Kofax today announced that Budget, one of the largest personal insurance brokers in the United Kingdom, has selected Kofax Intelligent Capture & Exchange as the foundation for its new invoice processing and authorization solution to better manage the 1,800 vendor invoices it receives each month.
“Under our previous system, we found it was taking one AP Clerk all day to receive the mail, stamp ‘received’ on the documents and then manually log the relevant information into Microsoft GreatPlains. The process was extremely time-consuming and we felt it could be improved,” said Debbie Salanda, Purchase Ledger Supervisor at Budget. “Through our existing relationship with Logicalis, they helped us to develop a customer solution based on Kofax Intelligent Capture & Exchange to help speed up, automate and simplify the invoice process.”
Budget is part of the Budget Group of Companies, which was established in 1992. The company has become one of the largest personal insurance brokers in the U.K. through a combination of organic growth and a series of major strategic acquisitions. Budget’s core offerings include car, home, commercial vehicle and bike insurance. The company also offers a wide range of secondary products, including roadside assistance, personal loans, travel insurance and life insurance.
Budget worked with Logicalis, a Kofax reseller partner, to develop a customized solution to improve invoice management. The solution Logicalis implemented is based on Kofax Intelligent Capture & Exchange, the centerpiece of Kofax’s strategic initiative to enable organizations streamline business processes by capturing documents in the front office, where they originate and move them in real time to transactional business processes.
Since implementing Kofax Intelligent Capture & Exchange, Budget has realized immediate benefits, saving the AP team a total of nearly five hours each day and creating an easily accessible central record of all invoices. Budget has also been able to automate its paper-based processes associated with invoice logging, enabling the company to drastically reduce the time between receiving invoices and approving them.
“Budget’s former invoice processing system was very lengthy and information intensive. As a result, the invoice approval process took close to two weeks to complete,” said Phil Matthews, strategic architect, Logicalis. “The Kofax-based solution we developed for Budget has allowed the company to drastically reduce the invoice approval time to an average three day turnaround cycle.”
The increased efficiency in the invoicing process has meant the new system virtually paid for itself, increasing efficiency, with the AP team now able to shift its focus to more value-adding tasks. Additionally, confusion associated with multiple filing systems has been reduced, as has the potential for lost documents.
“The installation has helped Budget improve back office procedures, thereby speeding up invoice authorization and allowing staff to handle vendor queries more efficiently,” said Rob Klatell, chief executive officer DICOM Group, Kofax’s parent company. “Kofax Intelligent Capture & Exchange offers a flexible, advanced solution that can easily recognize, categorize and manage the processing of invoices to allow organizations to automate time-consuming manual processes and reduce errors in processing.”
About Kofax
Kofax, a division of DICOM Group plc (LSE:DCM.L), is a global leader of Intelligent Capture & Exchange solutions. Its leading edge capture and exchange technologies and solutions enable Business Process Automation by managing the transformation and exchange of business-critical information (residing in various formats such as paper, fax, electronic documents, e-mail, SMS) among people, applications and devices. Kofax products are widely used in finance, government, insurance, healthcare, and a broad range of companies and agencies that must capture critical business information from paper and electronic documents and forms.
About Budget
A privately owned UK company, the BGL Group was founded in 1992 as an insurance underwriter. Following a strategic change in 1997 to become a broker, the Group has grown to become one of the largest personal lines insurance brokers in the UK. This expansion has been achieved through a combination of organic growth and a series of major strategic acquisitions - the last of which took place five years ago. Budget now arranges and administers insurance for two million customers and employs more than 2,255 people. For more information about the company, please visit www.budgetinsurance.com.
Kofax is a trademark or registered trademark of Kofax Image Products, Inc. All other trademarks and registered trademarks belong to their respective owners.
Contacts:
Michael Troncale, 949-727-1733, x434
michael_troncale@kofax.com
