The Top Seven Reasons to Automate Accounts Payable

April 21st, 2016 Posted by Blog, White Paper 0 thoughts on “The Top Seven Reasons to Automate Accounts Payable”

The accounts payable (AP) process is dif cult to tame, yet well worth the effort. The reasons for investing in accounts payable automation are compelling, and in this paper we will make them clear. Yet, while few processes offer such tangible and fast return on an automation investment, many organizations err in judging AP as a low-value activity not worth that investment.

Accounts payable organizations are charged with simultaneously reducing costs, improving performance, achieving regulatory compliance, increasing visibility and enabling the corporation’s strategic initiatives. Not only do these goals conflict at times, they compete for the same resources, limiting AP’s ability to accomplish them.

Many technologies have been applied to the accounts payable process, including financial management systems (ERP), capture, intelligent document recognition, EDI, e-Invoicing, workflow, and the cloud. But industry experts agree that substantial bene ts remain to be realized through an end-to- end invoice and AP process automation that these technologies have not delivered.

As The Hackett Group reports in its 2013 Purchase-to-Pay Performance Study, finance departments continue to seek improvement in a range of efficiency and effectiveness metrics

that include first pass match rate, on-time payment rate, level of spend visibility, compliance to preferred supplier policies, cost per FTE, transactions per FTE, and invoice processing cycle time. This paper discusses why you should move now to capture the bene ts available through implementation of end-to-end Accounts Payable automation.

AP Automation for Microsoft Dynamics AX

April 21st, 2016 Posted by Blog, White Paper 0 thoughts on “AP Automation for Microsoft Dynamics AX”

Practical Advice on Why to Do It and How to Get It Right

This white paper is written for nance professionals who are considering investment in accounts payable (AP) automation software for Microsoft Dynamics® AX. It will discuss best practices, provide an overview of AX AP functionality, discuss software that can extend AX to deliver the desired best practices and provide an overview of the Kofax® AP AgilityTM accounts payable automation solution for AX.

Assessing Stakeholder Engagement for Effectiveness and Efficiency Workbook

April 21st, 2016 Posted by Blog, White Paper 0 thoughts on “Assessing Stakeholder Engagement for Effectiveness and Efficiency Workbook”

The stakeholder engagement paradigm has changed. Not only are organizations communicating with customers, suppliers, partners, and other constituents through additional channels, but the dynamics of those communications have been altered. The relationship itself is gaining value and is increasingly dependent on immediacy, transparency, and bidirectional communication via the preferred medium.
At the same time, enterprises continue to focus efforts on improving the productivity of their line-of-business knowledge workers in order to reduce the time they spend on an activity and to improve the quality and reliability of the decisions they make. Because these activities and decisions play a key role in the stakeholder relationship and ultimate business outcomes, strategies to streamline communication processes and perfect key data exchanges are essential.

Organizations frequently turn to business process automation to reduce cycle time and error rates. However, many processes still result in a significant number of exception situations that require manual handling by line-of-business workers. In addition, exception resolution may require workers to reach back to customers or other stakeholders, essentially restarting the process from the beginning, resulting in frustration and inefficiency on all sides.

The solution is a tightly integrated system that extends between where the stakeholder request originates and where the decision-making systems begin. The system must be able to accurately extract critical data from documents submitted via multiple channels with minimal or no stakeholder intervention. Furthermore, it must be able to consistently perfect documents and data before they are entered into the proper systems of record for high-value/high-cost decision-making processes.

Automate Your Business Processes with the Digital Mailroom

April 21st, 2016 Posted by Blog, White Paper 0 thoughts on “Automate Your Business Processes with the Digital Mailroom”

Every day, organizations receive high volumes of various types of documents from different channels that launch or continue internal business processes. Reviewing and interpreting these documents, entering data from them, and forwarding them on to others for further processing consumes company time and resources, which increases operating costs and negatively impacts customer and supplier responsiveness. A digital mailroom powered by enterprise-level capture and business process management (BPM) technology solves these problems by converting incoming documents—whether originating from mail, fax, email, multi-function peripherals (MFPs), web portals, or mobile devices and tablets—into structured electronic information that feeds multiple business processes and systems across the enterprise.

