Kofax RPA for Accounts Payable

Kofax Robotic Process Automation (RPA), also known as Kapow, is an easy-to-use platform that allows you to quickly set up software robots to replace manual tasks, decisions, and activities. When applied in Accounts Payable, Kofax RPA can automate manual tasks and processes around new vendor setup, invoice exceptions, and payment processing. Accounts Payable Automation with Kofax RPA reduces costs, delays, and errors.

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Quinn Huntsman:

Well hello everyone. Welcome to another Webinar Wednesday with RPI Consultants. Today we are going to be discussing accounts payable automation with Kofax RPA, which stands for robotic process automation, formerly known as Kapow, and how it can extend beyond your typical invoice processing solution.

A few housekeeping items here before we get started. First, I want to let you know that this presentation will be recorded and posted online. Additionally, there will be an opportunity later on in the presentation for you to ask questions, so if you do have questions or any future webinar ideas, be sure to let us know at that time.

So before we get started, to tell you a little bit about ourselves, my name is Quinn Huntsman. I’m a business analyst here on the CPA team here in Kansas City, Missouri. I have a background in administration and troubleshooting for perceptive content and the other products that come along with that from Hyland as well as I am a certified technical solutions specialist for Kofax’s RPA product that we’ll be talking about today. For a fun fact about me, I’m a huge Queen fan.

Bryant Bell:

Great, thanks Quinn. My name is Bryant Bell, and I am the Senior Director of Product Marketing at Kofax. I have about 20 years of enterprise content and data product marketing and management experience. I’ve worked at companies such as EMC, Adobe, Documentum, and also OpenText. Now I work at Kofax.

Some of the areas that I’ve had concentration with in my career are governance risk and compliance, legal, document automation, machine learning and predictive analytics. And a fun fact about myself is that I have actually sailed a sailboat to Cuba, and I actually did that on purpose, and it was a fantastic, fantastic trip. So thank you, Quinn.

Quinn Huntsman:

All right, on the agenda today, to get started, we’re going to tell you about Kofax, about RPI Consultants, then we’ll get into the bulk of the presentation to discuss accounts payable automation for invoice processing, and then get a big more granular in how RPA can apply to that. Once we’re done with all of that, there will be an opportunity for you to ask questions and then a summary.

Bryant Bell:

Okay. Great. So, a little bit about Kofax. Some of you have heard of us, some of you may not have, but just to give you a little bit of history about Kofax. Kofax as a software company has been around for over 25 years, and we really started in imaging and data capture. It goes back to our name. There’s fax in the name and that goes back 25 years or more but we have evolved in the last 25 years to really be a software and solutions company that is really looking at how we can help companies transform their business.

We have evolved our capture and imaging into what we call Cognitive Capture and that’s really adding in tools that go past just imaging and tools such as machine learning, that allow the capture technology to actually recognize those types of documents, classify them, and then also pull information out of them. We’ve also had and have for a long time had the ability to do mobile capture. The ability to use our technology to capture checks, capture invoices with a smartphone or really any digital capture device. We also have advanced analytics that we provide and we also have process orchestration which is a product that we call Kofax TotalAgility.

In process orchestration is really process automation for long term or very complex processes. What we’re going to be talking about today is going to be robotic process automation and that’s another area that we provide. But if you look at all these four areas, I mean five, areas of competency that Kofax provides, we really look at being able to provide you automation, process automation and advanced or what a lot of people are calling artificial intelligence to help you manage documents and data from capture through to processing. And being able to not only process those through a process but be able to interface with other applications as well.

So that’s a little bit about Kofax, where we are today and all of our technologies and what we consider ourselves now is as an intelligent automation company.

So with that, I’ll hand it back over to Quinn.

Quinn Huntsman:

Thanks Bryant.

So a little bit about RPI Consultants. We are a full service provider and software retailer for leading enterprise content management systems and business process automation softwares including Infor Lawson, products by Kofax previously mentioned and then the Hyland software suite.

