Logistics and Transportation: How Intelligent Document Processing Can Help
The global logistics industry is growing rapidly, which means a lot more paperwork to process. According to Allied Market Research, the global logistics market is projected to reach $12,975.64 billion by 2027, which registers a CAGR of 6.5% from 2020 to 2027.
This growth is due primarily to increased consumer demand for goods and services, especially those delivered quickly. As a result, companies must find ways to improve efficiency and reduce costs while improving customer experiences.
One way to achieve those goals is by automating existing manual processes. That’s where intelligent document processing for logistics and transportation comes into play.
Powered by AI and machine learning, this technology automatically extracts data from structured, semi-structured, and unstructured documents, saving time, money, and resources. IDP is transforming how people work while maintaining information integrity throughout the organization.
Let’s take a closer look at why IDP is vital for modern logistics and transportation, as well as the different ways it can support your company’s digital transformation.
Advantages of IDP for Logistics and Transportation
Many businesses still rely heavily on paper documents to track shipments and route packages. These documents often contain sensitive information, such as names, addresses, phone numbers, email addresses, and even credit card information.
Manual processes create opportunities for human error, delays, and lost revenue. To remedy these issues, forward-thinking logistics and transportation companies are turning to innovative IDP solutions. Here are some of the top reasons why:
The first step towards modernizing any business is to automate processes. In logistics and transportation, IDP brings together many moving parts and makes it easier, faster, and more accurate to process mountains of paperwork.
IDP captures data that may have been missed through manual processes, which helps companies better understand how well their operations work and identify potential problems before they occur.
Supply Chain Management (SCM)
Supply chain management is the practice of coordinating the flow of goods from supplier to customer. SCM is critical to ensuring that orders get fulfilled in a timely manner and that customers receive high-quality products. An effective IDP platform provides visibility across the entire network and enables accurate forecasting.
Business Intelligence (BI)
Business intelligence is the application of analytics to improve decision-making. Analytics help organizations gain insight into their performance and optimize their strategies. IDP allows analysts to easily acquire, integrate, and leverage data to make smarter decisions in less time.
IDP Solutions for Logistics and Transportation
As logistics and transportation grow, so too does its document processing challenges. The right IDP platform can provide numerous solutions that modernize your document workflows. For example:
Quickly validate data from bills of lading, waybills, and custom forms to ensure everything is accurate, and your SLAs are met.
Automatically classify and validate data from bills of lading, certificates of origin, and commercial invoices to clear customs without issue.
Proof of Delivery (POD) Data
Automatically extract data from receipts, invoices, and bills of lading to quickly find POD and keep your operations moving.
Improve delivery tracking by automatically capturing and verifying data from shipping instructions, waybills, receipts, PODs, purchase orders, and truck hauling tickets.
Invoices and Payments
Automation is key to increasing your AP team’s efficiency. Quickly capture invoice data, automatically compare and match purchase orders, take advantage of early payment discounts, and pay workers faster.
Precisely extract data from commercial invoices, packing lists, export shipping bills, bills of lading, certificates of origin, and other exporting documents.
Improve archiving and compliance by accurately extracting data from delivery documents, providing greater control and security.
Streamline Your Logistics and Transportation Workflows
Traditional template-based solutions aren’t designed to handle all documents. That’s why logistics and transportation companies are switching to IDP because it can automatically capture, extract, and process data from any document, regardless of format.
IDP has the potential to surcharge efficiency and enhance the overall experience for both employees and customers. Visit our demo hub now to see how Rossum’s IDP platform streamlines document workflow processes, accelerating your digital transformation.