TEL AVIV, Israel and COLOGNE, Germany, Dec. 20, 2012 (GLOBE NEWSWIRE) -- Top Image Systems, Ltd. (Nasdaq:TISA), a leading Enterprise Content Management (ECM) intelligent content capture and delivery solutions provider, announced today that the company has signed a contract to supply an enterprise-wide invoice processing solution to an international renewable energy company. A leading manufacturer of on-shore and off-shore wind turbines based in Germany, the customer selected Top Image System's eFLOW® to automatically process all their incoming invoices, a volume of some 100,000 per annum.
eFLOW's flawless and comprehensive integration with their existing SAP infrastructure was a key factor in the company's decision-making process. The eFLOW Invoice Reader, supporting some 250 concurrent users, will capture some 500 invoices per day, extract relevant data and deliver it into the ERP system. eFLOW Invoice for SAP will then control the extended invoice processing workflow, matching data in the invoices to supplier information stored in the ERP. As some 70% of its invoices must correspond to POs using the SAP MM module, while the others use FI, seamless integration between eFLOW and SAP is critical; eFLOW's optimal matching and rapid exception management will increase straight-through-processing rates.
Automated invoice processing will bring multiple benefits. The shortened turnaround times not only optimize liquidity planning and significantly save costs due to reduced manual intervention, but also facilitate improved relationships with the company's business partners and expand the utilization of early-payment discounts to reduce expenses.
"This energy supplier needed a sophisticated and reliable solution to support its business-critical invoice process," explains Michael Schrader, Managing Director EMEA at TIS. "With wind farms becoming an important renewable energy source throughout the world, this leading manufacturer expects invoicing needs to grow by 50% over the next year. eFLOW with its high scalability can easily accommodate these growth needs, free up the customer's accounting personnel for process optimization and streamline the company's invoicing process. With numerous satisfied customers in the energy sector, from RheinEnergie to Nuon to Enel, Top Image Systems continues to accumulate experience and knowledge of industry-specific processes that it leverages to offer ever-more powerful solutions tailored for this market."
About Top Image Systems
Top Image Systems (TIS) is a leading innovator of enterprise solutions for managing and validating content entering organizations from various sources. Whether originating from mobile, electronic, paper or other sources, TIS solutions deliver the content to applications that drive the organization. TIS's eFLOW™ Platform is a common platform for the company's solutions. TIS markets its platform in more than 40 countries through a multi-tier network of distributors, system integrators, value-added resellers as well as strategic partners. Visit the company's website http://www.TopImageSystems.com for more information.
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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 Europe and 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.
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Source:Top Image Systems Ltd.