Kofax recognized as a Disruptor in Avasant’s IA Tools 2019 RadarView™ Report
Among endless service provider options, novel and disruptive mechanics in innovation brings recognition as a Disruptor for Intelligent Automation Tools 2019.
Read the Avasant report
“Platform-centric approach. Focus on data capture and RPA marketplace. Augmenting its IA platform through acquisitions.”
AVASANT ANALYST INSIGHTS
Product Maturity
- Kofax went through a branding, positioning and messaging update to move away from being a “capture company” to an “integrated intelligent automation platform provider”. However, its capture business continues to be the cash cow segment, which allows it to pursue new areas of expansion.
- Over the years, Kofax invested over USD 500M on 6 complementary automation acquisitions, including RPA technology, to offer intelligent automation solutions for the entire process: from cognitive capture to data transformation to process orchestration and customer communications.
- Kofax offers an integrated IA platform with native capabilities built-in, including AI, NLP, ML and Intelligent Screen Automation using Bayesian Classifiers. This negated the need for third-party AI technology. It also brings-in native customer communications, mobility, and electronic signature capabilities. It digitizes critical touchpoints such as onboarding new policyholders and processing insurance claims in insurance industry, etc.
- In 2019, it augmented its IA platform by acquiring Nuance’s Document Imaging (NDI) in January 2019 and Top Image Systems in May 2019. These acquisitions help strengthen its digital capture and SaaS-based capabilities and expand its reach among MFP manufacturers.
Enterprise Adaptability
- Kofax helps build, manage and scale RPA pilot projects at the enterprise level. For instance, ABN AMRO, using Kofax platform, scaled the digital workforce and saved thousands of employee-hours of work per week and improved customer experience.
- It offers its software and solutions directly as well as leveraging its 650 indirect channel partners and integrators across the Americas, EMEA, and APAC. Expanding its geo reach through partner channels, Kofax Japan partnered with Fujitsu last year for market development activities.
- Kofax’s free IA “Starter Pack,” consisting of production licenses, allows existing customers to test the IA platform and map their automation journey. In the past, it offered Kofax Capture and Kofax Transformation software free for the first year, allowing new customers up to 10,000 scanned pages.
Innovation Roadmap
- Kofax continues to invest in innovation and was recently awarded 9 new patents by the USPTO for multiple technologies, including RPA, cognitive capture, mobility, and financial process automation.
- It look at the opportunities in 2 areas, data capture and RPA marketplace. And, recently introduced a marketplace to enable its customers and partners to leverage its pre-built, low-code RPA bots and connectors. Many solutions integrate/connect with products from Google, Microsoft, Oracle.
- Kofax continues to drive focus towards platform-centric approach and invest in intelligent automation technologies to offer a unified platform which serves as an one-stop-shop solution for the enterprises.
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Kofax
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This graphic was published by Avasant LLC as part of a larger research document and should be evaluated in the context of the entire document. The document is available upon request from Avasant website. Avasant does not endorse any provider, product or service depicted in its research publications, including RadarViewTM, and does not advise users to select only those providers recognized in these publications. Avasant’s research publications are based on information from best available sources and Avasant’s opinion at the time of publication, and their contents should not be construed as statements of fact. Avasant disclaims all warranties, expressed or implied, with respect to this research, including and warranties of merchantability or fitness for a particular purpose.