Kofax ReadSoft Online and Coupa Partner to Automate Mission Critical Procure-to-Pay Processes
Automated Organizations Can Reduce Invoice Processing Time by as Much as 80 Percent, Compared to Peers with Little or No Automation
Kofax, a leading supplier of Intelligent Automation software for digital workflow transformation, announces it has integrated with Coupa Software to help enterprises deepen operational efficiencies as they digitally transform their spend management processes.
Integrating Kofax ReadSoft Online with Coupa Business Spend Management (BSM) Platform, organizations can transform invoice processing and payment processes with automation. For instance, they can leverage best-in-class document intelligence and machine learning from Kofax to extract data from invoices spanning multiple formats and languages, and then route extracted data into downstream spend management processes managed by Coupa – significantly reducing invoice processing time and overhead. The native integration between Kofax ReadSoft Online and Coupa, certified as a CoupaLink solution, significantly reduces complexity and accelerates adoption.
“Finance and accounting teams face a growing burden processing large volumes of invoices, so it’s imperative for them to rapidly understand and extract meaningful information from these documents,” says Roger Goulart, Senior Vice President of Business Development and Alliances at Coupa. “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.”
The procure-to-pay lifecycle has traditionally been laden with manual, paper-based processes for capturing, matching, approving and archiving supplier invoices. Although these processes lend themselves to automation, only 10 percent of accounts payable leaders describe their departments as being fully automated, with few or no manual tasks. Such a highly manual state of operations limits efficiency and ability to drive enterprise value.
In contrast, highly automated organizations can reduce invoice processing time by as much as 80 percent compared to peers with little or no automation. Furthermore, strategic investments in automation technology can shift the procure-to-pay team from being a reactive and back-office transactional function into a data-driven and proactive resource providing insights moving the business forward.
“Customers seeking to transform accounts payable workflows are increasingly turning to Kofax for automation solutions that improve business agility through greater levels of digitization while also cutting operational expenses,” says Chris Huff, Chief Strategy Officer at Kofax. “With this new integration, Kofax and Coupa customers benefit from organizations’ desire and commitment to continually innovate and streamline this process.”