Did you know that 60% of all global trade is based on UK law?* International trade is worth around £1.266 trillion to the UK.* Today the UK's trade assets are managed on the idea that physical documents need to be held or “possessed” and the law does not recognize electronic documentation.
This old law is changing. The upcoming Electronic Trade Documents Bill is a simple bill with a huge global impact. Trade forms the backbone of the world’s economies, spurring investment, job creation, economic growth, and raising standards of living.
The Bill, when passed, will allow for paper documents to be replaced by electronic documents if they fulfill all the necessary legal requirements. This will make trade faster, safer, and more economical and sustainable. It will bring improved efficiency and access to working capital management.
But, how can electronic documents meet the necessary legal requirements?
Kofax offers wide-ranging solutions and modules as part of its platform to provide an electronic equivalent of many paper trade documents to revolutionize document management and end-to-end automation processes. To help businesses go paperless, Kofax offers Content Ingestion through an Intelligent Automation Solution, which enables businesses to capture and digitize physical documents into electronic formats. This eliminates the need for manual data entry, allows for seamless integration with existing systems and faster sharing which reduces the time required for processing.
Additionally, Kofax solutions excel in categorizing documents accurately. Through advanced machine learning and artificial intelligence, it can intelligently recognize and categorize different types of documents, such as invoices, purchase orders, or contracts. This saves businesses valuable time and resources that would otherwise be spent on manual sorting and filing.
Kofax process orchestration helps to manage, audit, and control the end-to-end journey of a secure digital document within the required rules. This automates and streamlines manual and repetitive tasks, reducing human error and improving operational efficiency.
Furthermore, Kofax solutions provide invaluable robust security, compliance, and privacy programs that carefully consider data protection matters across the Kofax suite of products. Kofax encryption allows users to protect sensitive information, control access, maintain data integrity, facilitate secure communication, and securely store documents in a way that wasn’t previously possible with paper-based documentation.
Kofax solutions are an excellent choice for businesses looking to embrace the benefits of a paperless environment. Their Content Ingestion and Generation capabilities, accurate categorization, e-invoicing automation, and insights derived from advanced analytics empower organizations to streamline workflows, reduce costs, and enhance productivity. By adopting Kofax solutions, businesses can pave the way for a future of efficient and sustainable document management.
- Source: https://enigio.com/uk-electronic-trade-documents-bill-check-list/
- Source: https://www.gov.uk/government/publications/electronic-trade-documents-bill-impact-assessment/impact-assessment-of-the-electronic-trade-documents-bill
- Source: Department for International Trade, “UK Trade in Numbers” (January 2022), https://www.gov.uk/government/statistics/uk-trade-in-numbers/uk-trade-in-numbers-web-version.