Volkswagen Selects TIS' eFLOW
TEL AVIV, Israel, Dec. 9, 2009 (GLOBE NEWSWIRE) -- Top Image Systems, Ltd. (Nasdaq:TISA) (TASE:TISA-L), the leading innovator of intelligent document recognition, announced today that its eFLOW Ability has been selected by Volkswagen Slovakia, a production company of the Volkswagen group, the world's leading automobile manufacturer and the largest carmaker in Europe.
With this decision, Volkswagen Slovakia joins well established organizations like Citibank, Johnson & Johnson, Diageo, Slovak Post and Slovak Tax as well as five other major players in the European automobile market that are already using eFLOW-based solutions.
Given that Volkswagen operates in a competitive market, and especially in light of the global economic crisis, streamlining the accounts payable (AP) function was a critical step toward accomplishing certain cost-reduction and efficiency goals. After technologically benchmarking more than 15 solution providers, Volkswagen Slovakia selected TIS's eFLOW Ability to provide a complete P2P (purchase to payment) automated process. TIS's eFLOW Ability will help Volkswagen Slovakia utilize the full potential of the investment it has already made in its SAP ERP system.
eFLOW will automate the accounts payable process by automatically capturing and recognizing 250,000 paper and electronic invoices per year, provide the approval procedures through its SAP-based workflow, and deliver the data to Volkswagen Slovakia's SAP system.
Volkswagen Slovakia will start implementing eFLOW as the core P2P processing system in its Slovakian operation. In line with TIS's strategy to widen its market reach by working with partners, TIS's long-time partner, scanservice, is priming the project. scanservice brings extensive expertise in IT solutions and long-term quality service.
Before implementing eFLOW Ability, a manual data entry process was used to identify the key pieces of information needed to process invoices after scanning. By converting to an automated process, Volkswagen Slovakia will be able to minimize manual intervention and process more payment transactions quicker, and with a significantly higher level of accuracy and security. The information extracted from each invoice will be effectively verified against and delivered to the SAP system. Processing with eFLOW will ensure on-time payment and improve overall process control and compliance.
"With Volkswagen Slovakia's expected future growth, we needed to have the infrastructure in place to process invoices as timely and efficiently as possible to help minimize costly manual procedures and maximize efficiency of vendor pay," said Vladimir Machalik, Volkswagen Slovakia press agent. "TIS solutions simplify a complex business process, improve the usage of our SAP ERP system, and allow us to better utilize our current staff as we continue to grow."
"We are happy to add yet another leading global company to our list of references in the automobile industry. We are also pleased to see that the strategic decision we took to expand our indirect sales is bearing fruit and serves as a good revenue channel," said Mr. Gelb, Executive VP of TIS. "Our superior technology and scanservice's excellent knowledge of the products and market are a winning combination, benefiting clients in the P2P market. Volkswagen Slovakia is the sixth customer in the top-tier automobile industry to use eFLOW as the invoice processing automation platform and gain true value for its SAP ERP solution."