In almost every organization there are accounting, human resources, purchasing, contract management and customer service processes. In addition, there are vertical market-special processes, such as insurance claims processing, mortgage processing, electronic health records management, new bank account opening, case management in government, and so on. Business process management (BPM) and dynamic case management (DCM) are used to orchestrate and automate the complex sequence of steps required to complete these processes, and these processes frequently require the capture of incoming business documents as part of the process.

Smart capture solutions capture and streamline the flow of business critical information throughout an organization in a more accurate, timely and cost effective manner. This white paper overviews how Smart capture can transform traditional incoming document reception and processing into an efficient ”digital mailroom” that helps organizations reduce costs, drive process efficiency, and improve customer service and market competitiveness to better grow their businesses.

De Goudse Verzekeringen Increases Competitive Advantage with Kofax

April 21st, 2016 Posted by Blog, Case Studies, White Paper 0 thoughts on “De Goudse Verzekeringen Increases Competitive Advantage with Kofax”

Kofax Capture and Kofax Transformation Modules are integral to automating Document Services department

The Challenge

The insurance sector is characterized by large amounts of paper documents and De Goudse is no different. The company receives an extremely large quantity of mail each day — approximately 800 physical postal items and an equal volume of emails daily. Until 2010, the majority of De Goudse’s document processing was performed manually by the Document Services department. This department, headed by Team Manager, Erwin Geurts, is responsible for incoming mail, outgoing mail, printing and reproduction activities. The management of the warehouse and archive are also part of this department’s core responsibilities.

City of Gouda Introduces Mailroom 2.0

April 21st, 2016 Posted by Blog, Case Studies, White Paper 0 thoughts on “City of Gouda Introduces Mailroom 2.0”

It is easy to imagine that Chris Bellekom, director of Document Management Services for the city of Gouda, The Netherlands, installed a digital mailroom merely to save money. Naturally, automatic classi cation of incoming mail delivers necessary ef ciency, offering savings on FTEs (full-time equivalents), something welcome given looming budget cuts. No, Bellekom sees the digital mailroom, equipped with advanced recognition and classi cation technology,

as an important step toward a new DMS: a document management system for the administration, preservation, storage and retrieval of documents within the organization.

According to Bellekom, the new DMS is part of the broad front of ce that municipalities currently have or plan to build. The front of the organization is composed of a website with electronic forms, a call center (Client Contact Center) and a mailroom where, in the case of Gouda, about 140,000 items come in annually.

The items have to be sorted and opened regardless,” said Bellekorn. “They might be complaints, letters, application forms or opinions. Employees read and assess the contents, then register and classify the content using their experience, thereby setting the processes of the organization in motion. That work can be automated. For example, we already have experience with the digitalization of incoming invoices and Social Services documents. This expertise can now be used with the implementation of the digital mailroom.

Infographic: Finding revenue in your AP Automation Process

April 21st, 2016 Posted by Blog, White Paper 0 thoughts on “Infographic: Finding revenue in your AP Automation Process”

While increasing sales is a natural goal for improving the bottom line, significant revenue can be found by optimizing AP automation. Improving workflows at every key milestone reduces costs of manual intervention, all while increasing early payment discounts. Below are ways your organization can implement best-in-class AP practices.

What AP Automation will look like in 3 years

April 21st, 2016 Posted by Blog, White Paper 0 thoughts on “What AP Automation will look like in 3 years”

A modern financial system is the foundation for automation. Complete accounts payable automation solutions are a relatively new product category for financial operations professionals. Advanced technologies such as mobile, social networking, and intelligent dashboards are very slowly being integrated into offerings and adopted by enterprises.

Finance professionals are cautious by nature and do not always view AP automation solutions as being strategic to an enterprise. However, in the past 10 to 15 years, companies have automated components of their AP process, doing it in phases with a slow adoption rate.

Let’s look at the current phases for incorporating an automated solution into AP systems, as well as the current state of adoption, and predictions about where the industry is headed.

Sign Here. Building the Case For E-Signatures

April 21st, 2016 Posted by Blog 0 thoughts on “Sign Here. Building the Case For E-Signatures”

Electronic signatures, or e-signatures, have become a standard part of many business processes today. When deployed across mobile and traditional devices, e-signature technology significantly improves your organization’s efficiency resulting in a better customer experience.

In this three-part blog series, we’ll discuss how deploying e-signature technology across your entire organisation benefits your bottom line by boosting productivity, driving customer engagement and enriching the customer experience with omni-channel availability.

