Global Automotive Supplier Selects Accounts Payable Automation From Top Image Systems
Top Image Systems Wins eFLOW(R) Invoice for SAP Project With TCV of Some US$200K
TEL AVIV, Israel and COLOGNE, Germany, Feb 11, 2016 (GLOBE NEWSWIRE via COMTEX) --
Top Image Systems Ltd. TISA, -6.37% a global innovator of intelligent content processing solutions, announced today that the Company will deploy eFLOW? Invoice for SAP at the Austrian finance center and at the document center of a German subsidiary of one of the world's leading automotive suppliers. Running some 285 manufacturing operations and 83 product development, engineering and sales sites in 29 countries, this manufacturer will use eFLOW5 to optimize the processing of some 120,000 SAP invoices per year.
Chosen from a short list following a highly competitive multi-candidate selection process, eFLOW5 best met the manufacturer's specific requirements; favorable pricing, a persuasive demonstration and positive local references all contributed to the decision. In parallel to the eFLOW for AP Automation deployment, the manufacturer will start to utilize the SAP FI module. This combination will enable an automated workflow, better synchronization with SAP, earlier payments, improved relationships with vendors and better cash management, as well as reduction or earlier detection of errors which saves costs. In addition, a special feature to verify VAT numbers on Austrian invoices will help the manufacturer to detect and reject fraudulent invoices.
The manufacturer expects with eFLOW to achieve high recognition rates and invoice matching to enable a high ratio of straight through processing; upon establishing a standard process, they will then be able to set additional service level indicators. In the first stage the solution will handle invoices from some 4000 vendors in Germany and Austria; later the project will expand to also handle inter-company invoices issued within the manufacturing group. Later in the future, the project will look to incorporate web and mobile eFLOW capabilities.
Michael Schrader, CEO Top Image Systems, remarked, "We are pleased to start off 2016 with a major AP Automation win in Central Europe, following many similar projects we have contracted in the German speaking countries in 2015. European enterprises are selecting eFLOW for AP Automation not only for its robust performance and accurate and complex capture capabilities, but also because of our expertise in helping enterprises better utilize their existing SAP systems. Our ability to understand and closely respond to the customer's specific needs were key to winning this project and we are confident that our strong AP Automation software and process knowledge will expand our share in this market in 2016."
