tasks that were once paper-based and tedious. With Kofax technology in place, Swiss Post now processes more than 10 million transactions each year with a stable solution that offers greater than 99.99% reliability. All by itself, the project that relies on Kofax has saved up to CHF 600,000 each year, says Marc Spycher, Microsoft Application Engineering at Swiss Post. Hyundai Motor Company Australia Calling its existing manual, paper-reliant invoice payment strategy opaque and inefficient, Hyundai Motor Company Australia (HMCA) deployed Kofax technology to automate this critical business process. A key component of the solution was its capacity to integrate with SharePoint and a SQL database. At the time of deployment, HMCA processed 40,000 invoices per year. Today, thanks in large measure to Kofax technology, the company has absorbed a 50% increase in that workload without effort. All manual handling of invoices has vanished and approval time has been cut to just two days. The next step in increasing the value of Kofax software is establishing higher levels of engagement and collaboration. This growth is engendered by increasing an organization s capacity for knowing and understanding its customers behaviors, needs, and desires. Step 3 Increase Customer Intimacy Value Improve Information Visibility Digitize information for better access & compliance Increasing Business Value with Kofax Achieve Operational Excellence Automate processes to greatly reduce costs Goal Increase Customer Intimacy Establish new levels of engagement & collaboration Deliver Enterprise Agility Radically transform & simplify the First Mile of customer interactions Better Customer Engagement = Better Customer Experience With this step, TotalAgility helps organizations automate, simplify, and enrich customer-facing processes by enabling customer self-service. Many organizations have found that customers are delighted to do a little selfservice if it means more convenience. Increasing customer collaboration during First Mile interactions improves satisfaction while simultaneously reducing operating costs. With TotalAgility, organizations can automatically activate or respond to customers through SMS, MMS, , phone or fax, thus improving responsiveness and customer retention. Customer Engagement On the Go Adding flexibility to the TotalAgility platform, Kofax also leverages ubiquitous mobile devices (specifically smartphones and tablets) as information capture and process management devices with 24/7 availability. With this powerful capability, organizations can provide better service, convenience, and insight to their customers. A good example of this capability is Kofax Mobile Bill Pay, which enables banks and other financial institutions to better engage consumers via their mobile devices. Quite simply, it enables them to easily and

8 White Paper Kofax Business Value Stairway Maximizing the Business Value of IT Through Customer Engagement Page 8 effectively capture bills and add payees to the bank s automatic bill pay system using their smartphone or tablet. Once the Kofax-powered app is opened, the customer quickly snaps a picture of his or her bill using the camera function of the phone. The relevant data is then automatically extracted, corrected, perfected, then presented to the user for payment. The simplicity and convenience of this process improves customer service, builds loyalty, and adds stickiness to the bank s mobile and online banking solutions. Making Data Useful Data is all around us. Every IT-based business process churns it out. The business challenge is to tap into it, understand it, and use data without sacrificing agility or subjecting your enterprise to time-consuming, complex analytical solutions. TotalAgility s analytics capabilities take the accessibility and usability of information to a higher level. This process-aware solution reduces the complexity of conventional, first-generation analytics products while delivering advanced functionality for specific applications to increase visibility, improve decision-making, and maximize operational performance. With TotalAgility, organizations can deploy reporting and dashboard applications without code development, providing real-time and near real-time process and data analytics, visualization and ETL (Extract, Transform, Load) capabilities for data and process analytics. This step in the Business Value Stairway provides valuable customer and operational insights that can generate increased revenue, streamline operational processes, and get organizations that much closer to the customer quickly, efficiently, and cost-effectively. HTH Worldwide HTH Worldwide is a leader in creating access to quality healthcare services around the globe. While the omnipresence of smartphones has offered the promise of greater convenience and efficiency for HTH and its members, it has also presented its share of challenges. To solve these and improve customer engagement and provide better service, the organization implemented the Kofax Mobile Capture Platform to establish eclaims to its mobile app a solution that both guarded the protected health information of its members and eliminated delays associated with poor image quality. Visa Asia Pacific In late 2014, Visa Asia Pacific implemented Kofax software including Kofax TotalAgility to enhance its data and invoice management capabilities. These solutions interact with Visa s B2B transaction information to automatically capture relevant information to enable a three-way match of purchase orders and provide greater visibility into expenditures, collections, and cash flow management. Visa s investment in the Kofax solution and focus on payable and receivable process automation to achieve quality transactional data was perfectly timed. The Kofax platform supports Visa s mission to continuously evolve our payment services to ensure relevance amidst the constantly changing demands in the business, financial and regulatory environment and to continue to be the best way to pay and be paid, said Olivia Leong, Head of Commercial and Prepaid Payment Solutions for Visa Asia Pacific. The next step in increasing the business value of Kofax software is radically transforming and simplifying customer interactions by delivering total enterprise agility.

