After a wave of 20 software company acquisitions in the past five years, including Readsoft, Perceptive and Kofax, Lexmark confirmed that it will be acquired by a group, led by inkjet cartridge manufacturer Apex Technology and a leveraged consortium of investors led by PAG Asia Capital.
The merger mania in the intelligent capture market has to leave customers, partners and prospects wondering what the future holds.
One immediate concern expressed by Lexmark’s customers and prospects is the ownership of core component(s) of their information technology stack being owned by Chinese investors. Public sector technology clients have certainly tangled with this issue in the past and federal agencies are already assessing their risks and liabilities.
Long-term concerns remain about Lexmark’s vision and strategic roadmap for its portfolio of advanced capture products. Lexmark’s acquisition strategy has resulted in a significant “brain drain” from the acquired firms and the degree to which the newly-acquired firm will invest in talent and technology to advance the capabilities, features and integrations of its products is to be determined. As Lexmark’s CEO has stated about its advanced capture strategy, “products that didn’t have a large revenue stream, we moved to maintain and sustain mode.”
With a focus on top-line revenue growth, who knows which products within the Lexmark advanced capture portfolio will be “maintained” and which ones will continue to evolve in a highly competitive and demanding marketplace.
A recent post by Ralph Gammon of the Document Imaging Report further highlights the concern around this issue.
While Lexmark’s moves have created uncertainty and doubt, its competitors are focused on sending a clear message and committing to a clear strategic roadmap.
Emerging advanced capture and smart process technology companies like Artsyl remain committed to ongoing development of a single platform with complementary applications to meet the needs of specific departmental and vertical market needs.
So, you’ve read through the top four reasons to automate accounts payable, but you still need more reasons to finally abandon the way things have always been. Great. Here are four MORE great reasons to get your organization to leave inefficiency, inconvenient and unnecessary costs behind.
In the second part of this two-part blog series, we’ll look at reasons that go beyond efficiency and reduced cycle times to explore how automating AP helps your finance department and AP staff focus more on supporting corporate goals and less on paperwork and red tape.
Reason #5: Reduce Errors
When it comes to accounts payable, errors can be extremely costly. And without an automation in place to maintain process controls, errors can occur at any time, for a variety of reasons that aren’t easy to isolate and eliminate.
Industry statistics tell us that less than 4% of AP invoices, on average, are tied to process errors—but the cost of resolving errors just in terms of time and effort is 10x that of a typical invoice. Whether errors are a result of loss of misfiled documents, or data entry errors, issue resolution is costly and time-consuming. Factor in the potential financial cost of duplicate payments and overpayment and the potential ROI from reliable AP automation that validates data entry and identifies exceptions and errors is immeasurable.
Reducing errors isn’t just about lowering costs, though. Quality in any organization is as much about an over-arching philosophy and sense of mission. Organizations that routinely approach operational flaws and find ways to isolate and eliminate them will continuously improve, ultimately leaving the competition behind.
Apr 29, 2016
Reason #4: Better Process Visibility
Visibility and Compliance go hand in hand, but each offers its own unique benefits to an organization when it comes to AP. Lack of visibility to outstanding invoices leads to incomplete accruals and under-reported expenses, creating compliance issues and putting cash flow at risk. Smart AP processes deliver complete transparency to invoice approvals, delivering automatic, real time visibility to accruals for better cash flow management and tighter compliance.
At the end of the day, better process visibility allows organizations to make informed decisions about when to pay vendors, how to maximize efficiency and how to scale operations to meet the needs of dynamic organizations poised for geographic or financial expansion.
Apr 28, 2016
Reason #3: Improved Compliance and Control
The Association for Financial Professionals recently reported that 61% of companies experienced payment fraud; 27% reported that payment fraud was on the rise. Automated AP processes can deliver processes controls and monitoring that are unachievable with manual processes, limiting users to authorized functions while ensuring that invalid invoices are flagged and reported.
