Fuji Xerox Co., Ltd., together with Ripcord, a robotics and integrated SaaS digitisation company based in California, U.S., will establish a joint venture FUJIFILM RIPCORD this month in Japan.
FUJIFILM RIPCORD will provide services that drive digital transformation (DX) in corporations and society, with aims to reach sales of over ¥30 billion ($282 million/ €239 million) by mid-2020s. The new company also has future plans to expand its business in the Asia Pacific region.
Fuji Xerox has a well-established know-how of improving businesses’ entire work process through its BPO (business process outsourcing) service. By combining those skills with Ripcord’s advanced robotics technology and AI (artificial intelligence) which transforms paper records to digital in high speed, FUJIFILM RIPCORD will enable the digitalisation of previously unmanageable large quantities of paper reports, vouchers, contracts and other kinds of documents in a reduced amount of time.
“By combining Ripcord’s advanced technologies and Fuji Xerox’s know-how in business process outsourcing services, FUJIFILM RIPCORD will deliver innovation that drives DX forward for our business customers,” said Kouichi Tamai, President and Representative Director, Fuji Xerox. “Fuji Xerox will change its name to FUJIFILM Business Innovation Corp. on April 1, 2021. As represented in the new name, we are committed to constantly delivering business innovations by quickly responding to changes in the market environment and always delivering value to our customers.”
Fuji Xerox explained that the services will include Ripcord’s state of the art Robotics which utilise computer vision and high quality sensor technology to elevate the scanning quality; the robotics automatically create image data quickly from large quantities of paper documents that are stored in banks, insurance companies, government, energy-related and other businesses which use large quantities of paper. AI then automatically adds tags using optical character recognition (OCR) technology and classifies the digitalised data using Canopy, the integrated digitisation and content services platform to facilitate storage, search, and utilisation. Canopy allows for management and extraction of digitalised data enhancing work process efficiency.
“Digital transformation is atop every global CIO’s priority list. With this joint venture, Fuji Xerox and Ripcord can offer end-to-end solutions with our vision-guided robots, ML- and AI-powered classification, and advanced entity extraction that meet the needs of the most demanding global brands,” said Alex Fielding, CEO and Co-Founder of Ripcord. “The latest in Ripcord’s tremendous momentum, this joint venture, combined with Fuji Xerox’s innovation-driven leadership in document solutions, will create a set of unrivalled solutions to meet the needs of our customers as we continue to expand across the globe.”
