IXOS Releases Finance ECM Solutions

Mar 05, 2004

IXOS Software, a provider of enterprise content management (ECM) solutions, has announced a suite of financial solutions that are designed to address the complexities of managing content related to accounts payable, accounts receivable, and corresponding business processes. IXOS Solutions for Finance are intended to help enterprises automate and streamline business-critical processes.

Featuring archival technology, scalable software packages, and consulting services, the solutions help enterprises automate workflow and integrate financial content from multiple sources including existing ERP systems. By having a single point of access to all business documents, regardless of location or application, organizations can: Identify fraudulent invoices, prevent errors such as double payment, and negotiate better payment terms and conditions; Reduce paper documents and manual tasks to eliminate costs including handling, duplication, distribution, and storage; and Gain greater control over data to reduce the risks associated with document loss, human error, internal retention policies, and government compliance regulations like the Sarbanes-Oxley Act.

Automating process steps results in improvements such as: Volumes of hard-copy documents can be scanned into electronic format, eliminating manual paper handling; Incorporation of fax and email invoices, as well as the support and secure long-term storage of EDI messages; Integration of OCR/ICR software, allowing invoices to be indexed automatically; Invoice verification processes that can be integrated within or outside of the ERP application, enabling organizations to create custom workflows that meet their needs for verifying, routing and approving invoices, and to identify fraudulent or inaccurate invoices; Payment audit functions that can be applied to perform plausibility checks, along with assignment of tasks and automatic verification of quality; and Monitoring tools that can be incorporated to identify accounting statuses.

Open Text offerings are expected to further extend the breadth of IXOS Solutions for Finance, as well as the options for effectively managing accounting operations as the two organizations come together. IXOS Solutions for Finance is generally available now. Pricing is dependent upon solution configuration, services and selected licensing model.