Kofax, Coupa partner for Procure-to-Pay services

Friday 19 February 2021 14:14 CET | News

Kofax has integrated with Coupa Software to help enterprises deepen operational efficiencies as they digitally transform their spend management processes, according to

Integrating Kofax ReadSoft Online with Coupa Business Spend Management (BSM) Platform, organisations can transform invoice processing and payment processes with automation. For instance, they can leverage 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 - reducing invoice processing time and overhead. The native integration between Kofax ReadSoft Online and Coupa, certified as a CoupaLink solution, reduces complexity and accelerates adoption.

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% 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.

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Keywords: Kofax, Coupa, Procure-to-Pay, digitisation, invoice processing, spend management, supply chain finance, accounts payable
Categories: Banking & Fintech
Countries: World
This article is part of category

Banking & Fintech