Solution Spotlight
Kofax Readsoft Online | Accounts Payable Processing in the Cloud
Kofax ReadSoft Online brings a market leading AP solution to the Small and Medium business sector. Using over 25 years of industry experience, ReadSoft Online provides easy and flexible document and data capture, workflow and document storage/retrieval for accounts payable invoices. ReadSoft Online incorporates advanced OCR technology, refined business logic and country-specific knowledge to efficiently capture data -- both header and line items -- from supplier invoices. The cloud-based solution seamlessly integrates with a variety of ERP and other accounting systems either via file transfers or APIs.
Invoices are initially scanned, uploaded or emailed directly into ReadSoft Online. Verification of the OCR extraction, field calculations and ERP validations are then performed by a user where typically 80-90% of the fields are touchless. Invoices can be automatically routed to a user-friendly approval workflow or invoices can go directly into your ERP system for workflow, if that is your preference. Notifications via email and mobile capability allow workflow users to participate no matter where they are. Using process intelligence dashboards; users and managers have access to the metrics needed to understand all aspects of volumes, throughput, performance and accruals.
Functionality Overview
- Invoice Processing in the Cloud Software as a Service
- Self-learning technology with automatic extraction of header and line level options
- Workflow and coding option with approval
- With the ability to store images online
- API available for ERP/FI integrations
- Hosted on Microsoft Azure for highest availability, security
Benefits
- Brings market leading AP solutions without additional IT costs
- Reduces user errors due to automated data capture and subsequent processing
- Increases the number of invoices each FTE employee can process
- Cost savings of up to 90% of the original cost of processing an invoice
- Allows customers to fully utilize early payment discounts
- ERP Agnostic with API available for direct integration
- Minimal configuration and/or installation cost
- No effort needed to maintain always latest updates
- Out of the box standardized configuration for over 30 languages
- Minimum training for users and administrators
- Underpinned by the Microsoft Azure platform with High Availability 24/7 and automatic backup and disaster recovery
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| Product Spotlight
Kofax Scores High in Gartner Eval of Critical RPA Capabilities
As various RPA solutions rise in popularity, it can be difficult to know which one is right for your business. To help businesses sift through the myriad RPA solutions out there, Gartner, a global research and advisory firm, has established core capabilities and metrics that it uses to analyze the performances of dozens of RPA solutions.
Why Evaluate an RPA Solution?
Gartner reports that through 2021, 40 percent of enterprises will have RPA "buyer's remorse" because of misaligned, silo'd usage, and inability to scale. Businesses can avoid this remorse by selecting an RPA suite that has broader functional capabilities to support the primary business use cases, according to Gartner.
How Does Kofax Measure Up?
Gartner has evaluated Kofax to be "one of the strongest products in the market". Kofax has demonstrated not only its capability as a powerful RPA solution but one with the ability to improve and evolve to address advanced needs. In Gartner's overall assessment, Kofax was just one of two products to feature in the upper quartiles of all three use cases discussed below.
Gartner uses three of the most common use cases for RPA to "filter and prioritize the features that provide the greatest level of impact":
- Integration via user interface (UI). This use case focuses on a use of RPA, where data is moved between two applications in an ad hoc way.
- Large-scale data migration. This use case is focused on integrating sets of components to move data collectively between one application and another.
- Augment knowledge workers. This use case is about using RPA to enhance the ability of knowledge workers to get work done, thereby improving efficiency when gathering information to serve customers.
Kofax's high scores in 9 out of 10 capabilities ties it for third place among the RPA solutions Gartner evaluated overall. Those 10 capabilities evaluated are as follows:
- Automation Development
- Integration Features
- Control Panel/Dashboard
- Component/Script Library
- Identifying Change Impacts
- Resilience and Error Recovery
- Security
- AI/ML/NLP Technologies
- Business Rules/Process Automation
- OCR
Gartner discovered that Kofax has strong Automation Development and Integration Features, enabling it to score in the top quartile for Integration via UI. A strong differentiator for Kofax is its "ability to strip the headers from an Excel spreadsheet" and automate the process of creating matching data variables in the script. This process is normally done manually, saving developers time. It also helps developers avoid any errors that can be introduced in automations.
Kofax also has strong large-scale data migration scores because some of its features enable RPA integrations to "be consumed by external resources". Developers can easily componentize resources needed for complex, large-scale data migration.
Kofax's highest score was in the Augment Knowledge Workers use case. The solution has natively-developed OCR offerings and related ML capabilities that complement its strengths in other core capabilities, including overall Resilience.
For more information about RPA, please contact your existing Solutions Management Expert or email us at sales@allstarss.com.
