Managing documents can be difficult. But with Kofax's capture solution, you can align all your documents in one place. See how one company used Kofax & NeoStream's proven technologies to organize and streamline their document management process to cut costs and cut time.
1. Transforming the way
paper documents are
captured
Case Study: Kofax Transformation Modules
in the energy industry
2. Is this content right for you?
VP of Corporate Services
You want your people to feel connected to the organization and
to the information in the company.
General & administrative expenses are under the microscope
and inefficiencies are both costly and negatively impact team
member morale.
You want to preserve and leverage company knowledge and
promote compliance with stated company processes.
this slideshare
3. Agenda
Rising to the Challenge
Problem
Solution
Kofax
Why this solution?
Learnings
Support
Contact
4. Rising to the challenge
Keeping all corporate documents in one place is
difficult, not to mention time consuming.
Combining data, organizing documents and
controlling work processes is not only hard, but
it’s several people’s full-time jobs.
][See how others have rose to the challenge of
finding a solution that works to streamline their
document management processes.
5. Problem
NeoStream’s client had invested in an electronic invoicing solution and was
pleased to have 80% of their invoices arriving through this system.
However, with 20% of their invoices still arriving in paper form; the company
had a problem.
They had two different invoice approval processes – one for paper, one for
electronic. This was costly and inefficient. People were confused and a
detail audit of both processes were required each year (adding more cost
and time to the audit process).
They needed to amalgamate these two distinct processes into one
streamlined process.
80%of invoices arriving through
electronic
system
20%
of invoices
arriving
through paper
form
6. Solution
NeoStream installed its energy industry invoicing solution utilizing Kofax
Transformation Modules (KTM). This solution enabled the company to:
Scan paper invoices and load the documents into the electronic payables
solution without the need for manual indexing.
Have all invoices and scanned documents deposited in one single document
management solution.
View the invoice image in the accounting system and other critical areas.
7. Kofax Transformation Modules (KTM) is the most intelligent document
scanning tool on the market today. Using KTM, energy companies can scan
and index any kind of paper document and cost effectively file them into
their document management / workflow solution.
KTM automatically separate documents.
KTM mechanically recognizes the type of document being scanned
(invoice, work ticket, contract etc.).
KTM automatically extracts all index information from the document.
Kofax
8. This solution not only auto-extracts elements of documents to
reduce time and frustration for the client, but it also allows for
only one audit trail to be maintained.
This way, it was easy for everyone in the company to know
exactly where every document and invoice was in the process
and know where to find what they were looking for.
Why this solution?
9. Building a solution for the ‘last 20%’ of the company’s
suppliers was difficult, given that most of them were
infrequent billers.
Without the powerful learning engine of KTM, the extraction
error rates would have been too high to rely on the system.
A key learning was the importance of continuing to ‘train’ the
system (in real time) as invoices where extraction rates are
less than optimal appear. With time, the system continued
to get more and more accurate.
Learnings
10. NeoStream anticipated the client’s document management
challenge and trained all Scan Operators on how to train the
learning engine (for any invoices where extraction corrections
needed to be made).
This simply became part of the scan process.
NeoStream’s Support
11. Contact us
Suite 600 – 800 6th Ave
Calgary, Alberta
T2P 3G3
Canada
www.neostreamtech.com
(403) 444-5656
NeoStream is focused on providing solutions to the energy
industry. This means we understand the information, the
processes, the communication patterns and the roles within
an energy company.
By working with a company who has experience with energy
industry information, companies save time, money and avoid
technical obstacles.
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