IRVINE, CA, JUNE 12, 2012–Kofax plc (LSE: KFX), a leading provider of Capture Enabled BPM™ (business process management) solutions, today announced that a leading provider of security and related monitoring services for homes and businesses in North America will expand its solution to include accounts payable automation. The value of the contract to Kofax exceeds $450,000.
The customer will expand its Kofax Capture™ solution to include Kofax Transformation Modules™, Kofax MarkView® and Kofax VRS Elite™ to automate the processing of approximately 900,000 invoices, legal contracts, tax and other documents annually. The expanded solution will enable the customer to capture, classify and extract data from the documents and route the resulting digital information to its Oracle ERP application for reduced latency and easy access by employees.
“An investment in accounts payable automation can increase visibility, improve control and increase processing speeds to help optimize cash management and deliver a measurable ROI in 12 to 18 months,” said Alan Kerr, Executive Vice President of Field Operations at Kofax.
Kofax Transformation Modules (KTM) 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 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 VirtualReScan (VRS) Elite is Kofax’s patented image enhancement and perfection software. Kofax VRS Elite reduces the time involved in manual document preparation and enhances the quality of scanned images, dramatically improving both manual scanning productivity and the efficiency of document capture processes. High quality images are critical as they can significantly impact the success of downstream data extraction and retrieval needs.