St. Louis, MO (PRWEB) May 16, 2013
KnowledgeLake is proud to announce two accounts payable customers, Data2 and Nooter/Eriksen, have been selected as finalist for The Huntington Bank Innovation Award. Presented by The Institute of Financial Operations, this prestigious award recognizes the creative use of advanced technologies, tools and processes in accounts payable and accounts receivable.
Today’s announcement comes on the heels of KnowledgeLake’s official launch of their Accounts Payable Solution in March 2013. KnowledgeLake’s scalable AP solution accelerates deployment time, enabling organizations to quickly reduce invoice processing costs, improve operational productivity and achieve rapid ROI. KnowledgeLake’s invoice processing software can be easily configured to fit existing accounts payable approval workflow without disrupting an enterprise’s unique business processes.
“Our goal when creating our accounts payable solution was to introduce an innovative, custom set of solutions to meet the challenges accounts payable professionals face – this award reinforces our vision to build the most pioneering products in the industry. We are thrilled to have two of our valued clients named as finalist for such a prestigious award. Aiding in the dramatic transformation of their AP departments has been a reward in itself, and we wish them the best of luck,” said Jason Buran, director of customer excellence at KnowledgeLake.
KnowledgeLake’s integration capabilities and robust features paved the way for process improvement for both Data2, a manufacturer and reseller of bar code labels, plastic cards and automatic data collection products; and Nooter/Eriksen, one of the world’s leading suppliers for Heat Recovery Steam Generators.
Data2 turned to KnowledgeLake after their previous workflow solution failed to emulate the approval process needed, provided no pending action notification to users, generated frequent errors and had no integration with their ERP system, Microsoft Dynamics GP. With KnowledgeLake’s enhancement of their already existing Microsoft infrastructure, Data2 now has the ability to seamlessly integrate with their ERP software platform to facilitate immediate access to all financial documents, without navigating away from the Dynamics GP payables module.
"As a result of the tight integration of KnowledgeLake's solution with Dynamics GP, we are garnering incremental efficiency improvements across our accounts payable processes that we would not have experienced with other types of stand-alone systems. Not only has the velocity of items routing through our workflow processes improved by at least 48 hours, the elimination of duplicate data entry has greatly increased the accuracy of our posting process," said Michael Borgna, chief financial officer at Data2. "Besides having visibility of workflow processes at any stage that provides an enhanced audit trail, we truly have real-time visibility of our outstanding accounts payable liabilities from the moment we receive a supplier voucher."
Nooter/Eriksen chose the KnowledgeLake solution due to the SharePoint infrastructure platform that the product is built upon, as well as its ability to integrate with the company’s internal workflow product from K2 into the process. With KnowledgeLake and K2, the organization now has real-time information regarding job cost and total AP billing invoice totals. This has provided executive management with better visibility into anticipated cash flow.
“We started the installation of KnowledgeLake on November 5, 2012 and were able to go live with the product on December 20th. That is an implementation of the product and development of associated workflow in only 45 days! This was a tremendous effort,” said Rick Van Matre, manager of information systems at Nooter/Eriksen.
This year, The Institute will once again recognize innovation in accounts payable and accounts receivable, in the categories of: business process redesign, application of technology, development of a new technology and exceptional business performance. Both Data2 and Nooter/Eriksen will be acknowledged at the Innovation Awards luncheon on Monday, May 20, at Fusion 2013 in Orlando, Florida, where the top winners will be announced. Fusion is the premiere conference and training event for financial operations professionals.
KnowledgeLake will have a strong presence at Fusion 2013. The SharePoint ECM Company will exhibit at booth #300 and will host the educational breakout session: Implementing Document Imaging, Search, and Workflow for True SharePoint Enterprise Content Management, led by Director of Marketing, Kevin Ells, on May 21, 2013 at 2:15PM.
KnowledgeLake transforms SharePoint into a powerful, scalable and easy-to-use Enterprise Content Management (ECM) solution that enables organizations to manage corporate content and collaborate more effectively and efficiently across the entire organization. Headquartered in St. Louis, Missouri, KnowledgeLake is a three-time Microsoft Partner of the year award winner and is recognized as the founder of the SharePoint document imaging marketplace in 2003. KnowledgeLake enables its customers to maximize and extend their already sound investments in proven Microsoft technologies, such as Microsoft Windows Server, Microsoft SQL Server, Microsoft SharePoint and Microsoft Office. Equity funded by PFU Ltd. (a wholly owned subsidiary of Fujitsu Ltd.,) KnowledgeLake is a strong, stable and global company with over two million licensed users in 35 countries.