Use of the Cortex Network sees Luff achieve 100% automation, while solidifying Cortex’s standing in the Manufacturing Vertical
CALGARY, ALBERTA – February 8, 2018 - Cortex Business Solutions Inc. (TSXV: CBX), a network-as-a-service e-invoicing solutions provider, is pleased to welcome Luff Industries Ltd., one of the largest and well-respected manufacturers of conveyor components in the world, as the first major manufacturing company to join the Cortex Network.
Luff Industries, a Calgary based company with branches in Ontario, California and Tennessee has been producing products of exceptional quality and innovation since 1979. As Luff Industries has grown so too has the company’s need to manage cash flow effectively. The Cortex Network will provide Luff Industries with real-time updates which will help eliminate errors and reconcile the accounting system with entered invoices. In addition to the standard functionality, Luff is the first Buyer on the Network to use Cortex’s Approver Functionality to approve or reject their incoming documents prior to having documents processed by their customized ERP system. By facilitating the review of documents in this way, Cortex enables Luff to further mitigate the intake of inaccurate data up front.
Luff also utilizes the ability for their Suppliers to create and submit invoices that reference valid Purchase Order line items. This allows Luff to ensure that critical line item data they are being invoiced for is consistent with the related Purchase Order, reducing errors and discrepancies while achieving 100% automation of all the invoices.
In addition to being the first Manufacturing company to join the Network, Luff is also the first Buyer organization to use the Approver functionality on the Network. This functionality gives them the ability to save a significant amount of time and cost by eliminating paper documents in the AP process. The Approver functionality also allows the approvers to access the Cortex portal remotely and approve invoices even when they are not in the office.
“We are incredibly excited to be live on the Cortex Network and the benefits we’ve seen already are helping us transform our business” stated Steven Pace, CEO of Luff Industries Ltd. “At Luff we are constantly looking for ways to innovate, and introduce efficiencies into our business. When we saw what Cortex was doing to help oil & gas companies, we knew that this solution could bring us considerable benefits. By joining the Cortex Network, we can now give our employees the ability to process invoices faster, which will allow them to focus on more high value tasks within their roles.”
A key benefit of the Cortex Network is its ability to help companies remove the arduous, time consuming and costly manual processes associated with manual invoice management through enhanced, automated e-invoice entry. Since joining the Cortex Network, Luff Industries will have the ability to scale for future growth by reducing overhead without negatively affecting their existing personnel. Since joining the Network, Luff has used Cortex’s AP Services solution to gain 100% Automation, whereby all of their invoices are digitized and coded for Luff to process upon receipt.
“We are extremely pleased to see Luff Industries celebrating this milestone,” said Joel Leetzow, President & CEO of Cortex Business Solutions. “Their drive to continually improve how they run their business makes them a leader in their industry and an example to other companies looking to see gains through the implementation of new technologies like our scalable, e-invoicing Network. As we continue to drive forward into new verticals as part of our growth strategy, companies like Luff help us demonstrate how well the Cortex Trading Partner Network works outside of oil & gas.”
About Cortex Business Solutions
Cortex’s strategy is to revolutionize B2B document exchange by replacing traditional paper-based manual systems with automated e-invoicing. This positions companies with the scalability and flexibility needed to meet the demands of today’s business. Cortex offers a B2B network that enables electronic invoicing for buying and supplying organizations using flexible connection methods to leverage existing customer technologies and processes. Access to the Cortex Network enhances the exchange of documents allowing companies to connect and interact with each other to grow their businesses.
Cortex is currently delivering e-invoicing services to over 10,000 Trading Partners in Oil & Gas, Mining, and Sports & Entertainment industries, with a focused expansion into additional verticals.
For more information, please visit www.cortex.net
About Luff Industries Ltd.
Luff Industries’ business is built on producing innovative, high quality products for the world’s material handling markets. With a focus on quality, service and competitive prices, Luff works with its customers to provide exceptional solutions. With a full line of idlers, pulleys and conveyor accessories, Luff provides a complete line of high quality conveyor components worldwide.
For more information, please visit www.luffindustries.com
Investor Relations Contacts:
|Joel Leetzow||Jason Baird|
|President & CEO||VP, Finance & CFO|