ReadSoft's Invoices Business Solution Selected By Lockheed Martin To Process Invoices Into SAP R/3
Lockheed Martin's Shared Services Center in Lakeland, FL handles back office processes for 40 business units across the United States and selected ReadSoft DOCUMENTS for Invoices to handle the processing of 400,000+ paper invoices.
After watching OCR technology progress over the last few years, representatives from Lockheed Martin attended the annual International Accounts Payable Professionals (IAPP) conference to gain more knowledge of such vendors. After several received requests for information, only three vendors received requests for proposals.
ReadSoft was the best fit to process Lockheed Martin's invoices due to SAP certification, which is an enterprise resource planning (ERP) software system the company is also currently deploying. Although the starting pilot in the Ft. Worth business unit will process invoices into a heritage accounting system, Lockheed Martin plans to eventually process all business units' invoices into SAP through ReadSoft DOCUMENTS for Invoices.
The first business unit is processing 77,000 invoices per year and will be complete in early 2006. Lockheed Martin anticipates having the remaining business units on ReadSoft software by year-end.
"Shared service centers, like the one of Lockheed Martin, generate huge savings when using Document Automation technologies like ReadSoft DOCUMENTS for Invoices," said Bob Fresneda, President of ReadSoft North America. "We have a tremendous amount of respect for Lockheed Martin and they way they do business and are pleased to help make them more efficient."
About Lockheed Martin
Headquartered in Bethesda, Md., Lockheed Martin employs about 135,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The corporation reported 2005 sales of $37.2 billion.
About ReadSoft
ReadSoft is the global leader in the development and sales of a complete product platform for Document Automation. With thousands of customers on a global basis, ReadSoft supports customers and partners in North America with offices in 7 locations, including the corporate headquarters in New Orleans, LA.
Established in 1991, ReadSoft was first to bring free form technology for invoice processing to market and first to achieve certifications to enterprise resource planning systems such as SAP and Oracle. ReadSoft has become the global technology leader, with subsidiaries in 11 countries and partners in an additional 70. We are proud to have the largest and most innovative development department in the industry, with professional services to assist customers and partners on a global basis. ReadSoft's vision is to free businesses everywhere from manual document handling. For more information please visit www.readsoft.com.