IRVINE, Calif.--(BUSINESS WIRE)--Kofax plc (LSE: KFX), the leading provider of document driven business process automation solutions, today announced that a leading medical research firm and provider of pharmaceutical, clinical and other consulting services has selected Kofax for its invoice processing solution. The value of the contract to Kofax exceeds $800,000.
The customer will implement Kofax Capture, Kofax Transformation Modules, Kofax Front Office Server and MarkView for Accounts Payable to automate the processing of approximately 300,000 invoices and other accounts payable related documents it receives annually. Once processed, invoice images and data will be routed to an Oracle repository for easy access. The overall solution will better data accuracy, accelerate the processing of multilingual invoices and significantly reduce the cost of manual tasks.
“By capturing and transforming paper invoices into digitized information as they enter an enterprise, customers can streamline the entire accounts payable process from end-to-end and quickly realize an ROI through reduced errors, faster processing times and improved cash management,” said Alan Kerr, Executive Vice President of Field Operations at Kofax.
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 and provides robust scan-to-process applications. By automating what was previously labor intensive, error prone and time consuming tasks, it can significantly reduce labor costs, improve information quality and accelerate business processes.
Kofax Front Office Server extends existing Kofax Capture applications by allowing customer facing employees in front office environments to initiate scanning and index data extraction processes at the earliest point of contact to accelerate business processes, gain competitive advantage and leverage existing MFP and desktop scanning resources in remote or branch offices. This office automation solution reduces latency and eliminates the time and cost of shipping documents to centralized processing centers.
MarkView for Accounts Payable 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.
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.
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