Kofax nets $700,000 to automate accounts payable for security services company

Infotech Lead America:  A global security services company has invested almost $700,000 in Kofax to automate and streamline its accounts payable (AP) operations throughout Latin America. Kofax is a provider of smart process applications for the business critical First Mile of customer interactions.

The US-based organization chose Kofax for its ability to provide the visibility needed to manage and control the invoice approval process while reducing labor and processing costs. The organization is using Kofax Capture, Transformation Modules and MarkView software for its comprehensive accounts payable automation solution to automatically capture, extract and process data from 600,000 invoices and vendor tax documents annually.
Kofax Capture delivers production-level document and data capture with OCR for machine print, ICR for handwriting, OMR for check marks and bar codes which enables users to move email, word processing files, photos, web forms, XML streams and more .
Kofax Transformation Modules streamline the transformation of different document types into structured electronic information, ready for delivery into business systems and processes. It replaces manual, error-prone and expensive document sorting, filing and data entry processes with assisted and automated document classification, separation and data extraction.
According to the May 2012 Aberdeen report, AP Invoice Management in a Networked Economy, “The top two pressures driving interest in AP improvement were lack of visibility into invoices and documents and corporate directives to lower costs. Invoice management in a networked economy focuses on the connections that enable collaboration between trading partners. These connections offer supplier visibility to the status of outstanding invoices, and support dynamic discounting arrangements… to lower costs.”
Howard Dratler, executive vice president, field operations at Kofax commented, “MarkView provides the tightest integration with leading ERP systems, enabling this global security services organization to centralize and process invoices from multiple countries into one shared service center.”

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