To help large companies become more efficient as they digitally transform their expense management workflows, intelligent automation software provider Kofax has integrated with Coupa Software, according to a Tuesday (Feb. 9) announcement.
Coupa Senior Vice President of Business Development and Alliances Roger Goulart said in the announcement that accounting and finance workforces encounter an increasing load of handling many invoices. As a result, he said that it is essential for them to quickly comprehend and take away meaningful data from that paperwork. “We’re proud to integrate with Kofax to help our customers realize end-to-end automation and seamlessly unlock data needed to drive their spend management processes in Coupa,” Goulart said in the announcement.
Companies can revamp invoice processing and payment workflows with automation by connecting Kofax ReadSoft Online™ and the Coupa Business Spend Management (BSM) Platform. In one case, they can harness Kofax’s document intelligence and machine learning (ML) to take information from invoices in different formats and languages and then send the information to expense management workflows that Coupa handles.
Historically, the procure-to-pay process has been burdened with non-automated, paper-based workflows for the intake, matching, green lighting and storage of vendor invoices. While these workflows are ripe for automation, according to the announcement, just 1 in 10 accounts payable (AP) executives indicate that their departments are fully automated with a couple of manual tasks or no manual tasks.
However, Kofax says companies that are very automated can cut invoice processing time by up to 80 percent in contrast to contemporaries with no automation or not much automation. Moreover, well-planned investments in automation technology can reshape the procure-to-pay workforce into an information-powered and proactive resource from a reactive and back-office role.
In separate news, Medius, the expense management technology company, and Pagero, the eDocument service firm, recently teamed to help firms manage digital invoices. The new tie-up allows their joint client base obtain and manage eInvoices in various formats across the globe.