Kofax, a leading supplier of Intelligent Automation software to digitally transform end-to-end business operations, today announces its market-leading accounts payable automation solution, AP Agility, is now available as a cloud-hosted SaaS offering.
Kofax AP Agility Cloud™ combines the power of AI-driven capture, three-way matching of invoices, purchase orders and receiving documents, approval and exception workflows, automated general ledger coding, and analytics - delivering all the benefits of AP Agility to accounts payable departments seeking a cloud-based solution.
“Organisations increasingly turn to Kofax and our market-leading Intelligent Automation solutions to digitally transform their accounts payable operations,” says Reynolds C. Bish, Chief Executive Officer at Kofax. “By delivering AP automation as a service, AP Agility Cloud provides customers increased deployment options and greater agility as they strive to optimise their financial operations in today’s rapidly evolving business environment.”
Kofax AP Agility Cloud is purpose-built to help companies reduce costs, improve processing times, enhance compliance through automated controls and elevate data quality across the entire accounts payable function. Hosted on Microsoft Azure, which eliminates the need for onsite IT infrastructure, customers can launch and scale the solution quickly. Customers realise cost savings through lower initial startup and maintenance costs while giving secure access to users anywhere in the world from any desktop or mobile device.
According to Gartner, “by 2024, 60% of all new midsize core financial management application projects, and 30% of large and global ones, will be public cloud implementations.”[1]
Many companies suffer from the high cost of invoice processing and an inability to optimize supplier relationships, payments, invoicing requirements and business spend. AP Agility addresses these challenges by meeting the needs of organisations with flexible deployment and licensing options - including perpetual or term on-premise, private cloud or public cloud. Initially available in the United States, Kofax will add data centres in Europe and Asia Pacific later this year.
AP Agility highlights include:
• Multichannel Invoice Processing Powered by AI-Driven Capture. AP Agility pulls invoice data from any source and lets users customize specifications such as user interfaces, profiles, invoice formats, classification and other requirements. Advanced AI-driven capture takes processing beyond basic OCR to recognize, identify and extract more text and data than any other capture solution.
• Fully extensible best practice workflows. Full invoice management, three-way matching of invoices, purchase orders and receiving documents, approval and exception workflows, automated general ledger coding and analytics for rich reporting system throughput, supplier payment terms and performance, and business spend management.
• Comprehensive AP and ERP integrations. AP Agility supports market-leading ERP systems and financial accounting applications, while enabling fast and easy integration to any ERP platform organizations use.
• Ability to transform other financial processes. AP Agility is built on Kofax TotalAgility®, and part of the Kofax Intelligent Automation platform - a suite of capabilities enabling organizations to achieve enterprise-wide digital transformation, improve competitive agility and customer experience, and drive operational efficiencies. The platform offers a variety of capabilities, from cognitive capture and process orchestration to Robotic Process Automation, analytics, mobility and engagement.
[1] Gartner “Magic Quadrant for Cloud Core Financial Management Suites for Midsize, Large and Global Enterprises,” John Van Decker, et al, 13 May 2019