Kofax Delivers Best Combination of Cost Savings and Analytics
Kofax® Limited (NASDAQ and LSE: KFX), a leading provider of smart process applications for the business critical First Mile™ of customer interactions, today announced that a major retail franchise operator in the Middle East has invested more than $650,000 in a Kofax solution to fully automate its accounts payable function. The company selected Kofax MarkView® for AP to capture and process more than 1.2 million invoices or approximately 12 million pages of information per year and use Kofax Analytics for Capture™ to analyze the system’s performance, accuracy and productivity.
“This improvement in productivity and operational efficiency directly supports our customer’s goal of continuing its rapid expansion.”
The company’s increasingly high volume of invoices and aggressive plans for expansion drove its need for a capture and workflow solution that could quickly and intelligently manage millions of documents in a shared offsite service center, and integrate seamlessly with its Oracle E-Business Suite. After evaluating solutions from a variety of vendors, the company selected Kofax because it delivered the best combination of cost savings and analytics.
The sale was comprised of approximately $400,000 in software licenses, $150,000 in professional services and $100,000 in maintenance. The transaction was closed and delivered during the quarter ended December 31, 2013.
“As a result of its investment in Kofax MarkView for AP and Analytics for Capture, this retailer can fully automate and simplify a process that used to consume countless hours and human resources,” said Howard Dratler, Executive Vice President of Field Operations at Kofax. “This improvement in productivity and operational efficiency directly supports our customer’s goal of continuing its rapid expansion.”
Kofax MarkView for AP 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 Analytics for Capture™ provides optimized out-of-the-box dashboards that elevate the visibility into the effectiveness of a capture solution. It also delivers interactive views into system performance, accuracy and productivity to better enable administrators to report on the effectiveness of their capture solution and improve overall system throughput.