Leading Health Insurance Provider Selects Kofax For Invoice Processing
Software to Automate the Processing of 250,000 Documents Annually
Kofax plc, a leading provider of capture driven business process automation solutions, recently announced it has been chosen to provide a leading provider of health insurance products and services in the United States with an invoice processing solution. The value of the contract to Kofax exceeds $700,000.
The customer will implement Kofax Capture, Kofax Transformation Modules, MarkView for Accounts Payable and Kofax e-Transactions to automate the processing of approximately 250,000 invoices, expense receipts, check requests, W-9 forms and other accounts payable related documents it receives annually. The Kofax solution will enable the company to capture, classify and extract content to accelerate processing and then route the resulting digital information to an Oracle ERP application for easy access, increased efficiency and reduced costs across the enterprise.
"By capturing invoices as they enter the enterprise, customers can reduce errors and processing times, and improve cash management and regulatory compliance," 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 central office, remote branch or back office data center.
Kofax Transformation Modules (KTM) adds document and form classification, page separation, challenging data extraction and validation capabilities to Kofax Capture to drive robust capture-to-process applications. By automating what were previously labor intensive, error prone and time consuming tasks, Kofax Transformation Modules can significantly reduce labor costs, improve information quality and accelerate business processes.
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 e-Transactions eliminates the need for the printing, mailing, scanning and entry of information from documents and forms by enabling the electronic delivery and capture of documents from a sender to a receiver via secure email. Designed for enterprises wanting to migrate from paper to electronic based processes, it can reduce labor costs, improve information quality and accelerate business processes without the cost and complexity of an electronic data interchange (EDI).
About Kofax
Kofax plc is a leading provider of capture driven business process automation solutions. For 25 years, Kofax has provided award-winning solutions that streamline the flow of information throughout an organization by managing the capture of business critical information arising in paper, fax and electronic formats in a more accurate, timely and cost effective manner. These solutions provide a rapid return on investment to thousands of customers in banking, insurance, government, business process outsourcing and other markets. Kofax delivers these solutions through its own sales and service organization, and a global network of more than 800 authorized partners in more than 70 countries throughout the Americas, EMEA and Asia Pacific. For more information, visit www.kofax.com.
SOURCE: Kofax plc