Furthermore, we have 100 plus full time resources including technical and solution architects, as well as project managers, who are ready to add value to your business every step of the way. We are based out of Baltimore; however, we have offices in Tampa, Fl, and Kansas City, MO where I’m presenting from today.

Some of our professional services include technical strategy and architecture, new installations, upgrades and migrations, process analysis, system designs and implementations as well as managed services and staff augmentation. Then we have project and change management services as well. In addition to that, RPI is a proud Kofax Platinum partner which means we are a authorized service provider and licensed reseller for various Kofax products such as Kofax Capture, Transformation, TotalAgility, Robotic Process automation formerly known as Kapow, and ReadSoft Online. Additionally, our solution expertise expands across various industries such as accounts payable and financial process automation meaning invoice processing, vendor document management and packing slip automation. As well as human resources and human capital management.

So now we can go ahead and get into the bulk of the presentation here. First we’re going to provide a bit of a high level breakdown of some of these accounts payable processes that we’re going to be providing some RPA context towards later. So let’s go ahead and get started.

So before we get into how we automated these processes, let’s talk about why. Automating your back office tasks allows you to reduce costs by processing a lot more invoices faster with less overhead involved, allows you to qualify for early payment discounts and avoid any late payment penalties. As well you can reduce human errors and have your employees focus on handling exceptions and improving things like image quality as opposed to working on things that are not, not working as they should. Additionally this allows you to reduce delays by increasing your percentage of straight through invoice processing and getting your vendors paid faster.

So now if you look at the how we do this. There’s a bit of a breakdown, a few sub-processes that we’re able to automate within a more broad AP process. So first there’s a matter of getting invoices in the door with capture import, then we can build solutions to extract data from those invoices whether it’s through OCR or other methods. We can classify those invoices and export them as needed from your system. Additionally we build solutions to handle overall workflow management including exceptions and approval routing, rather. And then we have solutions for various different integrations.

Bryant Bell:

Okay. Thanks Quinn. I’ll take it over from here. But you know, when we start talking about AP automation and especially when you start looking at AP automation and where robotic process automation can help. Got to kind of think about what you can do by automating some of the processes and lots of times when we talk about RPA we talk about tasks. As you know, through the full process of Accounts Payable processing and handling with, inside an organization there’s many different tasks that you have to handle.

And a lot of these tasks you can string together with RPA. But really before I start diving into this, I want to give you a frame of context around what is RPA.

So, in this specifically when we talk about RPA for Kofax, this is definition and it really gives a good perspective about what robotic processes automation is. Sometimes we walk in and we talk about, “Hey, you know, we can build you robots that help you automate your AP processes.” And people look at us and say, “Hey, we don’t want a robot standing over our shoulders.”

And you know what, with robotic process automation, this is software. It’s not an automatron that’s going to be helping you. It’s actually software that sits on top of your current applications to add automation between all of them. So, with Kofax RPA…Kofax RPA is configurable software. Which means that this is really… it’s out of the box software and it comes with built-in functionality. Some of the built-in functionality that it has…it has what we call cognitive document automation which allows you to recognize documents, classify documents, and for us that’s really looking at invoices, purchase orders, purchase reqs, things like that.

And it comes right out of the box and really all you have to do with it is tell it what to do. Well how do you tell it what to do? Well, with Kofax RPA it uses business rules to know what to do. A lot of times these are your set down processes of how you process your accounts payable. So these business rules really determine how a software robot will execute. The other things that determines these business rules is those processes of how you interact with your other applications and other data repositories for collecting your data for your AP processes. And then the next thing you have to look at is your sequences of actions.

You have your processes, your business rules, how you carry out those rules and these are the steps taken to complete those actions that are really detailed in your rules. And with RPA, RPA can handle sequences ranging from very simple tasks, such as creating and updating reports, consolidating information, and I’ll get into this later, into your automated clearing house reports. Your ACHs and getting those taken care of for you as well. And then can do very complex tasks as well. These are all things th