9 White Paper Kofax Business Value Stairway Maximizing the Business Value of IT Through Customer Engagement Page 9 Step 4 Deliver Enterprise Agility Value Improve Information Visibility Digitize information for better access & compliance Change is Good Increasing Business Value with Kofax Achieve Operational Excellence Automate processes to greatly reduce costs Goal Increase Customer Intimacy Establish new levels of engagement & collaboration Deliver Enterprise Agility Radically transform & simplify the First Mile of customer interactions The final step in the Business Value Stairway is for enterprises that truly want (or need) to transform the way they do business. TotalAgility empowers them to (1) fundamentally change the way they engage and interact with customers, and (2) dynamically adjust to changing market conditions and/or competition. With TotalAgility, organizations can easily engage customers whenever, wherever, and however they want. The platform captures information, enables status updates, confirms process completion and approvals, enables exception resolutions, highlights trailing information requirements, incorporates e-signatures to speed and simplify transactions and more. And real-time event monitoring and powerful intelligence and analytics are available for process optimization. Australian Attorney General s Department With an eye on enhancing citizen-facing services, the Australian Attorney General s Department implemented Kofax TotalAgility to streamline its case management needs into a unified smart process application platform. The solution streamlines business processes, supports greater consistency in the development of new solutions, and increases connectivity between business lines. Furthermore, TotalAgility s analytics capabilities enable staff to monitor process flows and remedy bottlenecks in near real time. The solution has transformed, streamlined and improved consistency for department processes, including grants approvals, international litigation and legal assistance claims. Waterstone Mortgage Corporation A Wisconsin-based lender with annual loan distributions of about $2 billion, Waterstone Mortgage Corporation was one of the early adopters of Kofax Mortgage Agility a robust platform that includes multichannel capture, business process management, mobile, analytics and data integration capabilities. Simply put, Mortgage Agility gave Waterstone the capacity to conduct a paperless mortgage process. Until now, this technology didn t exist for lenders, said Eric Egenhoefer, President and CEO of Waterstone Mortgage. It s a game-changer for our business because it will enable us to engage better with our borrowers, increase operational efficiencies, save time, boost productivity, minimize costs and identify opportunities for improvements and increased revenues. TotalAgility connects today s systems of engagement with yesterday s systems of record, transforming customer engagement and continually improving business outcomes.

10 White Paper Kofax Business Value Stairway Maximizing the Business Value of IT Through Customer Engagement Page 10 Time to Get Busy No matter what your organization aspires to, Kofax can help you achieve major business value by combining capture, process management, information integration, e-signature, mobility and analytics capabilities in a single a unified platform. TotalAgility eliminates or significantly reduces the need for costly software development. It also eliminates the need for and expenses associated with modifying existing systems of record, while still providing flexibility to meet specific needs associated with customers, processes, and markets. Kofax enables you to engage customers in their preferred manner anytime, anywhere, extending the power of your processes to the customer for a higher level of service. Bottom line: It makes the First Mile fast, easy, and smart and that s what better customer engagement is all about. About Kofax Kofax is a leading provider of software to simplify and transform the First Mile of customer engagement. Kofax TotalAgility, combines award-winning capture, process management, data integration, mobile, e-signature and analytics capabilities into a unified smart process application development and deployment platform. More than 20,000 customers globally rely on Kofax software to improve the customer experience, reduce operating costs, differentiate and grow. For more information visit kofax.com Kofax. All rights reserved. Kofax, the Kofax logo, First Mile, and Kofax TotalAgility are trademarks or registered trademarks of Kofax, Inc. in the U.S. and other countries. Other names may be trademarks or registered trademarks of their respective owners. ( )