IBM Global Financing automates invoice processing with new intelligent data capture solution from Razorsight
FAIRFAX, Va., Sept. 27, 2006 -- Razorsight Corporation, a market leader and innovator of financial business intelligence software, today announced it has been selected by IBM Global Financing (IGF) to fully automate IGF's invoice management operation, helping it reduce processing costs and continue to provide top-level service to its customers.
Razorsight's newly released Automated Invoice Management (AIM) is the only turn-key solution on the market today that offers automation, business workflow, and analytics for a company's management of direct costs, while delivering a return on investment in under 12 months. AIM fully automates invoice management, data extraction, inventory tracking and storage of paper invoices. With AIM, IGF will gain 100% visibility into its invoice data while eliminating the need to manually process significant numbers of paper invoices.
The world's largest IT financier, IBM Global Financing receives over 75,000 invoices a year. Twenty percent of these invoices are paper but require 80% of staff time to process, significantly cutting into lease revenue and preventing the company from meeting the response requirements of its Service Level Agreements. In order to maintain its position as a global leader in IT equipment leasing, IGF made the commitment to automate 100% of its invoicing.
"IBM Global Financing's goal is to completely eliminate manual processing of invoices and to be paperless this year, and we have chosen Razorsight to get us there," said John Davidoski, Manager, IBM Support.
"AIM automates the manual processing of invoices received in any format -- paper, PDF, EDI or fax - and performs audits and analyses on this valuable data, thereby providing vastly enhanced visibility and analytics capabilities. As a result, Global 2000 Enterprises can make better decisions while improving SOX compliance," said Razorsight CEO Charlie Thomas.
"AIM is the only solution of its kind which delivers an ROI in under a year. We have saved our customers billions of dollars and transformed the way they manage, process and audit their direct costs," added Thomas.
About IBM Global Financing
IBM Global Financing (IGF), the financing business segment of IBM and the world's premier single-source provider for multivendor IT financing solutions, serves commercial clients ranging from small businesses to the majority of the Fortune 100. With assets of $31 billion worldwide, IGF provides project financing, commercial financing and asset-recovery services to 125,000 clients in more than 40 countries. Additional information can be found at http://www- 03.ibm.com/financing/us/.
Razorsight (http://www.razorsight.com) is the market leader in on-demand business intelligence for finance executives. Razorsight's Software-as-a-Service (SaaS) provides a new level of visibility into corporate expenditures through our advanced technology which automates the manual process of receiving, validating and auditing invoices in any format. Razorsight captures invaluable data from invoices, contracts and other sources of information to provide business intelligence that significantly reduces operating costs and enhances Sarbanes-Oxley compliance. Razorsight's web-based software is easy to install, requires no capital investment, is highly scalable and proven to save money. Razorsight's solution is installed at several Fortune 500 companies. Razorsight is based in Fairfax, VA and has offices in St. Louis, MO and Bangalore, India.
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