With invoice volumes growing year-on-year, the accounts payable (AP) department at high-tech optics manufacturer Meopta found itself buried in time-consuming manual work. Using Kofax TotalAgility, Meopta automated its invoice approval workflow: boosting efficiency, cutting approval times in half and avoiding a 30 percent increase in AP headcount.
"Prior to the digitization initiative, our AP team was planning on hiring additional personnel to handle the year-on-year growth in invoice volumes. Thanks to Kofax TotalAgility, our existing team can process more than 40,000 invoices per year with capacity to spare—avoiding a 30 percent increase in AP costs."
Radim Klasek, CIO