Kofax plc (LSE: KFX), the leading provider of document driven business process automation solutions, today announced it will provide an invoice processing solution to a leading global supplier to original equipment manufacturers and their aftermarkets. The value of the contract to Kofax exceeds $500,000.
The customer, which provides products and services to manufacturers in the automotive, commercial vehicle, marine and other industries, will implement Kofax Capture, Kofax Transformation Modules and Kofax Front Office Server to capture, validate and extract information from over 900,000 invoices it receives annually. By enabling the company's front office employees to automatically scan invoices, the Kofax solution will help the company reduce costs and accelerate its invoice approval and payment processes while maintaining optimal relationships with its myriad of suppliers.
"Manufacturers receiving invoices from numerous vendors benefit from a unified capture solution that reduces the costs and errors associated with manual invoice processing," said Alan Kerr, Executive Vice President of Field Operations at Kofax. "Capturing invoices in a consistent manner as they are received allows our customers to immediately initiate their back office accounts payable processes, leading to improved efficiency and significant cost savings."
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 better 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 and form classification, page separation, challenging data extraction and validation capabilities to Kofax Capture to drive robust scan-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 Front Office Server extends existing Kofax Capture business processes to customer facing employees seeking to initiate transactions, workflows and capture processes at the earliest point of contact to leverage existing resources in remote or branch offices. This office automation solution reduces process latency and eliminates the time and cost of shipping documents to centralized processing centers.
About Kofax
Kofax plc (LSE: KFX) is the leading provider of document driven business process automation solutions. For more than 20 years, Kofax has provided award winning solutions that streamline the flow of information throughout an organization by managing the capture, transformation and exchange of business critical information arising in paper, fax and electronic formats in a more accurate, timely and cost effective manner. These solutions provide a rapid return on investment to thousands of customers in financial services, government, business process outsourcing, healthcare, supply chain and other markets. Kofax delivers these solutions through its own sales and service organizations, and a global network of more than 700 authorized partners in more than 60 countries throughout the Americas, EMEA and Asia Pacific. For more information, visit www.kofax.com.
"Kofax" is a registered trademark in the US, the EU and other regions. All other trademarks and registered trademarks are the property of their respective owners.
Copyright Business Wire 2011