E-Signatures Make Business Sense

While the term “operational excellence” can vary in meaning depending on the organisation, when businesses gather metrics from key performance indicators (KPIs) to their descriptions of operational excellence, real progress is made. Whatever the definition, the most-cited goal of achieving operational excellence is to exceed customers’ expectations with every transaction, every day.

As management guru Peter F. Drucker asserted, “The purpose of business is to create and keep a customer.” E-signature technology can help your organisation become more efficient with friction-free, fluid processes that enhance the customer experience, enabling you to create and keep them. The right e-signature technology improves the operational efficiency of your organization in part because of the ubiquity of transactions, which require signatures.

From onboarding a new customer and opening an account to completing a loan application and more, signatures are required to complete many transactions. The signature captures your customers’ intent and signifies that they have agreed to the presented terms and conditions. Customers accept the need for the process and value the implied security, but there is no denying that the traditional paper-based process can be cumbersome. In addition to delivering a less than ideal customer experience, paper-based processes slow down business, costing time and productivity.

Driving Your Digital Advantage: As traditional paper-based processes continue to transform into digital and highly mobile experiences, e-signature technology has evolved to deliver anytime, anywhere, multi-platform signature capture and verification that is highly secure. Benefits include:

  • Faster customer acquisition: Workflows streamlined by the adoption of e-signature technology result in a more efficient customer turnaround time and reduce the risk of cancellation.
  • Cost reduction: Implementing a paperless process reduces the following expenditures: cost of paper products, courier and shipping charges and storage.
  • Straight-through processing: The 100 percent digital process removes the time-consuming task of re-keying information and eliminates data entry errors.
  • Easy retrieval and archiving: E-signed documents are archived automatically and retrieved easily when needed.
  • Customer-friendly process: Electronically signing on a mobile device such as a smartphone or tablet offers an easy and technically familiar process that customers trust.

Originally published on http://services.kofax.com/

Sign Here: Drive the Right Mix of Customer Engagement

April 21st, 2016 Posted by Blog 0 thoughts on “Sign Here: Drive the Right Mix of Customer Engagement”

E-signature technology helps your organization become more efficient with friction-free, fluid processes, enriching the customer experience and increasing customer retention.

More companies, across a variety of industries are embracing e-signature technology as an opportunity to transform the customer experience. However, in a move to reduce operating costs, too many organizations are relying heavily on automated interactions. But reducing or obscuring in-person transactions can degrade the sales experience, sometimes even prompting customers to move to a competitor. Use digital to augment – not only replace – your face-to-face transactions.

How do you “go digital” without losing the personal touch? Leveraging e-signature technology makes digital transactions personal, and serves your clients anywhere, anytime, and on their preferred device.

Provide Better Customer Experience, Even After the Sale

Business customers are savvier than ever before and expect certain transparency at each stage of the buying cycle and beyond.

E-signature technology is one of your most valuable innovations. The best way to improve sales effectiveness is to put customers first with your e-signature strategy, with these five considerations to build your use case:

1. Ease of Use – Select an e-signature solution that allows your customers to use self-service technology at their own pace, such as allowing them to review documents before signing or completing the workflow without installing additional software.

2. Device-friendly – Customers expect transactions to be secure and accessible from any web-enabled device (computer, tablet or smartphone) at any time.

3. Security first – E-signing isn’t new. Customers should find it natural to transition to a digital process. However, organisations must be able to create tamper-evident documents. Being able to produce an audit trail of electronic evidence that demonstrates the signer understood and accepted contract conditions at the time of e-signing, builds trust with customers. And improves your sales efficiency.

4. More interactive assisted process –Using in-branch devices such as tablets, that can be handed back and forth with the customer is an example of a collaborative transactional process. It’s a guiding example of ways leading e-signature technology can deepen and improve customer interactions.

5. “Traffic Light” Navigation – Digital transaction processes that include your employee or end customer to complete one step before they move to the next help to reinforce consistent sales interactions from sales and customer service teams.

Maximise sales effectiveness and maintain your competitive edge, enrich – don’t just replace – in-person customer experiences with efficient digital processes.

Originally published on http://services.kofax.com/

Archives

Efficiency Leaders can help you transform your organisation with our range of superior products, innovative solutions and capability for seamless integration. Let's talk!

Web Design and Content by the creatively simple, cleverly bold team at Famenkko