Finance organizations have made great strides in improving their accounts payable (AP) processes, through automation, implementation of shared service centers (SSCs), successfully reducing invoice capture costs, improving cycle time, lowering error rates, and strengthening internal controls. But there are still improvements to be made to further enhance process performance — reducing cycle times, providing more detailed perspective on operations, ensuring that available discounts are taken, and giving process visibility to finance management.
Kofax MarkView Advisor is the industry's first real time financial process performance application that enables organizations to achieve world class efficiency and effectiveness in their AP processing activity. Designed specifically for finance executives, Kofax MarkView Advisor enables finance managers to strategically manage and optimize finance processes by providing an integrated perspective on AP operations — from comprehensive overviews to detailed activities summaries — that synthesize both process and transactional data. And, it takes things to the critical next step by combining real time process performance intelligence with the ability to immediately intervene, when necessary, to resolve process issues impacting departmental performance.
Kofax MarkView Advisor’s easy-to-use interface, developed to meet finance managers’ needs, presents live process and ERP data in graphical, fully interactive reports. Management can pinpoint and act immediately to address problems such as bottlenecks in the process or potential controls violations that can compromise AP’s performance. Kofax MarkView Advisor also includes real time alerts to notify finance managers about critical situations and enables them to “drill down” into the actual transaction and take the necessary action, such as reassigning a transaction, increasing the priority or escalating to another level of approver.
Process Performance Summary
By providing essential process information and the ability to take immediate action, Kofax MarkView Advisor empowers finance managers to identify potential issues and proactively address them, either through direct intervention in a given transaction or through resource allocation, enabling them to succeed on a number of levels. They can optimize cash resources (capture discounts, pay on time, avoid late payment penalties), ensure AP processing performance, and successfully meet service level agreements (SLAs) and other commitments to internal “customers”, monitor key performance indicators (KPIs), and more. They can also improve supplier relationships by paying accurately and on time.
The health of finance operations is of interest to the executive team, as well as the business units they support, and is impacted by staff outside of AP (e.g. line-of-business approvers involved in financial processes). Kofax MarkView Advisor provides an accessible window into these processes to those outside the AP line organization so that key stakeholders have full visibility into the processes, as well.
Work in Process Outside of AP
Because Kofax MarkView Advisor is fully integrated with the processes it controls, it enables finance managers to anticipate future conditions and resolve them directly from within the application. Other tools can provide transactional data, but managers must turn to another system and medium (email or telephone) to take any action.
Kofax MarkView Advisor enables finance organizations to improve service levels and quality by establishing performance standards and leveraging valuable process performance information. Awareness of process performance issues and access to timely information are essential to effectively manage costs and productivity, and to meet SLAs. The intuitive interface, which includes interactive charts and graphs that allows managers to dive into to the necessary level of detail, provides the most essential information in an easy-to-use, standardized format.
Cash Management Summary
Kofax MarkView Advisor is the only application that helps finance executives strategically manage their resources for optimal financial process performance. It provides:
Finance organizations seeking world class efficiency and effectiveness require the right applications to support their efforts. Kofax MarkView Advisor is the only application on the market to deliver these capabilities, giving finance managers exactly what they need to succeed.