Expansion Will Automate the Processing of 60 Million Invoices Annually via a BPO Service
IRVINE, CA.- Kofax plc, a leading provider of capture driven business process automation solutions, recently announced that Basware, a leading provider of purchase-to-pay solutions, will extend its use of Kofax software to automate the processing of 60 million invoices annually via a business process outsourcing (BPO) service. The value of the contract to Kofax exceeds $1 million.
Basware, who helps leading organizations around the globe to automate their financial processes, will implement Kofax Capture, Kofax Transformation Modules and Kofax VirtualReScan (VRS) Elite to scan, classify and extract critical business content from each invoice and route the resulting digital images and data to a proprietary repository for easy access by employees, reducing manual tasks and latency between invoice receipt, approval and payment.
“Large enterprises managing a high amount of invoices on an annual basis clearly recognize the value of using capture driven business process automation to streamline invoice processing,” said Alan Kerr, Executive Vice President of Field Operations at Kofax. “Kofax solutions reduce errors, increase processing speed and improve decision making to deliver a measurable ROI.”
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.
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.
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.