Transportation and Logistics are often loaded with a heap of documents to process. With pending workload and incoming deadlines, learn how an Intelligent Document Processing solution can be of massive help…
Transportation and logistics businesses can often be complex due to complicated workflows. The heaps of paperwork and outdated technology systems only increase woes. Problems compound further if the supply chain spans across countries.
Does this sound familiar to your business?...
If this holds true, you could probably leverage the growing power of automation. How? An Intelligent Document Processing (IDP) system backed by powerful machine learning (ML) algorithms can help you.
This article educates you on various facets of a document processing system. We further help you understand how IDP can overcome your document processing challenges.
Intelligent Document Processing or IDP automates the extraction of information from structured and unstructured documents to convert them into usable information. Any industry that deals with heavy paperwork will find the technology useful.
Logistics and transportation businesses that deal with heavy documentation can leverage intelligent document processing. The powerful ML algorithms help you extract relevant data from documents irrespective of their type.
Whether it is bills of lading, invoices, packing lists, or ATM receipts, IDP can scan them and extract the necessary information. It helps you get detailed insights that aid improved decision-making. You can also streamline various functions like supply chain operations, production planning, and finance with IDP.
A lack of intelligent document processing technology for transportation and logistics businesses leads to disadvantages. Here are some challenges due to the lack of automation.
Transportation and logistics businesses generate tons of records. Ocean forwarding alone processes 12 billion documents annually. Manual data extraction can be time-consuming and cost you a lot of resources. The process also remains error-prone. Inaccuracies can also be usual if documents are not crystal clear. Output levels will directly depend on the experience levels of your staff.
Bills of lading, invoices, purchase orders, and other related documents may not always have fixed layouts. Each vendor will have its format where one or more fields may not be available. A few basic details like consignee information might remain the same, but the rest can vary.
Not every stakeholder may use English as a common language for their documents. Your employees may need translation help. Mismatch in information with a few fields can also lead to significant issues.
Traditional systems like OCR (optical character recognition) can impact the image quality and layout during the scanning process. The system will interpret information inaccurately, leading to errors. These can prove costly for your business in the long run.
The benefits of IDP to scan your transportation and logistics documents are plenty. Let’s look at them in detail.
IDP enables seamless and convenient processing of documents. Your teams can analyze documents and process the relevant data. You can also get added automation capabilities that improve your workflows. Structured data will enable the availability of required information in one place without human intervention.
Data inaccuracies cost companies 12% of their revenue. ML algorithms enable quick and accurate scanning of documents with complete automation. It will help you overcome inevitable human errors. Data accuracy will help you improve your business operations and customer satisfaction levels.
A misaligned workflow can increase the frustration within the teams and break your business. Automation helps you streamline workflows and reduce human intervention. Reduced interference will also help your teams focus on other productive tasks that require more attention. It will help you generate better value for your business.
Manual processes directly impact your revenue as they are time-consuming and error-prone. IDP eliminates the need for staffing requirements to analyze documents. Risks of penalties and increased costs also get reduced by eliminating errors with the help of automation.
OCR has been around for a while now in the document processing space. The system works on a rule-based extraction method to analyze documents. OCR technology works for both structured and semi-structured information, making it popular. However, there are limitations to OCR in terms of flexibility and adaptability.
Unlike OCR, IDP can detect various elements within a document with the help of computer vision and NLP (natural language processing) techniques. You do not have to define rules for data extraction each time. The extracted data from intelligent document processing is also helpful to streamline processes.
You can get information in real-time from documents like the bill amount or number of items. IDP is also intelligent enough to recognize data from indecipherable texts based on product codes and numbers.
VisionERA is an AI-powered intelligent document processing technology with a 100% performance guarantee. As a proprietary AI technology with zero third-party dependency, it is your ideal partner to streamline workflows, boost productivity, and grow your revenue. It has an inbuilt continuous feedback learning mechanism that enables the platform to learn and improve itself over time.
VisionERA takes a multi-pronged approach of 3D, ie, (Decode, Decipher, Decide) to enable intelligent decision-making for your business. Our solutions help logistics businesses like yours process documents 20x faster and with the highest accuracy. Smart integration with RPA (robotic process automation) tools guarantees 3x productivity. Offering end-to-end sophisticated automation, you can also customize it based on your business needs.
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