Lifestyle firm adopts Kofaxto financial automation solution

27 Feb '10

1 min read

Kofax plc the leading provider of document driven business process automation solutions, announced it will provide a leading global sport and lifestyle apparel company with a financial process automation solution. The value of the contract to Kofax is approximately $300,000.

The company will implement an end-to-end invoice processing solution that includes Kofax Capture, Kofax Transformation Modules and MarkView 6.5 software. The system will automate the scanning and extraction of data from more than 65,000 invoices received annually as well as the related downstream purchase order matching, exception handling and approval for payment of those invoices. The solution will fully integrate with and leverage the company's Oracle Financials ERP system and thereby reduce processing errors, improve visibility to payment planning and accelerate cycle times.

“Automating accounts payable systems on a single platform dramatically increases processing speeds, drives down per transaction costs, strengthens controls, reduces inquiries and improves service levels,” said Alan Kerr, Executive Vice President of Field Operations at Kofax. “This sale demonstrates the strategic value of leveraging assets from the 170 Systems acquisition with our capture technologies to deliver powerful, integrated financial process automation solutions that increase productivity, reduce total cost of ownership and generate a rapid ROI.”

Kofax plc

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