The Bosch Group Automates Accounts Payable Function with TIS’s eFLOW Invoice Reader

4 September 2008

Top Image Systems, Ltd. (TIS) (Nasdaq: TISA; TASE: TISA), the leading innovator of intelligent document recognition, today announced that it has implemented its eFLOW Invoice Reader accounts payable solution at the Bosch Communication Center, the shared service organization of multinational giant The Bosch Group.

For The Bosch Group, streamlining the accounts payable (AP) function was a necessary step toward accomplishing certain short and long term cost-reduction and efficiency goals. This challenge was embraced by the Bosch Communication Center site in Magdeburg, Germany, which serves as the central processing center for the entire Bosch Group in Germany as well as other, non-affiliated companies.

After technologically benchmarking several solution providers, Bosch Communication Center selected the eFLOW Invoice Reader from TIS to automate its document processing operation because of the solution’s superior accuracy and customer support. After a short 2-month implementation, the Bosch Communication Center now uses Invoice Reader to capture, extract and interpret data from over 20,000 different suppliers that send invoices in many formats across various countries and in several languages.

Built on the advanced eFLOW platform, Invoice Reader integrates seamlessly with Bosch’s existing invoice receipt monitor in SAP and its existing workflow and offers global scalability. The center already processes more than 300,000 invoices per year, and Bosch Communication Center plans to further maximize global efficiency by using eFLOW as a centralized platform for its European operations, handling up to 800,000 invoices.

Anke Lindner, Business Area Manager of Bosch Communication Center, commented: “With TIS’s eFLOW Invoice Reader, Bosch Communication Center was able to help Bosch’s management team to meet its short-term goals of reducing per-invoice process times and improving the accuracy of captured data. During the short implementation period, the TIS professional team served us very well and allowed us to respond quickly to our customers, turning their needs into advanced technological solutions with superior flexibility, usability and reporting tools. The success with this project is driving us to look into further solution from TIS.”

Mike Lechner, Manager of Corporate Accounts Payable of Robert Bosch GmbH, commented: “With the services provided by Bosch Communication Center in combination with the software recognition and processing solution from Top Image Systems, we found reliable partners to push the automation of our accounts payable function forward. Bosch Communication Center and TIS teams were very professional which led an unusually short implementation period that surprised us very positively. Further, the results are exceeding all of our expectations.”

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