Kofax Launches Industry’s First Smart Process Application for Accounts Payable Automation
October 21 2013 - 3:00AM
Business Wire
AP Automation Solution is Built on Kofax
TotalAgility 7.0 and Includes Tight Integration with Microsoft
Dynamics AX
Kofax® plc (LSE:KFX), a leading provider of smart process
applications for the business critical First Mile™ of customer
interactions, today announced the launch of Kofax TotalAgilityTM AP
Automation solution to address the biggest challenges and trends
impacting the accounts payable industry. The solution combines
market-leading capture, process management, mobile and analytics
capabilities to deliver cost savings, improved vendor management
and better cash management in invoice capture and AP processes.
The most significant pressures driving AP automation are
lowering costs, increasing visibility, reducing errors, duplicate
and rush invoices, and managing paper-based documents. According to
independent analysts1, the most effective response to these
challenges is investing in the automation of invoice receipt and AP
workflow processes.
Anthony Macciola, Chief Technology Officer at Kofax, said, “We
knew it was important to address the critical issues and challenges
that accounts payable managers across all industries face. With our
smart process application, AP professionals will benefit from a
high level of touchless processing, advanced visibility and
enhanced control throughout the entire process. And AP managers can
now access business intelligence and analytics tools that enable
them to view near real-time metrics surrounding invoice capture and
AP automation performance.”
AP Automation is the first smart process application solution
built on the TotalAgility 7.0 platform. While it can be used with
any accounting or ERP system, the solution offers tight integration
with Microsoft Dynamics AX. Similar levels of integration with
other accounting and ERP systems can be achieved using Kofax
Professional Services.
The AP Automation solution features:
- Accepting invoices in a variety of
formats, including paper, faxes, emails, web portals, XML and EDI
data streams, and mobile devices
- Capturing and delivering high quality
digital images from paper invoices
- Extracting and validating all business
critical data contained in the invoice
- Reconciling the inevitable exceptions
that occur between invoices, purchase orders and receiving
information
- Enabling AP managers to access business
intelligence and analytics tools to view near real-time metrics
surrounding invoice capture and AP automation
- Affording a pre-built framework that
integrates to any on-premise or cloud-based accounting or ERP
system while offering out-of-the-box integration with Microsoft
Dynamics AX
- Reducing the installation footprint by
using browser-based interfaces and a service-oriented
architecture
“Using the Kofax AP Automation solution has enabled us to
improve productivity by processing a higher volume of invoices
dramatically faster, with greater accuracy and at lower costs,”
said Bala Kothandaraman, General Manager of Information and
Communication Technology at Hyundai Motor Company Australia.
“Because Kofax has minimized the need to modify existing enterprise
applications and repositories, we enjoy a faster and easier
integration.”
About Kofax
Kofax® plc (LSE: KFX) is a leading provider of innovative smart
capture and process automation software and solutions for the
business critical First Mile of customer interactions. These begin
with an organization’s systems of engagement, which generate
real-time, information intensive communications from customers, and
provide an essential connection to their systems of record, which
are typically large scale, rigid enterprise applications and
repositories not easily adapted to more contemporary technology.
Success in the First Mile can dramatically improve an
organization’s customer experience and greatly reduce operating
costs, thus driving increased competitiveness, growth and
profitability. Kofax software and 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 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.
© 2013 Kofax plc. Kofax is a registered
trademarks and First Mile and TotalAgility are trademarks of Kofax
plc.
1Aberdeen Group: May 2013, “Market Share Analysis: ERP Software
Worldwide, 2012”
Media Contact:Kofax plcColleen EdwardsVice President,
Corporate Communications+1 (949)
491-1582colleen.edwards@kofax.comorInvestor Contact:MKR
Group, Inc.Todd Kehrli+1 (323) 468-2300kfx@mkr-group.comorFTI
ConsultingSophie McMillan / Elodie Castagna+44 (0) 20 7831
3113kofax@fticonsulting.com
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