In a rapidly evolving & uncertain financial landscape, transformation is no longer an option, it’s inevitable. This panel discussion will bring together industry experts to share insights on how organizations can ignite their growth with Next-Gen AP Automation and how they have successfully navigated their respective transformation journeys.
From adopting new technologies to streamlining processes and rethinking dated processes, our panelists will discuss the key drivers of finance transformation and how to leverage them to drive growth and stay ahead of the curve.
16:00 – 16:15 Registration
16:15 – 16:30 Welcome & Opening Remarks – Kofax & SoftCo
16:30 – 17:15 Panel Discussion
17:15 – 17:30 Q&A
17:30 – 18:00 Canapes, Drinks & Networking
MD at JJ Food Service
JJ Foodservice provides thousands of catering products to food outlets across the UK, enabling an operation that goes from farm to table. They have eleven depots across, with their Headquarters in Enfield – North London and have a £271m turnover.
Head of Financial Ops & Systems at Bridgepoint
Bridgepoint are one of the world’s leading private asset growth investors, specializing in private equity & private debt. They have over €37bn of assets under management and a strong local presence in Europe, the US and China. Their turnover is £200m.
MD at Interpath Advisory
Interpath has grown rapidly over the past 18 months, having started life as a carve-out from KPMG’s pensions wing. In the time since, it has grown from 43 managing directors and 507 staff to a team of 57 managing directors and circa 620 staff in the UK.
“The flexibility of the SoftCo platform was important to us
as it gives the freedom to scale our finance operations
as our business continues to grow.“
SoftCo are a global organization with 1 million business users worldwide across all industry sectors. We build smart technology delivering fast, straight through and touchless invoice processing. Our ethos is to understand our customers’ businesses, the challenges they face, and deliver solutions to meet and go beyond their expectations. Our solutions are built on a common platform, SoftCo10, ensuring that as our customers expand they can seamlessly grow on the SoftCo ecosystem.
By delivering 90% straight through
processing, SoftCo’s customers experience the highest return on investment.
Straight Through Processing (STP), or Touchless Invoice Processing, is when an invoice is automatically captured and approved ready for payment requiring no manual intervention. The level of Straight Through Processing and the cost of processing a supplier invoice are intrinsically linked. Such ‘touchless’ processing has a significant cost benefit while also removing any risk of human error and fraud.
In a purely manual environment the cost of processing an invoice is $15.97 according to the Institute of Finance & Management (IOFM). With low automation solutions, such as OCR in isolation, there remains manual tasks that need to be completed to move the invoice through the process. Even in this low automation environment there are benefits compared to a pure manual paper-based approach. The average cost to process an invoice in a low automation environment is $8.78 according to the IOFM.
Exponential benefits accrue with High Automation. SoftCoAP incorporates unique Artificial Intelligence (AI) and Adaptive Learning technologies to minimize the number of supplier invoices that require manual intervention. SoftCo’s Smart Matching engine matches the most complex scenarios resulting in a 38% improvement in match rate versus standard matching engines. Smart Routing technology determines the correct routing of invoices for approval, reducing the time taken to correctly route invoices by 90%. The average cost to process an invoice in a High Automation environment is just $1.77. This equates to a staggering $1.4m saving per annum for organizations processing 100,000 invoices.
See how much you can save using our simple ROI calculator here:
Select the number of annual Invoices Processed