In addition to controlling access and monitoring compliance, automated AP solutions can radically reduce the time and effort required to deliver clear, timely audit trails for all payment decisions and AP transactions. When it comes to AP automation, it’s possible to ensure compliance as a natural part of the process, delivering instant access to auditors of all data, documents and decisions that were part of the payables process.
Apr 26, 2016
Reason #2: Cash Optimization
Sure, automating accounts payable translates into savings due to reduced time and effort. That alone can certainly justify the investment. But at the end of the day, greater control over cash and better visibility to cash flow impacts of AP delivers even greater value.
One way that achieving greater control over AP processes allows organizations to optimize cash is a greater ability to cash in on early pay discounts, while avoiding late payment penalties. Automated AP solutions like Artsyl Technology’s InvoiceAction include early payment discount and late payment penalty alerts that monitor and highlight these opportunities.
Depending on the terms and conditions of your vendor agreements, smart AP processes can lower costs by 30% or more simply by capitalizing on early pay discounts and avoiding late fees.
Apr 25, 2016
This month, Ralph Gammon, Editor and Publisher of the Document Imaging Report, spoke with Jeff Moore, Chief Sales Officer and Partner of Artsyl Technologies, to discuss the new features in docAlpha 5.0 and how Artsyl is rapidly expanding its partnerships, integrations and successful sales and implementations in the middle market.
Moore described Artsyl Technology’s smart process platform approach and how Artsyl is focused on delivering business process automation to the middle market—where established enterprise solution providers have failed to scale their solutions to meet the needs of partners and customers.
“We want to deliver what Forrester defines as smart process applications,” Moore told DIR. “This means that we don’t just provide capture, but capture with intelligence and feedback.”
“For example, many organizations receive a combination of PO-based and non-PO- based invoices. If there is a PO and its total and subtotals match the invoice, maybe that invoice can be sent straight through for payment. If there is no PO, the invoice might need to be sent to a department manager for approval. Through our software, that manager can now receive an e-mail notification and approve it on the smart phone. Also, if an item sits too long in a queue, it can be escalated. The whole idea is to help users capture their data into their applications and images into their repositories with the least amount of effort.”
Moore also highlighted new features in docAlpha 5.0, including a new multi-tenancy feature that makes docAlpha 5.0 cloud friendly. “We will be offering our own instance hosted on AWS that VARs will be able to license,” said Moore. “We will also make it available to ISV partners as a white label solution that they can host themselves. We already have some ISV partners testing it out.”
Registration and free access the Document Imaging Report is available at http://documentimagingreport.com/index.php/current-issue.
Apr 21, 2016
No matter how many excuses organizations come up with to do things the way they’ve always been done, there are ALWAYS more compelling, cost-justifiable reasons to automate—particularly when it comes to accounts payable. In this two-part blog series, we’ll look at the eight most commonly cited reasons that companies of all sizes should seriously consider ditching manual, error-prone and inefficient AP processes.
Reason #1: Return on Investment
Processing payables invoices manually is a costly, labor-intensive process that involves error-prone and often redundant data entry, inefficient routing and tracking of invoice approvals, time-consuming matching processes and a massive effort to track down missing or misfiled documents or incorrect or possibly fraudulent payments. According to the Aberdeen Group, companies that automate AP save $40K per 10,000 documents on average. For most companies, this translates into an ROI of 12 months or less.
Apr 18, 2016
Artysl Announces docAlpha Integration with ArchWeb
Customers of the world’s leading cloud business software management suite can now breeze through supplier invoice, customer sales order and remittance approvals and processing even faster with Artsyl’s docAlpha platform.
Artsyl’s docAlpha enables ArchWeb customers to reduce manual data entry costs, increase data accuracy, improve document processing speed and allows for an end-to-end audit trail of their document-based processes, ensuring compliance and security. With support for extraction and processing of line item data as well as two- or three-way matching of orders, invoices and receipts, docAlpha can fully automate sales and purchase order processing.
For more details, view the full press release.
