Kofax TotalAgility Accounts Payable Automation

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Janis Turner
10 years ago
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1 Kofax TotalAgility Accounts Payable Automation

2 Table of Contents CONTACT KOFAX AMERICAS Kofax, Inc Laguna Canyon Road Irvine, CA EUROPE Kofax UK Ltd. 1 Cedarwood Chineham Business Park Basingstoke, Hampshire RG24 8WD + 44 (0) [email protected] ASIA Kofax Singapore Pte. Ltd. 9 Raffles Place #53-01 Republic Plaza I Singapore (0) [email protected] Challenges Facing Accounts Payable 3 The #1 Strategy to Overcome Accounts Payable Challenges 4 TotalAgility Accounts Payable Automation Solution 5 The Kofax Value Proposition 6 Case Studies & More 7 2 of 8

com ASIA Kofax Singapore Pte. Ltd. 9 Raffles Place #53-01 Republic Plaza I Singapore 048619 +61 (0)2 8916 0218 mailbox.asia@kofax.

3 Challenges Facing Accounts Payable AP processing starts with the invoice. And more than 70% of invoices, on average, still arrive in paper form, many are manually handled, with data being rekeyed sometimes multiple times into internal systems. Major Challenges in the Industry: AP is an information intensive interaction AP is business critical to cash flow and financial health Many suppliers, inconsistent formats Multiple channels of invoice receipt (paper, , etc.) Many AP Departments Suffer From: Excessive & costly manual paper handling High cost and error rates in extraction of key invoice data Lost & duplicate invoice issues and weak internal controls Hazy visibility of AP status and workflows fail to manage exceptions Cost to Process ONE INVOICE Time to Process ONE INVOICE Early Payment Discount Capture Rate Best in Class 20% 4.1 Days Industry Average 50% $3.34 $6.29 $ Days Laggards 20% 16.3 Days 90% 47% 18% Source: Aberdeen Group, AP Invoice Management in a Networked Economy. May of 8

Major Challenges in the Industry: AP is an information intensive interaction AP is business critical to cash flow and financial health Many suppliers, inconsistent formats Multiple channels of

4 The #1 Strategy to Overcome AP Challenges Invest in Automation What is Automation of Invoice Receipt? Create digital images of invoices and halt the flow of paper Automatically extract data from the invoice for use in automated AP workflows Validate the invoice against ERP records before AP processing begins What is Automation of AP Worklfow? GL code entry that complies to your policies Faster PO and non-po invoice approval & exception processing Business Controls automatically enforced Automation of Invoice Receipt and Workflow Processes was voted the #1 strategy for improvement by Aberdeen Group survey respondents in April Invoice and AP Automation is our #1 Strategy Best-in-Class, Industry Average and Laggard performers agree there is one clear winning strategy to improve AP performance. Best in Class 49% Industry Average 49% Laggards 58% 58% Source: Aberdeen of 8

processing begins What is Automation of AP Worklfow?

5 Kofax TotalAgility Accounts Payable Automation Solution In a single software solution, Kofax TotalAgility Accounts Payable Automation delivers the three capabilities that AP departments agree are critical to better performance. Multichannel Invoice Capture & Extraction Accept paper, , fax, EDI and other invoice formats Create digital images that can be viewed in all workflow steps Extract and validate invoice information without rekeying Invoice Entry Best Practice AP Workflow Route invoices to the right people Enforce policies and procedures Provide visibility and control of productivity, cash flow and compliance Financial Director Accounts Payable Manager GL Coding Line Item Monitoring Invoice Review Invoice Approval Exception Resolution Supplier Line of Business Manager Business Controls Effective ERP Integration Accounts Payable Clerk Line of Business Employee Validate invoices against ERP Automate invoice posting Synchronize AP and ERP records 5 of 8

Multichannel Invoice Capture & Extraction Accept paper, email, fax, EDI and other invoice formats Create digital images that can be viewed in all workflow steps Extract and validate invoice

6 The Kofax Value Proposition More than 1,000 organizations rely on Kofax for Invoice and AP Automation solutions. Kofax helps me transform and simplify supplier interactions, proactively manage cash flow and improve P2P performance overall. CFO Kofax is a complete solution that streamlines AP processing and cuts AP costs. AP Director Kofax delivers a step-change in AP processing performance, ensuring control, compliance and improving end-to-end visibility. Kofax stops the flow of paper but gives me a true invoice image in all AP workflows. We cut costs, save time and maintain control. AP Manager VP of Finance Multichannel Invoice Capture & Extraction Cut cost and errors in invoice receipt Reduce paper Extend to electronic invoice receipt channels Create process-ready information without rekeying Best Practice AP Workflow Cut costs & proactively manage AP processing issues Single, best practice AP workflow for ALL invoices Visibility & control for audit, compliance Alerts and flexible workflow resolve AP process issues Effective ERP Integration Implementation cost saving on ERP integration Flexible, model-based integration not hard coded 6 of 8

CFO Kofax is a complete solution that streamlines AP processing and cuts AP costs.

7 Case Studies & More Hyundai Motor Company Australia gains valuable financial insight with Kofax Invoice and AP Automation, providing greater transparency and accountability through invoice processing. KOFAX CASE STUDY Hyundai Motor Company Australia Gains Valuable Financial Insight 99.99% of invoices paid correctly first time Absorbed 50% increase in workload without effort Eliminated 100% of manual handling Approval time cut to two days DATASHEETS WHITE PAPERS Click above for the case study Established in 1967, Hyundai Motor Co. has grown into the Hyundai Motor Group, with more than two dozen auto-related subsidiaries and affiliates. Hyundai Motor which has seven manufacturing bases outside of South Korea, including Brazil, China, the Czech Republic, India, Russia, Turkey and the U.S. sold 4.4 million vehicles globally in Hyundai Motor, which employs over 80,000 worldwide, offers a full line-up of products, including small to large passenger vehicles, SUVs and commercial vehicles. 7 of 8

99% of invoices paid correctly first time Absorbed 50% increase in workload without effort Eliminated 100% of manual handling Approval time cut to two days DATASHEETS WHITE PAPERS Click above for the

8 Contact Kofax AMERICAS Kofax, Inc Laguna Canyon Road Irvine, CA EUROPE Kofax UK Ltd. 1 Cedarwood Chineham Business Park Basingstoke, Hampshire RG24 8WD + 44 (0) [email protected] ASIA Kofax Singapore Pte. Ltd. 9 Raffles Place #53-01 Republic Plaza I Singapore (0) [email protected] 8 of 8

Transforming the First Mile : Kofax Customer Onboarding for Financial Services. Leveraging Technology to Onboard Customers Faster and Drive Loyalty

Transforming the First Mile : Kofax Customer Onboarding for Financial Services Leveraging Technology to Onboard Customers Faster and Drive Loyalty Table of Contents CONTACT KOFAX AMERICAS Kofax, Inc. 15211