Kofax Embraces AI and ML as Intelligent Automation Platform Evolves

https://finovate.com/kofax-embraces-ai-and-ml-as-intelligent-automation-platform-evolves/
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Intelligent Automation software provider Kofax is the latest company to leverage artificial intelligence and machine learning to enhance the capabilities of its solutions. The company announced this week that it is using AI and ML – along with natural language processing (NLP) – to add sentiment analysis and entity extraction to its intelligent automation offering. This improvement will make it easier for customers using Kofax’s technology to better understand and derive value from unstructured content.

“With new AI capabilities to process structured and unstructured data as well as understand intent and sentiment, Kofax is unrivalled in our ability to help enterprises glean greater insights from any type of content, react quicker to customer needs, and deliver a significantly better experience,” Kofax Chief Strategy Officer Chris Huff said.

Sentiment analysis enables organizations to discern the intent and emotion in the unstructured language of emails, legal documents, social media, and customer support queries. Entity extraction adds the ability to locate key elements in unstructured data and classify it into pre-defined categories. Kofax referred to it as the ability to easily locate “people, places, and things” from unstructured data.

The solution will enable organizations to manage the challenge of processing sizable amounts of unstructured and semi-structured data, alleviating the need for manual review of documents. With the ability to extract data in real-time, companies will see increases in productivity and efficiency while benefiting from deeper insights into customer behavior and preferences.

“Our investment in AI technologies to complement rules-based automation is paying off for our 25,000+ customers who’ve come to rely on our experience, dependability, and reliability for achieving true digital transformation at scale,” Huff added.

Founded in 1991 and acquired by Lexmark in 2015, Kofax launched its intelligent automation software platform and marketplace earlier this year. The technology automates end-to-end business operations at scale, and enables companies that have made a commitment to digital technology to further increase efficiency and productivity via automation.

“Kofax’s Intelligent Automation platform has driven excitement, and more energy around further adoption and expansion of the program,” Mitsubishi UFJ Financial Group’s Yoshiaki Nishita said. “In addition, our employee mindset is changing as well. They’re no longer concerned automation will replace them. They see it as an extension of themselves. Ultimately it’s become a fundamental shift in their thinking.”

Kofax demonstrated the KYC Automation with RPA extension of its TotalAgility platform at FinovateSpring 2016. The technology uses existing API infrastructure – or its own Synthetic API capability if necessary – to help organizations meet KYC requirements and fight financial fraud.

https://finovate.com/kofax-embraces-ai-and-ml-as-intelligent-automation-platform-evolves/