Apr 06, 2016
Join Us Online or Onsite in St Petersburg to Tap into the Power of docAlpha 5.0
This month, Artsyl goes live with docAlpha 5.0, delivering sales, marketing and technical training to our partners, customers and prospects so they can tap into ALL of our latest smart process platform’s powerful capabilities.
More than just a maintenance release, docAlpha 5.0 represents a major expansion of the platform’s workflow, reporting and integration capabilities, including:
To drive awareness and empower our partners and clients, Artsyl is offering the following online events:
docAlpha 5.0 Sales Overview
April 12, 2016 at 2 p.m. EST
Join Artsyl CSO and Partner Jeff Moore to learn how to:
docAlpha 5.0 2-Part Technical Training
Pt 1: Wednesday, April 6 at 2 p.m. ESTCLICK HERE to register
Pt 2: Thursday, April 14 at 2 p.m. EST CLICK HERE to register
Take a deep dive and learn more about how to take advantage of the powerful new capabilities of docAlpha 5.0 during two online technical overview sessions.
Presented by Artsyl Founder and CTO Artur Vassylyev, the docAlpha 5.0 technical overview will cover new features and functions that expand how users can leverage captured data to automate functions like approval routing, document matching, exception handling and ERP data entry/transaction processing, along with new reporting features to improve process monitoring and management.
Topics to be covered include:
docAlpha 5.0 Technical Training Workshop
Space is still available for docAlpha 5.0 training on April 25-29, 2016 in St.Petersburg, Florida if you’d like to join us.
Training topics will include:
To register for the certification class please fill the registration form
Watch the Artsyl docAlpha 5.0 video now!
Mar 29, 2016
The most powerful, flexible and highly anticipated version of docAlpha is here!
Artsyl Technologies is pleased to announce general availability for docAlpha 5.0, delivering powerful new features and functionality that will broaden its integrations with leading ERP and ECM systems—along with new workflow automation and reporting capabilities.
New docAlpha features expand how users can leverage captured data to automate functions like approval routing, document matching, exception handling and ERP data entry/transaction processing for improved visibility, compliance, control, efficiency and cash management.
Make your processes smarter and less labor-intensive!
New docAlpha 5.0 platform capabilities allow organization to:
Deliver end-to-end process automation
When it comes to ERP transaction processing and data entry, docAlpha 5.0 delivers integration with a growing portfolio of business systems, including cloud-based ERPs like Acumatica and ArchWeb, BPM systems as well as enterprise content management systems like Altec’s doc-link and Questys ECM.
Ready to dive into the technical details and take your operations to a whole new level? Register for docAlpha 5.0 training on April 25-29, 2016 in St.Petersburg, Florida by filling out the online technical certification registration form.
Mar 2, 2016
Another enterprise content management system has joined the Artsyl integration family—Questys ECM!
Artsyl’s docAlpha intelligent capture solution delivers automated classifying and indexing of scanned files stored in Questys, saving time and effort while eliminating filing and data entry errors.
Questys will provide docAlpha as an Advanced Capture solution to its existing clients, who will be able to further reduce manual data entry costs, increase data and filing accuracy and the maximize document processing speed.
Questys CEO Mike Myers is as excited as we are about the integration.
"The Questys integration with Artsyl’s docAlpha to deliver an Advanced Capture solution presents a significant productivity and cost savings opportunity for our clients," Myers said.
"With Advanced Capture, enterprises can more effectively organize, manage, secure and process their information, which leads to better decisions, faster results, improved collaboration and the highest levels of security and compliance."
For more details, please view the full press release.
Mar 1, 2016
The powerful new features and integrations that are partner of docAlpha v5.0 demand a more powerful portal for our partners to access the information and resources they need to market, sell and support smart platform implementations and integrations more effectively.
That’s why Artsyl has completely revamped our Partner Portal. With so much new content, we’ve reorganized the site to make it more user-friendly. Did we say new content?
