|By Business Wire||
|May 5, 2014 03:02 AM EDT||
Kofax® Limited (NASDAQ: KFX) (LSE: KFX), a leading provider of smart process applications for the business critical First Mile™ of customer interactions, today announced a new release of Kofax AP Agility™, a smart process application (SPA) built on the Kofax TotalAgility® platform. This release adds best practice accounting processes and advanced analytics capabilities.
AP Agility’s advanced analytics enable business users to easily assess the effectiveness of their accounts payable processes, measure staff productivity levels, view the status of invoices being processed and assess spend management. Users can also view available discounts and late payments, assess supplier activity, invoice volumes and expenditures and identify duplicate invoices and approval violations.
AP Agility features a comprehensive range of best practice accounts payable capabilities for addressing customer requirements:
- Accepts invoices in a variety of formats, including paper, electronic invoices, faxes, emails, web portal submissions and XML and EDI data streams
- Extracts business critical invoice data and validates it against ERP system data
- Provides configurable matching rules to reconcile the inevitable exceptions that occur between invoices, purchase orders and receipts
- Includes a pre-built framework to integrate with any on premise or cloud based accounting or ERP system while offering out-of-the-box integration with Microsoft Dynamics AX
All of these features contribute to improved productivity, reduced costs and optimized spend.
With the Microsoft Azure hosted SaaS cloud offering, customers are now able to:
- Deploy the solution without purchasing, installing, configuring or maintaining hardware or software
- Meet line of business objectives through operating rather than capital expenditure budgets
- Protect sensitive information and ensure business continuity using Microsoft Azure's cloud infrastructure and its secure and scalable environment
According to strategic consulting firm The Hackett Group, organizations with high levels of AP automation save 39% of invoice processing costs and enjoy 15-20% faster processing times compared to peer groups that use manual processes.1
Associate Principal of The Hackett Group’s Global Business Services Practice, Vin Kumar, added, “Companies can certainly benefit from solutions like Kofax AP Agility in terms of enhancing competitiveness. By capturing the benefits of analytics - from driving improved productivity through the on time payment of invoices to the removal of bottlenecks and the ability to manage cash better – companies can gain an edge over their peers. Cloud based solutions provide companies the flexibility to implement a solution that is scalable with a variable cost structure and to convert the investment into an operating expense.”
Grant Johnson, Kofax’s Chief Marketing Officer, stated, “AP Agility is a compelling solution that addresses the end-to-end procure-to-pay process, giving chief financial and procurement officers the much needed visibility and insight necessary to better control their company’s spend. The cloud-based offering provides the added benefits of faster deployment without capital expenditures.“
Kofax is a leading provider of smart process applications 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 financial services, 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.
1Accounts Payable Automation: Five Technology Advancements Helping to Break Down Adoption Barriers; The Hackett Group, December 5, 2013
© 2014 Kofax Limited. Kofax and Kofax TotalAgility are registered trademarks and First Mile and Kofax AP Agility are trademarks of Kofax Limited.
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