LAS VEGAS, March 14, 2016 (GLOBE NEWSWIRE) -- Top Image Systems, Ltd. (NASDAQ:TISA), a global innovator of intelligent content processing solutions, today announced the availability of its next-generation accounts payable (AP) automation solution eFLOW® AP. By combining the industry’s most powerful data extraction and validation technology with best-in-class mobile capabilities, and cloud, on premise, and hybrid deployment options, TIS answers growing customer demand for visibility and access and furthers its distinguished track record of automating AP processes for some of the most well-known companies in the world. These organizations use TIS technology to process more than 260 million invoices annually.
The eFLOW AP solution sets a new standard for how invoice processing solutions are deployed by offering users the option of a traditional on premise deployment, a completely cloud-based deployment, or a hybrid deployment where capture can occur in the cloud while some functions are completed on premise.
The seamless integration of the eFLOW AP automation solution with SAP extends the value of customers’ ERP investments by delivering greater workflow flexibility, streamlined exception resolution and enhanced visibility into AP data, all within SAP. “The SAP deployment option has important advantages: OCR on the fly inside of SAP to be able to control the entire process from inside SAP, ad-hoc real time analytics to measure and adjust the AP process, a familiar environment, no need for data redundancy and the use of existing SAP infrastructure to protect these investments,” said Carsten Nelk, Chief Technology Officer at TIS. “Furthermore, we leverage the most up-to-date functionality that SAP offers, such as FIORI. This all works together to simplify the user experience.”
The eFLOW AP automation solution provides end-to-end functionality through five powerful components:
- eFLOW Extract: Advanced extraction, validation and matching of data from invoices and other payables documents that arrive in any format, from any source, including from mobile devices;
- eFLOW Control: Streamlined invoice review, automated posting, automated data completion and invoice validation including OCR on the fly capabilities;
- eFLOW Resolve: Approval and exception resolution through the use of self-learning technology, configurable workflows, mobile review and segregation of duties;
- eFLOW Portal: Integrated collaboration tool that facilitates purchase order and invoice submission, communication with suppliers, real-time self-service invoice and payment status and dynamic discount offers;
- eFLOW Archive: Highly secure cloud-based archive that provides instant access to images and related data, workflow logs and robust reporting and analytics from anywhere, at any time.
The solution leverages the company’s eFLOW CloudDocs archival platform, which provides state-of-the-art cybersecurity. With eFLOW CloudDocs, organizations can quickly organize documents by category, function, department or responsibility and can share and archive invoices, purchase orders and related documents.
eFLOW AP also provides real-time reports that identify process bottlenecks and monitor performance, empowering Finance organizations to continuously improve and streamline accounts payable operations.
“Historically, AP automation solutions have been too costly, too inflexible and too complex for mid-market companies to consider,” said TIS CEO Michael Schrader. “Now we can offer the same functionality as do the AP automation solutions for large companies, but with advanced capture, mobile deployment and integration capabilities that deliver a more compelling return on investment.”
It costs best-in-class organizations an average of $2.20 to process an invoice, while all other companies pay an average of $19.10 to process an invoice, according to Ardent Partners. The Association for Image and Information Management (AIIM) reports that half of all businesses that have automated accounts payable solutions achieved payback in nine months or less. Twenty-two percent of organizations surveyed by AIIM achieved payback on their automated accounts payable solution in just six months.
“We are confident that we have a strong opportunity to offer mid-market companies the traditional benefits of invoice processing automation — process efficiencies, lower transaction costs, early payment discounts, better visibility into suppliers— with the ROI that previously only larger organizations could expect,” said Bob Fresneda, President of TIS Americas.
TIS will showcase its AP automation solution in Booth 110 at SAP Financials this week in Las Vegas.
About Top Image Systems
Top Image Systems™ (TIS™) Ltd. is a leading innovator of enterprise solutions for capturing and validating structured and unstructured content entering organizations from various sources and managing content-driven business processes. Whether originating from mobile, electronic, paper or other sources, TIS solutions automatically capture, process and deliver content across enterprise applications. TIS’ flagship eFLOW platform and diverse business process and mobile image processing solutions are marketed in more than 40 countries through a multi-tier network of distributors, system integrators, value-added resellers and strategic partners. Visit the company's website at http://www.TopImageSystems.com for more information.
Top Image Systems Caution Concerning Forward-Looking Statements
Certain matters discussed in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results to be materially different from any future results expressed or implied in those forward looking statements. Words such as "will," "expects,", "anticipates," "estimates," and words and terms of similar substance in connection with any discussion of future operating or financial performance identify forward-looking statements. These statements are based on management's current expectations or beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially including, but not limited to, risks in product development, approval and introduction plans and schedules, rapid technological change, customer acceptance of new products, the impact of competitive products and pricing, the lengthy sales cycle, proprietary rights of TIS and its competitors, risk of operations in Israel, government regulation, litigation, general economic conditions and other risk factors detailed in the Company's most recent annual report on Form 20-F and other subsequent filings with the United States Securities and Exchange Commission. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts: TIS Company Contact: Shelli Zargary Director of Corporate Marketing and Investor Relations email@example.com +972 3 767 9114 TIS Investors Contact: James Carbonara Regional Vice President, Hayden IR firstname.lastname@example.org + 1 646 755 7412
Source:Top Image Systems Ltd.