Kofax Selected for its Ability to Tightly Integrate with Market Leading ERP Systems
Kofax® plc (LSE: KFX), a leading provider of smart process applications for the business critical First Mile™ of customer interactions, announced that a major global agricultural products manufacturer invested approximately $1 million in Kofax software and services to automate its accounts payable processes.
The customer will use Kofax software to automate the processing of more than 300,000 invoices annually. A key requirement for the customer was the ability to integrate with both SAP and IBM Maximo ERP systems. Kofax was selected for a host of stand-out capabilities including: pre-built, real-time integration with SAP; out-of-the-box best practice workflows; industry leading document and data capture; advanced cash management analytics; and flexibility to accommodate multiple ERP integrations.
The Hackett Group, a global strategic business advisory and operations improvement consulting firm, stated in its white paper, The Case for Invoice Capture: Transform Accounts Payable with These 5 Simple Truths, “The recent development of enhanced invoice recognition and data capture solutions, such as invoice capture, is a breakthrough in purchase to pay automation. Supplying a 56 percent cost advantage over paper-based invoice processing, invoice capture enables organizations to raise productivity, improve invoice match rates, take more early-pay discounts and achieve greater spend visibility.”
“Hundreds of global companies have entrusted their invoice and AP automation needs to Kofax,” said Howard Dratler, executive vice president of Field Operations at Kofax. “Our solutions help customers streamline operations, increase productivity, and achieve best-in-class AP performance.”
Kofax MarkView for AP provides industry-leading information capture and automates invoice processing and data entry. It includes best practice workflows for discrepancy processing, resolution and accounting details as well as real-time ERP integration, a self-service supplier portal and an AP process optimization dashboard. The first and only application of its kind, MarkView 8.0 now extends the solution with mobile capabilities for iPhone and Android devices. Integration with Kofax Mobile Capture™ (KMC) enables users inside and outside the enterprise gain secure access to information and capabilities required for processing invoices with full AP process security standards and speeds processing of invoices and receipts.
Kofax MarkView Advisor is the industry's first real time financial process performance application that enables organizations to achieve world class efficiency and effectiveness in their AP processing activity. Designed specifically for finance executives, Kofax MarkView Advisor enables finance managers to strategically manage and optimize finance processes by providing an integrated perspective on AP operations — from comprehensive overviews to detailed activities summaries — that synthesize both process and transactional data. And, it combines real time process performance intelligence with the ability to immediately intervene, when necessary, to resolve process issues impacting departmental performance.
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, and 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 is an add-on application for Kofax Transformation Modules that automates the electronic delivery of documents to a business process via secure email, removing the need for printing, mailing, scanning and data entry. Kofax e-Transactions allows enterprises to eliminate paper as quickly as possible, potentially at its source, and provides the most cost effective and easy-to-manage mechanism for on-ramping business-related content into a business process as it is generated.