Kofax, a leading provider of capture enabled business process management (BPM) solutions, today announced it will provide a U.S. government research institution with an invoice processing solution. The value of the contract to Kofax exceeds $250,000.
The customer, a multidisciplinary research institution engaged in strategic science for national security purposes, will implement Kofax Capture, Kofax MarkView for Accounts Payable and Kofax VRS Elite to automate processing of the 70,000 invoices it receives annually. The Kofax solution will enable the customer to route data from each invoice to its Oracle EBS application for easy access by employees, resulting in improved efficiency in invoice receipt, approval and payment.
“MarkView for Accounts Payable offers an integrated end-to-end solution that provides customers with increased processing speeds, improved control and real time performance management, ultimately increasing efficiency across the AP lifecycle to deliver a proven, rapid payback,” 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 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.
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.
Kofax VirtualReScan (VRS) Elite is Kofax’s patented image enhancement and perfection software. Kofax VRS Elite reduces the time involved in manual document preparation and enhances the quality of scanned images, dramatically improving both manual scanning productivity and the efficiency of document capture processes. High quality images are critical as they can significantly impact the success of downstream data extraction and retrieval needs.