Transform 2014: Kofax TotalAgility™ Accounts Payable Automation – A Best-In-Class AP Solution
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Learn in how Kofax TotalAgility™ Accounts Payable Automation can improve your AP performance, irrespective of the ERP(s) your organization uses. See how you can raise levels of touchless processing by automating invoice receipt, entry, coding, approval and review, all while integrating to your ERP(s) automatically and efficiently.
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Transform 2014: Kofax TotalAgility™ Accounts Payable Automation – A Best-In-Class AP Solution
- 1. Art Sarno Product Marketing Director Kofax Kofax TotalAgility® Accounts Payable Automation -- A Best in Class AP Solution
- 2. Kofax – Global Presence Successful Customers: 20,000+ Software seats: 150,000+ ERP, CRM, LOB integrations: Tens of thousands NASDAQ & LSE: KFX Headquarters: Irvine, CA Employees: 1,200+ in 30 countries Channel partners: 800+ in 70 countries 2
- 3. Kofax Accounts Payable Solutions AP Solutions Market Leader Kofax TotalAgility® Accounts Payable Automation Multichannel capture Best practice AP workflows ERP integration • Microsoft Dynamics AX OOTB Analytics Kofax MarkView® MarkView for Oracle EBS MarkView for SAP MarkView Advisor - Analytics MarkView Express - Supplier Portal 3
- 4. Best-in-Class (20%) Industry Average (50%) Laggards (30%) AP Performance Issues: Well Known in the Market 4 Cost to process one invoice Source: Aberdeen Group, AP Invoice Management in a Networked Economy. May 2012 $16.67 $6.29 $3.34 Early payment discount capture rate 18% 47% 90% Time to process one invoice 16.3 days 6.1 days 4.1 days
- 5. #1 Improvement Strategy: Automating Invoice Receipt and AP Workflow 5
- 6. Kofax Accounts Payable – Solutions for the Whole ERP Market Source: Gartner: “Market Share Analysis: ERP Software, Worldwide, 2012”, May 7, 2013 ERP Market Share Other 37% 63% Kofax AP AutomationKofax MarkView ERP users often seek a complementary AP solution and integrate it to their ERP Kofax AP automation expands the Kofax value beyond SAP and Oracle E-Business Suite (which are served by Kofax MarkView)
- 7. Accounts Payable – What’s Needed? 7 Challenge What’s Needed? Common State Speed 3 days from receipt to approval Ranges from 3 to 20+ days Cost $2 or less per invoice $3 to $40+ per invoice Paper Less! 70% of invoices still on paper Visibility Transparency of AP status Low level of AP insight Control Standardized processes, enforced internal controls and regulatory compliance Weak process discipline, imprecise audit trails, inadequate traceability Accuracy Reduced error rates Rekeying remains too common Cash optimization Pay when you want Inability to take early discounts or avoid late fees Ease of change Escalate, expedite, improve Inflexibility mistaken for control Ease of deployment Fast, simple implementation Adoption painful and slow
- 8. Common AP Practice – Too Costly, Slow and Error-prone 8 Excessive Paper Handling Manual Re- Keying into systems Supplier Finance DirectorPeople - intensive Approval Processe s AP Clerk LOB Employee AP Manager LOB Manager delay cost delaycost delay cost ERP LOB Systems Ineffective System Integration Lack of visibility to processes Performance Impact of Current Practice • Excessive, Costly Manual Paper Handling • High Error Rates in Extraction of Key Invoice Data • Lost and Duplicate Invoice Issues • Hazy Visibility of AP Status • Workflows Fail to Manage Exceptions • Weak Internal Controls • Ineffective Integration to ERP and LOB Systems
- 9. The AP Automation Advantage 9 Validation / Entry KTA7 Process Approval Review ERP Exceptions Wait for Payment Exception Processing • Data Validation (Business Rules) • Header • Lines • Hierarchy • Escalation • Business Rules • Route to group or user • Route to group or user Interface after invoice KTA ERP approval and review • Request comment, Return to Supplier, Cancel, etc. • Wait for the invoice to be paid in ERP Capture Represents source of invoice data as the workflow progresses Extraction Reports and Analysis Kofax TotalAgility AP Automation ERP integration occurs during validation, entry and matching Invoice is posted to ERP after the “review” step On-premise Cloud deployment options (planned) ERP search for suppliers, POs, PO lines, invoices available throughout ERP users have access to AP processing status Multichannel support Mobile review, approval or escalation (planned)
- 10. Kofax AP Automation – Delivering Four Critical Capabilities 1. Multichannel Invoice Capture and Extraction 2. Best Practice AP Workflow – Productive, Controlled, Adaptable 3. Effective ERP Integration 4. Analytics 2. 3. Effective ERP Integration Other ERP MS Dynamics AX OOTB Multichannel Invoice Capture & Extraction Analytics 10 Best Practice AP Workflow AP Clerk Invoice Entry Line Item Matching Invoice Approval GL Coding Invoice Review Business Controls AP ManagerLOB Staff 1. 4.
