IRVINE, CA, JUNE 26, 2012–Kofax plc (LSE: KFX), a leading provider of Capture Enabled BPM™ (business process management) solutions, today announced that a global automotive parts manufacturer has selected Kofax for its invoice and AP automation solution. The value of the contract to Kofax exceeds $570,000.
The customer, a leading manufacturer and supplier of components for the automotive engine industry, will implement Kofax Capture™, Kofax Transformation Modules™, Kofax MarkView®, MarkView Advisor™, Kofax SupplierExpress™ and Kofax e-Transactions™ to automate the processing of approximately 300,000 invoices it receives in XML format via email annually. The Kofax software will enable the customer to capture, classify, separate, extract and validate data from the invoices and route the resulting digital information to its SAP application for accelerated processing and reduced latency.
“Manufacturing companies have a multitude of invoices coming in from diverse suppliers and are able to benefit, quickly and measurably, from investing in an invoice and AP automation solution that provides a single, unified platform for the automated capture, classification and extraction of information from invoices,” said Alan Kerr, Executive Vice President of Field Operations at Kofax.
Kofax Capture 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, 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.
MarkView AP Advisor is an optional product to Kofax MarkView. It provides AP and finance managers with real-time business process intelligence, plus the ability to immediately intervene to optimize cash management and resolve process issues impacting AP performance and SLAs.
Kofax SupplierExpress is an AP portal that automates routine supplier interactions including invoice submission and inquiries. Through supplier self-service, this low cost, easy to adopt, pay-as-you-go solution reduces cost and errors and enhances AP automation payback. Kofax SupplierExpress is an option to Kofax MarkView.
Kofax e-Transactions (KeT) eliminates the need for the printing, mailing, scanning and entry of information from documents and forms by enabling the electronic delivery and capture of documents from a sender to a receiver via secure email. Designed for enterprises wanting to migrate from paper to electronic based processes, it can reduce labor costs, improve information quality and accelerate business processes without the cost and complexity of an electronic data interchange (EDI).