"True digital transformation means actually adding intelligence to data and making it actionable"
Jourlait theorizes that the root of business process inefficiencies today lies in the pool of raw data that has been transformed digitally but serves no purpose for companies from that point on. In fact, most forms that are filled out on a tablet, mobile device or laptop still get sent electronically as a PDF, printed or faxed and ultimately re-keyed into a system of record anyway, making them “unintelligent” documents. In other words, companies might use technology to serve their customers and manage PDFs, scanned or even electronic documents, but they are unable to do anything more with the data to improve their business processes or better manage their enterprise information. “Digital transformation means going beyond just scanning something,” explains Jourlait. “We strongly believe that data is the new currency, and companies must use technology solutions to monetize it and create more value for their customers.”
Turning This New Currency into Actionable Intelligence
By layering AI Foundry’s deep analytical capabilities on top of Kodak Alaris’s business imaging legacy, the company has built a solution that allows organizations to harness the true power of their data with both the hardware and software seamlessly built on top of each other.
Data is the new currency and companies must know how to monetize it and create more value for their customers
This is where the AI Foundry comes in. “AI Foundry is the continuum of our hardware solutions that truly makes the data intelligent,” asserts Jourlait. Companies know what data they need for various business processes from the myriad of electronic documents they receive every minute of every day. Once a document has been captured electronically, the underlying artificial intelligence and user-guided machine learning capabilities allow the system to classify the document based upon the document type and extract data for specific business processes. The system can be trained to understand when it is reading mortgage applications, W-2s, bank statements or healthcare application forms and extract the appropriate information accordingly. All while ensuring that personal information such as social security numbers remain in a secure format and comply with regulatory requirements. Furthermore, the solution enables companies to understand specific trends, identify patterns, and derive insights from the data for better decision making. The goal is for organizations to figure out how to use this new currency to streamline business processes, create value and customer loyalty and ultimately a better customer experience. Kodak Alaris thinks that companies have a long way to go on this digital transformation journey and that data is at the center of the new and improved enterprise information management strategy.
In a nutshell, by understanding context-sensitive data, AI Foundry provides companies with critical competitive advantage through an invaluable currency of actionable information. This substantially decreases the room for human error, saves significant time and resources by streamlining operations, and increases a company’s ROI. As an example, one of AI Foundry’s target markets is lending; specifically, mortgage origination, servicing and secondary markets. When a bank or mortgage company deploys the AI Foundry solution during the mortgage loan origination process, they reduce human involvement as much as possible and only apply it on an intervention basis. The data is extracted from the documents, automatically populating the system of record. Only when there is a missing document, piece of information or signature missing do loan officers get involved.
An Absolute Focus on Value
Being a tech veteran and aficionado at heart with sharp business acumen, Jourlait understands the importance of not just using technology for technology’s sake but utilizing it to solve real business problems. To be able to provide such value to their customers, AI Foundry uses a highly business-centric, hands-on approach. “For us, it all starts with engaging with the customer to understand their business processes and pain points,” explains Jourlait. This implies the absence of a traditional sales approach whose sole purpose is to push off-the-shelf packages into the hands of the business. On the contrary, AI Foundry focuses primarily on the true understanding of the business processes by talking directly to the line of business owners to identify specific pain points and get to the root of their inefficiencies. Initiating any conversations that involve the terms “artificial intelligence” or “machine learning” comes after the fact.
According to Jourlait, “those are merely buzzwords that mean nothing to the line of business owners at face value.” For him and his team, “AI” will always connote “Actionable Intelligence” focused on a business process, which is then added to the raw data that is already in the organization. “Being customer-first and approaching the C-Suite from a business and ROI-centric standpoint are the reason companies are turning to us,” explicates Jourlait. “We start from the customer issue, and then work back to the technology to be able to apply it in all the right places.” On top of customizing solutions to each vertical and their specific pain points, AI Foundry puts special emphasis on the repeatability and scalability of those solutions across different verticals. As such, they can re-purpose and re-use their intellectual property to provide more tailored-to-fit solutions that target highly specific customer pain points.
This puts Kodak Alaris in a small group of companies that are uniquely positioned to offer technology solutions to solve some of today’s most challenging customer problems. Looking ahead to 2018, the company’s CEO lacks no optimism and faith in their growth, as AI Foundry continues to attract prospects from verticals apart from lending, healthcare and insurance. “Our ultimate goal is to not just continue improve our technology but to keep creating solutions that solve real problems for our customers,” concludes Jourlait.