- 11. Critical Capability #1 Capture of invoice Paper, email, fax, e-invoice, mobile, any channel High-quality digital image Available in workflows Extraction of invoice information PO and non-PO Preconfigured invoice recognition and online learning Supplier and header Line items and amounts Available in workflows 11 Multichannel Invoice Capture and Extraction1. Multichannel Invoice Capture & Extraction Supplier Header Line Items Amounts
- 12. Critical Capability #2 Best Practice Workflow: Productive, Auditable, Adaptable2 Productive Standardized flows, high level of automation Low level of human touch Efficient human touch, if needed Auditable Audit trail of every action Documented AP processes Reports and dashboards available Adaptable Easy to assign/re-assign work, escalate, etc. Fast to expedite for discount capture, discrepancy resolution Visual workflow redesign Best Practice AP Workflow AP Clerk Invoice Entry Line Item Matching Invoice Approval GL Coding Invoice Review Business Controls AP ManagerLOB Staff
- 13. Critical Capability #3 Effective System Integration3 Multichannel Invoice Capture & Extraction Close integration of invoice images and information with workflow Flexible exchange of AP information with ERP and LOB systems Modern system architecture 10,000+ ERP and LOB integrations Effective System Integration LOBERP Best Practice AP Workflow AP Clerk Invoice Entry Line Item Matching Invoice Approval GL Coding Invoice Review Business Controls AP ManagerLOB Staff
- 14. Critical Capability #4 14 4 Analytics Historical – What happened and why? Data f/ invoices that have already been paid and related processes Actionable – What’s happening now? Real-time or near-real-time data on invoices currently in workflow Enable intervention to change course of processing Predictive – All data analyzed to provide visibility into future Determine next actions based on historical trends, current process states, resource availability, etc.
- 15. TotalAgility Accounts Payable Automation - Summary Remove paper flow Cut cost and errors in invoice receipt Extend to electronic invoice receipt channels Create process-ready information without rekeying 1 2 3 15 Cut costs and proactively manage AP processing issues Single, best practice AP workflow for all invoices Visibility and control for audit, compliance Alerts and flexible workflow resolve AP process issues Implementation cost savings on ERP integration Flexible, model-based integration: not hard-coded >1,000 organization rely on Kofax for AP/IP solutions >400 Kofax staff are AP experts Effective ERP Integration Any ERP 4 Actionable insight that drives better AP performance Extensible analytics, adaptable to requirements Actionable Analytics 5
- 16. Kofax: Proven Market Leader and Visionary 16 The Forrester Wave is copyrighted by Forrester Research, Inc. Forrester and Forrester Wave are trademarks of Forrester Research, Inc. The Forrester Wave is a graphical representation of Forrester's call on a market and is plotted using a detailed spreadsheet with exposed scores, weightings, and comments. Forrester does not endorse any vendor, product, or service depicted in the Forrester Wave. Information is based on best available resources. Opinions reflect judgment at the time and are subject to change. Multichannel Invoice Capture & Extraction • Any Supplier • Any Invoice • PO and Non-PO • Structured or Unstructured • Any Channel (Paper, Email, E-Invoice, etc.) • Full Extraction of Invoice Information Best Practice AP Workflow • Automated Approvals • Easy to Assign, Escalate, Expedite • Visibility of Workflow & Invoice Status • Automatic Audit Logging • Reports & Dashboards • Visual Workflow Design
- 17. TotalAgility Accounts Payable Automation 1.1 Benefits Summary 17 Kofax Accounts Payable Delivers: • Increased Employee Productivity • Lower Processing Costs • Faster Invoice Processing • Strengthened Internal Controls • Greater Process and Status Visibility • Optimized Cash Management • Reduced Error Rates • Increased Operational Flexibility • Lower Total Cost of Ownership
- 18. TotalAgility Accounts Payable Automation – Sample Screenshots 18 Invoice Validation – Manual intervention after automatic information extraction
- 19. TotalAgility Accounts Payable Automation – Sample Screenshots 19 GL Coding – ERP codes available in drop-down to ensure use of correct codes
- 20. TotalAgility Accounts Payable Automation – Sample Screenshots 20 Invoice Approval – Second approval triggered by spend limitation and routed via approval hierarchy
- 21. TotalAgility Accounts Payable Automation – Sample Screenshots 21 AP & ERP Search – Assisting AP staff to resolve issues, discrepancies and queries
- 22. TotalAgility Accounts Payable Automation – Sample Screenshots 22 AP Work Queue – Key data and task status presented to the relevant user
- 25. Who Relies on Kofax for Accounts Payable Automation? 26 >1,000 customers operating in 100+ countries
- 26. Case Study 27 Challenges Increase accountability and transparency for all invoices Reduce labor-intensive invoice and AP handling Cut paper flow Enforce standardized process, but add flexibility where needed 50% of staff is mobile Results Approval time cut to two days Absorbed 50% workload increase “without effort” 100% of invoices in standard process 99.99% of invoices paid correctly, the first time Customer: Hyundai Motor Company Australia Business: Subsidiary of Hyundai, the world’s most profitable car company Application: Accounts payable automation “With total accountability and transparency, our executives can see exactly where the money is going, who is ordering what, and who is paying what.” –Hyundai Motor Co. Australia
- 27. Kofax Summary AP solutions market leader Trusted in AP by 1,000+ AP departments Global, financially strong Comprehensive, end-to-end solution from a single vendor Best practice solution Future-proof Acclaimed by independent analysts 28
- 28. For further information, please contact: Art Sarno Product Marketing Director, Kofax Phone: 1-(949) 783-1608 Email: art.sarno@kofax.com