Absolutely. Visit the Partner Portal at www.artsylpartner.com, where you’ll find new:
You’ll learn how you can:
We hope that you will enjoy browsing our site and find all the information you need. We pride ourselves on being a document capture leader and look forward to hearing any feedback from you.
Feb 25, 2016
Learn How Artsyl’s InvoiceAction Eliminates Manual Data Entry and Streamlines Approvals
When? Wednesday, March 9th, 2016
2 p.m. EST/11:00 a.m. PST
Still spending too much time and money processing invoices manually? In the last decade, AP invoice processing costs have DOUBLED according to a benchmark study from Paystream Advisors (from $11 to $22 per invoice). Invoice automation can slash those costs to just $2, eliminating the pain and potential errors associated with manual processing.
Spend 45 minutes with Artsyl Chief Sales Officer Jeff Moore to learn how Artsyl’s InvoiceAction makes the process of implementing automation simple and cost-effective from day one.
You’ll learn how you can:
Click Here to Register
Feb 24, 2016
Join us in St Petersburg, FL to Take Your docAlpha Expertise to a Whole New Level
Date: April 25-29, 2016
Artsyl docAlpha customers already understand the value of automation to their organizations and have realized the benefit of eliminated costly, manually tasks like data entry from their business processes. By attending docAlpha 5.0 training, you’ll learn how the latest features in docAlpha 5.0 can benefit your organization and achieve an even greater return on your investment.
During three days on hands-on classroom training, attendees will learn:
To register for the certification class please fill the registration form.
Feb 22, 2016
Join us Feb 29 to March 3rd in Newport Beach!
Artsyl is excited to announce that we will be willing join customers and partners of Altec’s doc-link document manage system at Evolution 2016.
In addition to exhibiting at Altec’s Inaugural event, Artsyl will present a breakout session titled “Accounts Payable Invoice Automation – Using Smart Process Technology to Solve Complex Business Problems.”
Artsyl’s docAlpha enables doc-link customers to reduce manual data entry costs, increase data accuracy, improve document processing speed and allows for an end-to-end audit trail of their document-based processes, ensuring compliance and security.
For more details, view Artsyl’s full press release.
Feb 15, 2016
Artsyl attended Acumatica Summit 2015 in Orlando the first week of February. This is what we learned:
1. Acumatica's growth continues to impress. With triple-digit growth in 2015, cloud-based ERPs like Acumatica have presented a convenient, affordable solution to the middle market.
2. Acumatica sees ISVs as key to their strategy. With 24 new ISVs added in 2015, the company has aligned itself with other leading solution providers who have added their domain expertise and technical acumen to the Acumatica ecosystem.
3. Acumatica is literally moving closer to Microsoft and Amazon Web services. The company is moving its headquarters from Kirkland to Bellevue, Washington, down the street from two of its strategic partners--Microsoft and Amazon.
4. Acumatica takes integration seriously. The company announced the opening of Acumatica Labs in Montreal, Canada to focus on faster and smoother implementations and tighter integrations.
5. The channel is EXCITED! The energy at Acumatica Summit was unbelievable. The Artsyl team had dozens of in-depth conversations with Acumatica partners about opportunities to automate the most painful steps in most data and document--driven processes and to add even greater value to their clients.
Stay tuned for an exciting announcement from Artsyl for Acumatica partners and customers.
Feb 11 2016
Customers of the fastest-growing Cloud-based ERP for small and mid-sized businesses can now fly through supplier invoice, customer sales order and remittance approvals and processing even faster with Artsyl’s docAlpha platform.
On the heels of the annual Acumatica Summit, Artsyl announced the release of the Acumatica Enterprise Resource Management System connector for their docAlpha IDR data capture solution.
Artsyl’s docAlpha enables Acumatica customers to reduce manual data entry costs, increase data accuracy, improve document processing speed and allows for an end-to-end audit trail of their document-based processes, ensuring compliance and security. With support for extraction and processing of line item data as well as two- or three-way matching of orders, invoices and receipts, docAlpha can fully automate sales and purchase order processing.
For more details, view the full press release.