Digitizing Documents for AI and Analytics

#AskTheCEO Podcast

Connect with Foxit Software on the Azure Marketplace: https://bit.ly/2MALLQS Kai Wille is the Director of Strategic Alliances at Foxit Software, a company that helps insurance companies create efficient documents while reducing costs via industry-leading, enterprise-scale document conversion and compression technology. As part of this discussion, we shared how their partnership with Microsoft, their use of Azure, and the Azure Marketplace has empowered them to scale and grow their business. Contact Kai Web: https://www.foxitsoftware.com/enterprise-automation/ LinkedIn: https://www.linkedin.com/company/100005/ Personal LinkedIn: https://www.linkedin.com/in/kaiwille/ Twitter: @foxitsoftwareea Contact Avrohom: Web: https://asktheceo.biz Facebook: AvrohomGottheil Twitter: @avrohomg Instagram: @avrohomg INTERVIEW HIGHLIGHTS: [00:34] When I think about insurance companies and documents, the image that comes to mind is rows and rows of files cabinets with lots of paper folders and paper documents. With a picture like this, you can only imagine what it takes to file and process an insurance claim! While this might have worked well in the past; nowadays, we’re generating data at an exponential level, so insurance companies really need to take a serious approach to their digital transformation strategy – and many of them are doing just that. On that note, what are the challenges that insurance companies struggle with when trying to go digital? Kai: What we find is that most companies in the insurance space are somewhere along the way towards digital transformation. So, what I mean by that is that they absolutely, still have those rows of file cabinets, but at the same time they tend to have also already digitized millions of documents. The first challenge is lacking customer intelligence. And so, the problem here is that when your documents are still on paper, or maybe you've scanned them, and so now you have image files, like tiffs and jpegs that are not searchable. Then you really don't have access to the information in your documents. And so that means, any kind of modern AI and analytics applications to really know your customer, will be incomplete. And so that means, that organizations are potentially in danger of thinking they know their customer when they really don't. [02:00] The challenge with just scanning and digitizing documents is that you don’t have access to the information it contains. [05:05] An additional few seconds of opening files can cost large companies hundreds of thousands of dollars per year. [09:06] Digital Transformation and AI are not a choice, because your competitors are already doing it. [09:26] What can businesses do to overcome some of these challenges? [10:04] When scanning documents, make sure they’re searchable so they’re usable by AI and analytics applications. [14:25] Foxit Software recently launched a new offering on the Microsoft Azure marketplace, called Foxit Document Transformation Services. Tell us about it and how it addresses some of the challenges we just discussed. [16:00] How would a company use your solution with Azure? [17:48] How can customers find out more about Foxit Software, and procure it through the Azure Marketplace? Kai: You can access it via this link: https://bit.ly/2MALLQS. [18:21] How do people connect with you? [18:57] Do you have any parting words of wisdom that you’d like to share with the audience? #AskTheCEO With Kai Wille