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| What's New
All Star Offers Free Kofax KTM Review Service to Customers
As you know, Kofax Transformation Modules (KTM) is an advanced OCR technology using a knowledge base to learn and improve documents that are processed and validated by users. Proper care of the knowledge base, adjustment of the locators, scripting, quality documents and samples are all part of the equation and if maintained and improved, can result in extraction rates in the range of 90-95%. But it does require some effort, and these are the basic requirements:
- Regular review of the knowledge base to resolve conflicts
- Users flagging documents (and knowing when and how) so the Kofax administrator can review/improve the solution
- Use of Kofax Analytics or Kofax statistics to review individual extraction results and target areas for improvement
All Star is offering a FREE review of your KTM solution and summary report of suggested improvements that can be made. Scott Sagendorf, Support and Technical Account Manager, reached out to you a few months ago and we want to once again ensure every Kofax KTM customer schedules this valuable service.
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Why You Should Notify All Star Prior to Making Changes to Your System
All Star Software Systems, together with their software vendor partners, strongly recommends that any changes to your system (configuration changes in the software, hardware and environment) are first implemented in a non-production environment and fully tested and vetted prior to deploying to production. This strategy ensures that the application runs as expected prior to production deployment and will aid in avoiding data integrity issues and production outages.
Please contact us prior to making any changes to any component of your system related to the Kofax or OnBase implementation, such as servers, IP addresses, firewalls, mappings, security, virus, etc. In this way, we can properly plan and advise you based on our experiences with other customers.
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Register Now: CommunityLIVE Goes Virtual in October
Hyland's annual CommunityLIVE user conference goes virtual this year from October 5-9, 2020. Every year, Hyland's leadership chooses an organizational theme. It's a high-level vision we all keep in mind as we navigate both challenges and opportunities. This year, the theme is evolve. And it couldn't have turned out to be more appropriate.
This theme is no more apparent than with this year's CommunityLIVE. Going virtual for the first time ever, this year's conference will take place October 5-9, 2020 with the same great content, messages and training you have always relied upon, just in a different format.
We know what a valuable resource this is for you and it's a great opportunity to attend CommunityLIVE, especially if you have not been able to in years past because of budgets or travel restrictions.
Take advantage of early bird pricing on Essential and Complete conference packages through August 14. With all the training options, networking opportunities, events and hands-on learning, you won't want to miss a moment of this year's conference.
Registration is now open!
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"Being ranked #1 in WW 2019 Capture market share in the IDC report comes at a particularly important time, as organizations globally are laser focused on digitally transforming mission-critical finance, customer and operational workflows to create elevated experiences for customers," says Chris Huff, Chief Strategy Officer at Kofax. "Only Kofax combines a suite of low-code intelligent applications, advanced Artificial Intelligence and RPA for organizations to drive efficiency, growth and business resiliency."
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Software Updates
OnBase Foundation EP3 (LTR)
Version 20.3.5.1000
Current version as of 7/21/2020
Kofax Capture 11.0.1.2
11.0, Service Pack 1, Fix Pack 2
Released 6/18/2020
Kofax Transformation Modules 6.3.1.7
6.3, Service Pack 1, Fix Pack 7
Released 7/24/2020
Kofax Transformation Modules 6.2.1.19
6.2, Service Pack 1, Fix Pack 19
Released 6/24/2020
Kofax Import Connector 2.8.0.1
2.8, Fix Pack 1
Released 7/8/2020
Kofax RPA 11.0.0.1
11.0, Fix Pack 1
Released 6/16/2020
Kofax RPA 10.7.0.6
10.6, Fix Pack 6
Released 7/13/2020
Kofax Kapow 10.6.0.6
10.6, Fix Pack 6
Released 6/26/2020
Kofax TotalAgility 7.7.0.8
7.7, Fix Pack 8
Released 6/30/2020
Kofax TotalAgility 7.6.0.11
7.6, Fix Pack 11
Released 7/20/2020
Kofax TotalAgility 7.5.0.24
7.5, Fix Pack 24
Released 6/22/2020
Kofax ReadSoft Invoices 6.0.3.1
6.0, Service Pack 3, Fix Pack 1
Released 5/26/2020
Kofax ReadSoft Invoices 6.0.2.4
6.0, Service Pack 2, Fix Pack 4
Released 5/26/2020
Kofax ReadSoft Invoices 6.0.1.5
6.0, Service Pack 1, Fix Pack 5
Released 5/26/2020
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Want to learn more?
Not quite sure how all this information relates to your organization and the benefits you might realize? All Star offers demos for many of the solutions and products we offer. Schedule one today!
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While summer may still be in full swing, so is Q3 of 2020. Please reach out to us
for guidance or strategic planning to make your 2020 goals a reality.
We sincerely appreciate your time and interest and look forward to connecting with you soon.
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Middletown Business Park
440 Smith St.
Middletown, CT 06457
860 613 1500 Phone
860 613 0519 Fax
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