Kofax Adds New AI Features For Accounts Payable

Intelligent automation supplier Kofax has announced new innovations for its invoice and accounts payable (AP) solutions, according to a press release.

Kofax’s solutions, the release stated, help to boost the speed and ease of processing financial documents and data, including automation of time-consuming manual work and easy ways to connect financial systems.

The new solutions will go further toward transforming AP processes with automation. The company said in the release that $42 billion in projected enterprise spending for intelligent automations in the next five years will include 40 percent dedicated to finance and accounting transformation.

That, according to Kofax, shows a focus among business leaders on using more automation to boost operational efficiency, according to the release.

Among the new Kofax solutions are document intelligence, helping to process invoices and other financial documents in multiple formats, including algorithms that improve over time due to native artificial intelligence (AI) and machine learning (ML). There’s the expanded enterprise resource planning (ERP) finance ecosystem, which the release stated provides “more and deeper out-of-the-box connections” to financial platforms, and new workflow automations that help companies manage work through touchless processes and collecting missing documents in an automated manner.

Kathleen Delaney, chief marketing officer at Kofax, said the company recognizes “the critical role these processes play when it comes to managing liquidity, cash flow, profitability and overall business continuity,” according to the release.

“Our Intelligent Automation portfolio eliminates transactional and manual work that has plagued this function and allows our customers and prospects to drive value for their organizations on more critical and strategic topics,” she said in the release.

In June, Kofax introduced a new trade finance solution, PYMNTS reported, aiming to automate the handling of hard copy and electronic trade transaction paperwork. That lets banks and other financial institutions cut down on times for processing, boost compliance and bolster productivity.

The features include new dashboards with views into end-to-end procedures, as well as validation settings set ahead of time, PYMNTS reported.