Below is our recent interview with Wasim Khan, Chief Digital Officer of Ripcord:
Q: Can you tell us something more about the company?
A: Founded by former Apple prodigy, Alex Fielding, Ripcord is the world’s leading robotics digitization company, combining hardware and software robotics to digitize paper-based records and enable RPA and other key business processes. The founding of Ripcord also involved one of Alex’s former business partners, Apple co-founder, Steve Wozniak.
Ripcord utilizes hardware robots with computer vision, sensors and robotic arms to prepare and process records into digital images. Software bots with artificial intelligence and machine learning, then classify and extract metadata so content is enriched to drive business analytics and automation processes.
We make digital transformation happen with our integrated solution of robotics, software and AI that extracts unstructured data from analog records. Essentially, Alex Fielding’s Ripcord has offered a way to gain access to valuable data that is otherwise trapped on paper records.
Q: Can you give us more insights into Ripcord’s digitization service?
A: As we know, there are endless amounts of corporate data locked away in boxes and other physical filing systems. With robotics innovation and digitization we are able to provide a way to locate and access that content. The benefit to what we provide is that without digitization, retrieving archived information can be extremely labor intensive but with robotics and computer vision this treasure trove of data can be accessed easily and with reliability.
With the innovative digitization we offer, we challenge organizations with the question, “Why store your physical data anymore when it can be digitized?” By digitizing an organization’s data, we optimize their business processes along the way. There is indisputable value to eliminating physical storage that we’ve seen time and time again with our clients.
Q: Who is your ideal client and why?
A: Any organization that stores physical data can benefit from what we do. Notably, we recently signed Coca-Cola Bottlers’ Sales and Services (CCBSS) to help digitize their massive supply chain management. For Coca Cola, Ripcord will be responsible for digitizing 25 million proof of delivery (POD) documents per year, allowing the bottling company to consolidate multiple vendors and save an estimated $1 million annually and increase accuracy rates in the range of 40-50%.
By working with a major, multinational corporation to convert physical records to digital data, we can push other major companies to follow in their footsteps.
We also work with many large-scale organizations in oil and gas, finance, legal and healthcare.
Q: What can we expect from Ripcord in next four months?
A: Our CEO, Alex Fielding in addition to pushing our U.S. business wants to take Ripcord deeper into international markets. For example, we have secured a deal with the Mitsubishi UFJ Financial Group (MUFG) in Japan, earlier this year. The MUFG will use Ripcord’s robots and AI platform to digitize and index millions of the bank’s documents.
Heading into 2020, we hope to build up our portfolio of international clients such as MUFG.
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Q: What’s the best thing about Ripcord that people might not know about?
A: Alex Fielding is a forward thinking environmentalist – his love and passion for green business processes and love for the planet means Ripcord itself focuses on green business initiatives. He encourages businesses and organizations to rethink their paper consumption habits and consider digitizing their records for the good of the planet. Alex understood the first step to paper reduction is digitization of records. Businesses can sit on boxes of boxes of files, records and important data with no efficient way of accessing them, resulting in greater paper use to find them. Alex wants companies to understand the many benefits behind digitizing records and how going paperless can reduce consumption and production of paper, which helps save trees. And finally, by Ripcord making so much more data accessible, it will drive newer Robotics Process Automation offerings that are helping to make processes more efficient.
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