Kofax® plc (LSE: KFX), a leading provider of Capture Enabled BPM™ (business process management) solutions, recently announced that a leading global provider of transportation and logistics services has invested more than $850,000 to expand its existing Kofax solution to include invoice and accounts payable (AP) automation.
The customer, whose services include international freight forwarding, highway brokerage, warehousing and distribution, and supply chain management services, will expand its Kofax Capture solution to include: Kofax Transformation Modules™, Kofax e-Transactions™, Kofax SupplierExpress™, Kofax MarkView for Accounts Payable® and MarkView AP Advisor®. The Kofax platform will enable the customer to automate the processing of approximately 15 million invoices, bills of lading, proof of delivery forms and other transportation related documents annually. By capturing information digitally and perfecting it, then automatically extracting relevant information for business processes, the customer can reduce its operating costs and gain competitive advantage in an industry where speed is paramount. The Kofax solution will be integrated with the customer’s existing IBM Lombardi, IBM Content Manager and SAP applications for easy information access by employees regardless of their location.
Kofax Capture (KC) 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 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 classification, page separation, data extraction and validation capabilities to Kofax Capture to drive robust capture-to-process applications. By automating what were previously labor intensive, error prone and time consuming tasks, Kofax Transformation Modules can significantly reduce labor costs, improve information quality and accelerate business processes.
Kofax e-Transactions (KeT) eliminates the need for the printing, mailing, scanning and entry of information from documents and forms by enabling the electronic delivery and capture of documents from a sender to a receiver via secure email. Designed for enterprises wanting to migrate from paper to electronic based processes, it can reduce labor costs, improve information quality and accelerate business processes without the cost and complexity of an electronic data interchange (EDI).
Kofax 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 Kofax MarkView.
MarkView AP Advisor is an optional product to Kofax MarkView. It provides AP and Finance managers with real-time business process intelligence, plus the ability to immediately intervene to optimize cash management and resolve process issues impacting AP performance and SLAs.
Click here to view the entire Kofax press release.
AP automation solutions deliver valuable time and cost savings to global corporations like the leading global transportation service provider that invests in Kofax solutions. PayStream analysts are witnessing a shift in the market, driving demand for more sophisticated global purchase to pay and supply chain solutions for order, dispute and invoice management. Global procurement and service managers are hungry for answers to eliminate the billions of paper documents that are sent and received each year.
PayStream will be launching a new Global eInvoice report in the fourth quarter of 2012. The report will provide an in-depth look at global electronic invoicing and eCommerce initiatives. PayStream will examine global trends that are currently shaping electronic invoice adoption, as well as automation strategies and solutions that are reducing barriers to eInvoice adoption at world-wide enterprises.
The analysis in the global eInvoice report will be based on survey results from the following regions of the world:
- North America
- Latin America
- Middle East
- Asia Pacific
Contact Mark Colwell, for more information on the Global eInvoicing report.