Top Image Systems Wins $320,000 Contract with Leading UK Retailer to Deploy an End-to-End Purchase to Payment (P2P) Solution
eFLOW® Invoice Selected to Provide One Uniform Invoice Processing Solution Across the Enterprise
Tel Aviv/ London – January 8, 2012 – Top Image Systems, Ltd. (NASDAQ: TISA), a leading ECM (Enterprise Content Management) intelligent content capture and delivery solutions provider, today announced winning a project valued at $320,000 for the first year to install an automated end-to-end purchase to payment (P2P) solution for a leading UK retailer. Part of a large European retail group, the company is growing its business, currently operating over 325 stores in Ireland and the UK. eFLOW® Invoice was chosen to process all the chain’s incoming invoices, whether paper or electronic, in any format – including pdf files by means of the unique eFLOW® PDFR (PDF Reader), xml and other popular e-invoice file types – all via one efficient workflow - integrated with SAP - on one consolidated platform. eFLOW Invoice is able to capture any invoice entering the organization, whether received via scanner, email, file transfer or mobile phone.
After considering six alternative solutions, the retailer chose TIS because of its multi-channel approach, as well as the expertise with which TIS was able to answer questions and help them resolve problems in the e-invoice arena. With Go Live scheduled for January 2013, the solution is expected to help the retailer quickly eliminate all manual invoice processing, significantly increase efficiency, reduce invoice cycle time and cut costs. From purchasers to accounting personnel to financial and executive management, everyone across the enterprise will have full visibility into the new invoice system.
The solution will increase productivity, accuracy and compliance with regulations, such as those for VAT. With optimized invoice management, invoice status and payment dates will be transparent and will facilitate Supply Chain Financing, which in turn will enable the retailer to reduce expenses by paying invoices in time for early discounts. At the same time, using eFLOW Invoice will improve the retailer’s responsiveness to suppliers.
“TIS expects that carrying out the project with this well-known retailer will bring TIS and eFLOW greater exposure and sales opportunities across the UK market,” stated Barry Richards, Managing Director, TIS UK. “In today’s economy, companies increasingly recognize that an end-to-end, automated purchase to payment solution that improves visibility into and control of payments, while reducing invoice processing timescale and cost, is no longer a “nice-to-have” but is critical for achieving and maintaining operational efficiency.”