TEL AVIV, Israel / COLOGNE, Germany, Oct. 21, 2015 (GLOBE NEWSWIRE) -- Top Image Systems, Ltd. (NASDAQ:TISA), a global innovator of intelligent content processing solutions, announced today that the Company was selected by global power supplier ENEL to deploy an automated Accounts Payable and Accounts Receivables processing solution across Russia. A multi-national company with revenues of EU74 billion in 2014, 69,000 employees and 61 million end users worldwide, ENEL plays a leading role in the world’s power and gas markets, including hydroelectric, thermoelectric and other renewables; over 47% of the energy ENEL generated in 2014 was carbon free.
In Russia, Enel operates through its subsidiary Enel Russia generating more than 9 GW of thermal capacity and through 49.5% ownership of RusEnergoSbyt, one of the largest independent suppliers in the country. Subsequent to deploying eFLOW in Italy, ENEL elected to implement eFLOW5 for both AP and AR processing across ENEL Russia. TIS rolled out the solution within six months, on schedule, on budget and in compliance with quality and specifications.
ENEL chose eFLOW5 for its flexibility, configurability and ability to adapt to meet the customer’s specific requirements and processes, efficiently managing multiple change requests. The challenging international project, whereupon ENEL’s project managers from Spain and Italy and the TIS implementation engineers had to adjust to the very different Russian working environment, culture, language and people, as well as the difficult logistical challenges of managing a business across widely distributed, remote and distant locations. The project required transferring a complex paper-heavy process into a digital environment while meeting both the customer’s many requests and requirements as well as complying with the Russian government’s very strict commercial regulations.
ENEL Russia processes some 250 thousand semi-structured and unstructured Cyrillic and Latin paper AP and AR documents per year via SAP, most invoices against POs. Replacing a completely manual invoice processing and approval process, the implementation involved installing scanners in the Moscow headquarters and in each of the four branch offices. The Russian offices access eFLOW via a distributed architecture using efficient low-load web stations integrated with the data center in Italy, IBM FileNet for storage and with their SAP client-server ERP system. Using eFLOW, ENEL today automatically captures and processes invoices and related documents automatically, rapidly resolves any discrepancies using eFLOW data validation functionality and executes a rapid and economical digital invoice approval process in order to speed the delivery of the approved invoices to SAP for payment.
The CFO, Finance and Accounting staff appreciate faster workflows, compressed invoice cycle time, higher efficiency and productivity and fewer errors. eFLOW provides them full control of all AP/AR processes with easy access to all documents, full real-time visibility into AP/AR status and cash flow, while enabling faster payments against discounts, fewer penalties and improved suppler management; suppliers call ENEL and get immediate, accurate information from ENEL accounting regarding their invoices. Branch management enjoys transparency, better service to customers, better decision making and significant cost savings thanks to reduced operational costs. Another valuable benefit of eFLOW is the ability to give external auditors easy, rapid access to all documents, accelerating and improving government audits.
Going forward, ENEL plans to extend the project to a second stage to incorporate further change requests, including considering eFLOW data validation via crowdsourcing.
“Covering enormous territory across four different time zones, where regulations prohibit the use of fax for approvals and the postal system is very slow, prior to eFLOW ENEL Russia expended substantial efforts and resources to obtain manual approvals and signatures on original paper documents,” explained Luigi Grilli, Responsible Global ADM Holding & Global Function Services, ENEL. “Thanks to eFLOW, ENEL has dramatically accelerated AP/AR processing, reduced operational costs and errors and gained real-time visibility into finances for improved decision-making. Using the system has improved our work environment as well as improved our responsiveness to suppliers and customers.”
“TIS is proud to count ENEL as a key, strategic partner among our satisfied AP/AR customers in the energy sector,” commented Michael Schrader. “We have accumulated extensive knowledge and experience processing the complex financial transactions typical of the energy & utilities sector and apply this knowledge to ensure high quality, rapid deployments for our customers. After working with ENEL in Italy for several years, we are pleased to expand the scope of our cooperation to Russia and look forward in future to other locations, as well as to extend the usage of eFLOW to optimize the management of additional business processes.”
About ENEL
Enel is a multinational power company and a leading integrated player in the world’s power and gas markets, with a particular focus on Europe and Latin America. Enel Group operates in over 30 countries across 5 continents, producing energy through a net installed capacity of nearly 90 GW and distributes electricity and gas through a network of approximately 1.9 million kilometers. With 61 million users worldwide, Enel has the largest customer base among European competitors and figures among Europe’s leading power companies in terms of installed capacity and reported EBITDA.
About Top Image Systems
Top Image Systems™ (TIS™) Ltd. is a leading innovator of enterprise solutions for capturing and validating structured and unstructured content entering organizations from various sources and managing content-driven business processes. Whether originating from mobile, electronic, paper or other sources, TIS solutions automatically capture, process and deliver content across enterprise applications. TIS’ flagship eFLOW platform and diverse business process and mobile image processing solutions are marketed in more than 40 countries through a multi-tier network of distributors, system integrators, value-added resellers and strategic partners. Visit the company's website at http://www.TopImageSystems.com for more information.
Top Image Systems Caution Concerning Forward-Looking Statements
Certain matters discussed in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual
results to be materially different from any future results expressed or implied in those forward looking statements. Words such as "will," "expects,", "anticipates," "estimates," and words and terms of similar substance in connection with any discussion of future operating or financial performance identify forward-looking statements. These statements are based on management's current expectations or beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially including, but not limited to, risks in product development, approval and introduction plans and schedules, rapid technological change, customer acceptance of new products, the impact of competitive products and pricing, the lengthy sales cycle, proprietary rights of TIS and its competitors, risk of operations in Israel, government regulation, litigation, general economic conditions and other risk factors detailed in the Company's most recent annual report on Form 20-F and other subsequent filings with the United States Securities and Exchange Commission. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.