Rich Products Improves Discount Capture Rates by up to 92% by Centralizing AP Functions

Rich Products Corporation was born out of an innovation in 1945—the world’s first non-dairy whipped topping. Since then, the company has emerged as a leading supplier of food service, in-store bakeries, and retail market places, selling 2,000+ products across 112 countries. With a history marked by innovative breakthroughs and aggressive worldwide growth, Rich’s naturally recognized the promising potential of Kofax’s innovative accounts payable automation. Comprehensively automating AP processes proved to be an effective method of improving efficiency while lowering cost.

The company that pioneered the industry’s first line of fresh bread that can be taken directly from the freezer and baked in the oven always knew the value of eliminating timeconsuming preparation processes in the kitchen. Applying that same concept to their business workflow, Rich Products soon realized it could produce similar benefits in its AP departments. Comprehensively automating accounts payable (AP) processing proved to be an effective method of improving efficiency while lowering cost.

The Challenge

The Solution

The Results

With the Kofax solution implemented, Rich Products centralized its AP function and gained complete visibility of liabilities. Discount capture rates climbed from an average of 71% to 92% in the first quarter after implementation. The previously sluggish invoice approval cycle time was reduced by 50% because the Kofax solution simultaneously increased the number of invoices processed by 27%.

With a commitment to new product developments and strategic acquisitions, Rich Products continues to grow. Kofax’s dynamic AP processing technology continues to contribute to that history of success.