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Industrial IoT Authors: Liz McMillan, Elizabeth White, Pat Romanski, Scott Allen, William Schmarzo

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Kofax Launches Industry’s First Smart Process Application for Accounts Payable Automation

Kofax® plc (LSE:KFX), a leading provider of smart process applications for the business critical First Mile™ of customer interactions, today announced the launch of Kofax TotalAgilityTM AP Automation solution to address the biggest challenges and trends impacting the accounts payable industry. The solution combines market-leading capture, process management, mobile and analytics capabilities to deliver cost savings, improved vendor management and better cash management in invoice capture and AP processes.

The most significant pressures driving AP automation are lowering costs, increasing visibility, reducing errors, duplicate and rush invoices, and managing paper-based documents. According to independent analysts1, the most effective response to these challenges is investing in the automation of invoice receipt and AP workflow processes.

Anthony Macciola, Chief Technology Officer at Kofax, said, “We knew it was important to address the critical issues and challenges that accounts payable managers across all industries face. With our smart process application, AP professionals will benefit from a high level of touchless processing, advanced visibility and enhanced control throughout the entire process. And AP managers can now access business intelligence and analytics tools that enable them to view near real-time metrics surrounding invoice capture and AP automation performance.”

AP Automation is the first smart process application solution built on the TotalAgility 7.0 platform. While it can be used with any accounting or ERP system, the solution offers tight integration with Microsoft Dynamics AX. Similar levels of integration with other accounting and ERP systems can be achieved using Kofax Professional Services.

The AP Automation solution features:

  • Accepting invoices in a variety of formats, including paper, faxes, emails, web portals, XML and EDI data streams, and mobile devices
  • Capturing and delivering high quality digital images from paper invoices
  • Extracting and validating all business critical data contained in the invoice
  • Reconciling the inevitable exceptions that occur between invoices, purchase orders and receiving information
  • Enabling AP managers to access business intelligence and analytics tools to view near real-time metrics surrounding invoice capture and AP automation
  • Affording a pre-built framework that integrates to any on-premise or cloud-based accounting or ERP system while offering out-of-the-box integration with Microsoft Dynamics AX
  • Reducing the installation footprint by using browser-based interfaces and a service-oriented architecture

“Using the Kofax AP Automation solution has enabled us to improve productivity by processing a higher volume of invoices dramatically faster, with greater accuracy and at lower costs,” said Bala Kothandaraman, General Manager of Information and Communication Technology at Hyundai Motor Company Australia. “Because Kofax has minimized the need to modify existing enterprise applications and repositories, we enjoy a faster and easier integration.”

About Kofax

Kofax® plc (LSE: KFX) is a leading provider of innovative smart capture and process automation software and solutions for the business critical First Mile of customer interactions. These begin with an organization’s systems of engagement, which generate real-time, information intensive communications from customers, and provide an essential connection to their systems of record, which are typically large scale, rigid enterprise applications and repositories not easily adapted to more contemporary technology. Success in the First Mile can dramatically improve an organization’s customer experience and greatly reduce operating costs, thus driving increased competitiveness, growth and profitability. Kofax software and solutions provide a rapid return on investment to more than 20,000 customers in banking, insurance, government, healthcare, business process outsourcing and other markets. Kofax delivers these through its own sales and service organization, and a global network of more than 800 authorized partners in more than 75 countries throughout the Americas, EMEA and Asia Pacific. For more information, visit kofax.com.

© 2013 Kofax plc. Kofax is a registered trademarks and First Mile and TotalAgility are trademarks of Kofax plc.

1Aberdeen Group: May 2013, “Market Share Analysis: ERP Software Worldwide, 2012”

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