Accounts Payable (AP) automation plays an integral role in this transformation. While the primary role of the AP organization is to reduce invoice processing transaction costs and cycle times, its strategic value is to realize higher returns on invested capital through improved supplier relations and working capital management by extending early payment discounts.
To empower enterprises to thrive in a digital economy, Plano, TX-based Top Image Systems (TIS) [NASDAQ: TISA] offers its comprehensive AP automation solution, eFLOW AP for SAP, which employs invoice capture and workflow automation to streamline and improve invoice management from the moment invoices enter an organization’s SAP environment.
“Our flexible solution suite is seamlessly integrated with the SAP environment AP processors are already familiar with,” commented Brendan Reidy, CEO of TIS. “eFLOW AP gives the AP function 360-degree visibility into invoices and related data— equipping them with real-time reporting and analytics to improve operational performance, optimize cash flow and ensure compliance, control, and security.”
To make it as quick and easy as possible for enterprises to get invoice information into SAP, TIS employs their best-in-class data extraction technology— eFLOW Extract. Carsten Nelk, TIS’ CTO, explained: “With eFLOW Extract, we can unlock the value of unstructured data, which, according to Gartner, represents 80 percent of an organization’s total information assets.” eFLOW Extract captures data from incoming invoices using multiple Intelligent Data Recognition techniques, then converts that data to structured information ready to be transferred to SAP. The technology is machine-learning, continually improving recognition rates and accuracy over time for invoices received via any delivery channel: paper, fax, email, web, mobile, EDI, or XML.
Our flexible solution suite works seamlessly within the familiar SAP user environment, in the exact manner that enterprises expect
TIS has collaborated with numerous globally recognized brands to expedite invoice processing activities. One example is Bosch Service Solutions, an arm of the technology and services supplier Bosch Group, for whom TIS automates the recognition of invoice data in 15 input languages on over 450,000 invoices per month, providing comprehensive field recognition capabilities. In addition to carrying out extraction and validation checks on invoices generated by over 100,000 suppliers using one of 226 Bosch company codes, Bosch has achieved tight integration with their SAP workflows and high process transparency. “Our recognition rates at individual field level have exceeded 80 percent, helping Bosch achieve streamlined processing and labor cost savings,” pointed out Brendan.