Prepress
Leading Global Automotive Supplier Selects Kofax for Invoice Processing Solution
Monday 21. March 2011 - Software to Automate the Processing of 400,000 Documents Annually
Kofax plc (LSE: KFX), the leading provider of document driven business process automation solutions, today announced it will provide a global automotive supplier with an invoice processing solution. The value of the contract to Kofax exceeds $900,000.
The customer, which specializes in the manufacture and marketing of systems and components for the automotive industry, will implement Kofax Capture, Kofax Transformation Modules, Kofax MarkView for Accounts Payable and Kofax SupplierExpress to capture and process approximately 400,000 invoices, supplier forms and other financial documents it receives annually.
The Kofax solution will enable the customer to automate its North American and European accounts payable (AP) processes, providing standardized, efficient financial shared services operations. The software will allow the customers AP department to automatically extract invoice information, code and approve non-purchase order invoices, proactively resolve blocked purchase order invoices, and increase the capture of early payment discounts before routing documents to a secure repository for easy access by employees. As a result, the customer will benefit from increased visibility into performance metrics, cash position and compliance violations, and significantly reduced manual tasks for improved data accuracy, processing time and reduced costs.
“Manufacturers receiving invoices and financial documents in varying formats from numerous vendors benefit significantly from the integrated, end-to-end AP automation solution offered by Kofax,” said Alan Kerr, Executive Vice President of Field Operations at Kofax. “By optimizing AP along the entire invoice lifecycle, Kofax invoice processing solutions provide the real-time AP performance management vital to improved cash management and significant cost savings.”
Kofax Capture provides industry leading scan-to-archive capabilities by scanning documents and forms to create digital images, extracting index data for retrieval purposes and delivering the images and associated data to a variety of repositories and applications. This can significantly reduce retrieval costs while improving better regulatory and compliance efforts. Kofax Capture is flexible and scalable, enabling customers to define where and how images are captured and indexed, whether in a home office, remote branch or back office data center.
Kofax Transformation Modules (KTM) adds document and form classification, page separation, challenging data extraction and validation capabilities to Kofax Capture and provides robust scan-to-process applications. By automating what were previously labor intensive, error prone and time consuming tasks, it can significantly reduce labor costs, improve information quality and accelerated business processes.
MarkView for Accounts Payable is a comprehensive, capture enabled financial process automation application for accounts payable and other functions. It automates the receipt and capture of paper and electronic invoices, performs data extraction and perfection, and manages workflows for routing transactions through exception handling and approval processes, significantly reducing cycle times and costs while optimizing process control and cash flow management.
Kofax SupplierExpress is an AP portal that automates routine supplier interactions including invoice submission and inquiries. Through supplier self-service, this low cost, easy to adopt, pay-as-you-go solution reduces cost and errors and enhances AP automation payback. Kofax SupplierExpress is an option to MarkView for Accounts Payable.