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Russian and British-owned oil company TNK-BP is saving money by deploying a new electronic document management platform to process 8 million documents a year.

Russian and British-owned oil company TNK-BP is targeting better efficiency by deploying a new electronic document management platform

TNK-BP, half owned by BP and half by the AAR Group, a collection of Russian business people, will use the Kofax invoice processing platform under a contract worth over $400,000 (£245,000). It will process around eight million documents a year on the system.

TNK-BP, which employs approximately 50,000 people, will implement Kofax Capture, Kofax Transformation Modules and Kofax Front Office Server to scan and process around invoices, contracts and other financial documents received annually at 20 corporate sites.

By automatically classifying these documents and processing the invoices, the Kofax technology will "help reduce costs, accelerate invoice approval and allow the company to take advantage of available payment terms", said the oil company.

With the system all documents will be routed to a repository system for easy access by employees.

Other organisations recently in the news, for investing in electronic document management systems, include the Bank of China.