Global Telecommunications Provider Streamlines Accounts Payable Function with Kofax Solution
Software to Process 450,000 Invoices Annually
IRVINE, Calif.--(BUSINESS WIRE)-- Kofax® plc (ISE: KFX) , a leading provider of Capture Enabled BPM™ (business process management) solutions, today announced that a global provider of telecommunications services in Western Europe has invested more than $800,000 in a Kofax accounts payable automation and invoice processing solutionthat will unify several global shared services centers.
The customer will use Kofax CaptureTM, Kofax Transformation ModulesTM, Kofax MarkView for Accounts Payable®, and Kofax MarkView AP Advisor to process 450,000 invoices, or 2.3 million pages, annually. The Kofax solution enables the customer to capture business critical information in paper or electronic form, and then extract relevant content automatically for use in its accounts payable and invoice processing functions. The digital information will be stored in the company's Oracle eBusiness application for easy access by employees.
"Global providers typically handle invoices that arrive in many different formats and languages from thousands of suppliers," said Howard Dratler, executive vice president of field operations at Kofax. "Automating accounts payable and invoice processing on the highly scalable Kofax platform can help companies significantly reduce costs and improve regulatory compliance while growing their businesses."
Kofax CaptureTM 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 ModulesTM 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 MarkView for Accounts PayableTM 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.
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.
Kofax® plc (ISE: KFX) is a leading provider of Capture Enabled BPMTM solutions. These award winning solutions capture and streamline the flow of business critical information throughout an organization in a more accurate, timely and cost effective manner, enabling our customers to be more responsive to their constituents and better grow their businesses. Kofax solutions provide a rapid return on investment to more than 20,000 customers in banking, insurance, government, healthcare, business process outsourcing and other markets. Kofax delivers these solutions through its own sales and service organization, and a global network of more than 800 authorized partners in more than 75 countries throughout the Americas, EMEA and Asia Pacific. For more information, visit kofax.com.
© 2012 Kofax, plc. "Kofax" and "Kofax MarkView for Accounts Payable®,"are registered trademarks and "Capture Enabled BPM," "Kofax Capture,""Kofax Transformation Modules"are trademarks of Kofax, plc.
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