You asked. We answered. Document routing, approval, and management services are now part of the Cortex solutions suite.
Companies are embracing digital transformation as a foundation to effectively power the rapidly changing business landscape. Within the financial supply chain, the need for real-time visibility, management of complex procurement documents, and the ability to expedite vendor payments to unlock early pay discounts are just some of the challenges that our customers have voiced the need to address.
Invoicing is an area of the business that has been proven to benefit greatly from digital transformation. Traditionally, Accounts Payable has been an intensive personnel-driven, paper-based process. A Buyer generates and sends a Purchase Order to a vendor; upon fulfillment of the PO, Suppliers are required to create and email or mail an invoice for the related work performed or product delivered along with all the required paperwork providing proof of completion. This information then has to be entered manually into the Buyer's accounting system in order to initiate approval and payment. The more complex the procurement cycle, the more time-consuming the invoicing process. So how is this managed differently in the digital age? The information is generated, sent, and received automatically in digital format with little to no manual intervention, resulting in significant time and cost savings.
Historically, Cortex has offered a specific component of automation within the procure-to-pay cycle with our electronic invoicing network. We worked with complementary partners to offer additional document management services to complete the digital cycle. Now, with the development of our proprietary Intelligent Invoice Approval and the recent acquisition of Powervision Software, we are pleased to offer a complete document routing, approval, and management services to accompany our existing solution. This is in response to the many conversations we have had with customers that expressed the need to work with a single, trusted partner to provide full invoice automation. In the past, a lack of options has forced many companies to feel trapped into a solution. These solutions offered the core functionality required, but were lacking the service and value that businesses deserve. We believe in choice and are excited to offer our expanded Cortex solution to help power customers' current and future digital transformation needs.
Cortex Document Workflow solution was developed to meet the needs expressed by our customers:
- A single, trusted provider for all your AP and AR automation needs
- Cloud-based system integrates with existing accounting systems to maximize previous investment and minimize risk
- Greater configurability to adapt to suit your business processes
- Mobile-optimized to work anywhere, on any device
- A solution backed by people-powered world-class support.
If you would like more information on Accounts Payable and Accounts Receivable automation, please contact our team to schedule a conversation.