Kofax Kapow to Serve a Market Predicted to Hit Nearly $3 Billion in 2021
Irvine, CA, September 19, 2017 – Kofax®, a leading provider of software to simplify and transform the First Mile™ of business, today announced that Kofax Kapow™ is driving growing demand in the robotic process automation (RPA) market which, according to a recent report from analyst firm Forrester1, was valued at $250 million in 2016 and forecasted to reach more than $2.9 billion in 2021.
With hundreds of thousands of Kapow software robots deployed at more than 500 enterprise customers, BPO providers and shared service organizations around the world, Kofax has enabled exceptional results in operational efficiency, customer responsiveness and cost savings. Kapow’s automation capabilities are being leveraged across a wide range of use cases including customer and employee onboarding, banking, insurance, supply chain, logistics, finance and accounting, marketing, and customer service.
Kapow's unique architecture does not require a costly virtual desktop infrastructure (VDI) like other RPA vendors. Instead, Kapow runs all robots on a centralized server. These smart robots interact seamlessly with applications, trigger responses, and communicate across enterprise systems such as SAP or Oracle Financials, web sites and desktop applications such as Excel. Kapow robots can be implemented without complex coding or lengthy development cycles, which speeds project deployments and increases ROI.
Kapow 10.2 adds several enhancements to the robot design experience, the management and deployment of robots, and intelligent image-based computer screen automation. Additional features include a powerful new expression builder for adding sophisticated business logic into robots, enhancements for monitoring, managing and controlling virtual desktops, and enhanced on-screen image recognition allowing robots to find screen elements via OCR to automate processes in environments such as Citrix.
Kapow has been recognized in a number of RPA reports published by many notable analyst firms, including 451 Research, Aragon, Celent, Everest Group, Forrester, Gartner, HfS and Tractica.
Kofax has more than 125 certified partners in its global channel partner program to address increasing demand for robotic process automation, particularly in the financial services and logistics sectors where RPA is ideally suited to mimic manual employee tasks and drive continuous operational improvements.
Kapow can also be easily integrated within larger enterprise deployments powered by the Kofax TotalAgility® digital transformation platform. Kapow Robotic Process Intelligence delivers interactive views of system performance and robot metrics for optimizing RPA implementations, proactively monitoring trends, ensuring compliance, detecting potential problems in real time, and increasing the productivity of an organization’s digital workforce.
"RPA is growing at a rapid trajectory, expected to be 60% over the next year, and will surpass $1bn in the next couple of years," said Phil Fersht, Founder, CEO and Chief Analyst with HfS Research. "It needs to form part of a broader strategy to automate and streamline work, where people, processes, analytics tools, SaaS platforms, outsourcing models and carefully developed governance procedures, are taken into account as part of the broader transformation plan."
“By implementing Kofax Kapow RPA to streamline some of our business processes, we have reduced turnaround time for digitizing loan documents from 15 days to five,” said Reginald L. Brown Sr., Vice President, Electronic Imaging Manager Consumer Lending Imaging and File Management, Union Bank. “The faster our teams can gather loan documentation, the faster they can compile the packages we present to investors. This speeds time to revenue for our consumer lending business, improving cash flow and lowering cost per fund. The improved agility empowers us to react more quickly to changing market conditions, and seize opportunities to make better deals with investors—all of which helps Union Bank run a more profitable business.”
"Kapow is a fundamental key to the success of our RPA offerings. Its long proven technology and unique server-based architecture make it a natural fit for our large enterprise customers – banks and financial institutions – where manual, repetitive tasks are a significant burden to operational areas like onboarding new customers, processing loans, and situations where strict regulatory compliance is business critical," said Stefan Andreasen, Founder of Smart RPA, one of Kofax's premier Kapow partners.
“Although the RPA market is highly competitive, we’ve experienced tremendous double-digit, growth the last three years and see even greater potential in helping our customers build the digital workforce of the future,” said Reynolds C. Bish, Chief Executive Officer of Kofax. “To date, our growing customer list, partner network and innovative product enhancements have been fueling our success. When combined within the broader Kofax portfolio, including the Kofax TotalAgility digital transformation platform, Kapow is the clear choice for any organization looking to automate operations on an enterprise scale.”
Forecasting Your Future: 3 Ways to Transform Your Business Using Robotic Process Automation eBook
How to Power Digital Transformation in Finance with RPA white paper
Kofax is a leading provider of software to simplify and transform the First Mile™ of business. Success in the First Mile can dramatically improve the customer experience, greatly reduce operating costs and increase competitiveness, growth and profitability. Kofax software and solutions provide a rapid return on investment to more than 25,000 customers in financial services, insurance, government, supply chain, business process outsourcing and other markets. Kofax markets its solutions via a direct sales and service organization, along with a global network of more than 1,000 authorized partners in more than 70 countries throughout the Americas, EMEA and Asia Pacific.
1 The RPA Market Will Reach $2.9 Billion By 2021, Forrester Research, Feb. 13, 2017
© 2017 Kofax Limited. Kofax and Kofax TotalAgility are registered trademarks, and First Mile and Kofax Kapow are trademarks of Kofax Limited.