Kofax Cuts Procure-to-Pay Cycle from Four Weeks to Five Days at Growing Multinational Food Products Corporation
IRVINE, Calif. (PRWEB) May 15, 2018 -- Kofax®, a leading supplier of software to automate and digitally transform information intensive processes, today announced the U.S. division of a leading multinational food products corporation has reduced its procure-to-pay cycle from four weeks to five days through the successful implementation of Kofax ReadSoft Process Director™ for SAP.
This food products company is experiencing exponential growth that was stretching its paper-based AP process to its limits. With 2,500 suppliers, they were handling 6,000 to 7,000 invoices per month and taking up to 30 days to process and pay invoices.
Citing Kofax’s strengths and solid reputation in financial process automation, they leveraged ReadSoft Process Director to embark on a highly digitized and automated accounts payable transformation, while doubling invoice volumes within months of implementation.
To speed processing and boost accuracy, the organization uses three-way matching capabilities provided by ReadSoft Process Director. The solution compares information from each invoice against the corresponding purchase order and receiving information. If inconsistencies are found, such as in quantities, prices or damaged goods, the system automatically notifies the appropriate team member so the discrepancy can be resolved before submitting the invoice for payment.
“The efficiency gains from our Kofax implementation mean our team can now process six to seven invoices in the time that it used to take to process a single invoice,” said a company representative. “This increase in productivity has allowed us to absorb a huge rise in invoice volumes.”
Kofax solutions provide this company with unprecedented visibility and control of their end to end AP automation. With full traceability of each invoice, team members can easily see when a specific invoice was received, and the amount of time spent at every stage in the processing cycle. Reminders notify users when an invoice has been awaiting action for more than the expected time, which keeps invoices steadily moving through the system. This improved visibility also helps in tracking and managing enterprise performance more effectively.
“With Kofax ReadSoft solutions powering fast, accurate AP automation, this organization is keeping its supply chain running smoothly," said Reynolds C. Bish, Chief Executive Officer of Kofax. "They’ve streamlined operations, doubled invoice volumes with the same staff level, and increased supplier satisfaction.”
Supporting Resources
The Outperformer's Guide to Total Financial Process Domination
The How-to-Guide for Your AP Automation Plan in SAP white paper
5 Ways to Transform Your Accounts Payable Efficiency video
About Kofax
Kofax is a leading supplier of software and solutions to automate and digitally transform human and information intensive processes across front and back office operations. These can dramatically improve customer engagement, greatly reduce operating costs, mitigate compliance risk and increase competitiveness, growth and profitability. Its broad range of software and solutions can be deployed in the cloud or on premise, and include robotic process automation, business process management, multichannel capture and other critically important capabilities. These provide a rapid return on investment to over 20,000 Kofax customers in financial services, insurance, government, healthcare, supply chain, business process outsourcing and other markets. Kofax delivers its software and solutions through its direct sales and services organization and more than 650 indirect channel partners in more than 60 countries throughout the Americas, EMEA and Asia Pacific. For more information, visit kofax.com.
© 2018 Kofax, Inc. Kofax is a registered trademark, and First Mile and Kofax ReadSoft Process Director are trademarks of Kofax Limited.
Source: KOFAX
Sylvia Chansler, Kofax, Inc., +1 (949) 783-1476, [email protected]
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