Software to Process 1 Million Invoices Each Year
Kofax plc (LSE: KFX), a leading provider of capture enabled business process management (BPM) solutions, today announced that a leading global cruise ship line has selected Kofax for its accounts payable automation solution. The value of the contract to Kofax exceeds $1 million.
The customer will implement Kofax Capture, Kofax Transformation Modules, Kofax MarkView, MarkView AP Advisor and Kofax SupplierExpress to process approximately 1 million invoices it receives annually from vendors throughout the world. The Kofax solution will enable the customer to capture, classify and extract information from invoices and resolve exceptions between invoices, purchase orders and receiving documents in a more accurate, timely and cost effective manner in order to optimize its vendor relations and cash management. The resulting digital information will be routed to its Oracle EBS application for easy access by employees.
"Kofax continues to enjoy outstanding momentum with our accounts payable automation solutions," said Alan Kerr, Executive Vice President of Field Operations at Kofax. "The significant size and frequency of these customer transactions is further evidence of the value this solution provides."
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.
About Kofax
Kofax plc (LSE: KFX) is a leading provider of Capture Enabled BPMTM (business process management) solutions. These award winning solutions capture and streamline the flow of business critical information throughout an organization in a more accurate, timely and cost effective manner, enabling our customers to be more responsive to their constituents and gain competitive advantage. Kofax solutions provide a rapid return on investment to thousands of customers in banking, insurance, government, healthcare, business process outsourcing and other markets. Kofax delivers these solutions through its own sales and service organization, and a global network of more than 800 authorized partners in more than 70 countries throughout the Americas, EMEA and Asia Pacific. For more information, visit kofax.com.
"Kofax" and "Capture Enabled BPM" are Kofax trademarks in the US, the EU and other regions. All other trademarks and registered trademarks are the property of their respective owners.
Contacts:
Kofax plc
Rebecca Mack, +1 949-783-1292
rebecca.mack@kofax.com
