September 22, 2022

What are the Essential Cargo Documents that can be Automated with AI?

Cargo documents are of various types and it takes a lot to process them manually. Learn how an automated IDP platform helps overcome the issue.

Whether your business deals in land, sea, or air freight, managing the documents and the associated tasks requires a lot of effort. Other considerations are the personnel involved in scanning these documents manually, logging the data, and finalizing other paper-based processes that remain prone to errors and delays.

 

Collectively, this activity represents a significant portion of your employees' time. A better way to go about doing this is by automating the process with an Intelligent Document Processing (IDP) platform. This article looks at how exactly you can achieve that.

 

What are the Different Types of Cargo Documents?

Here are some common logistics documents that most businesses deal with.

 

·       Commercial Invoice

·       Packing List

·       Bill Of Lading

·       Sea Waybill, Air Waybill, Rail Waybill

·       Export/Import Customs Declaration

·       Production certificate, vessel certificate, phytosanitary certificate

·       Arrival Notice

·       Certificate of Origin

·       Importer Security Filing

·       Letter of Credit

 

Manual Method of Processing Cargo Documents

The manual method of processing cargo documents is the traditional way of doing things. There are several steps involved in the process, which may consume a lot of time depending on the complexities of your business. As it is a time-consuming activity, the chances of errors due to human oversight remain high.

 

At the same time, the costs of manual processing of documents remain high due to the labor costs involved in the process. According to a report, an automation tool like IDP can help reduce document processing costs by 35%. Similarly, automation also helps reduce the risks of errors by 52% or more. All these benefits translate into immense value for your business.

 

If you have a large business setup, you would need a large number of employees in your finance team to process the cargo documents. If your team remains occupied with menial tasks of document processing, they won’t be able to contribute to your bottom line in a better way.

 

How AI Overcomes Challenges with Manual Processing of Cargo Documents?

The world of shipping and logistics is a complex one, and the process of moving cargo from point A to point B is no small feat. To ensure shipments arrive safely and on time, you need to be able to track the cargo as it moves through the supply chain.

 

The only way you can be successful is by having clear and adequate documentation. However, this can be challenging when there are several parties involved in the process and many different ways that information can get lost or mishandled.

 

IDP is a solution that helps you streamline your document processing activity while also reducing errors and processing costs. IDP offers several benefits that can help you overcome challenges with the manual processing of cargo documents, including:

 

·       Increased Efficiency

IDP offers automated processing services for all types of documents, making it easier for you to manage the volume of paperwork you receive every day.

 

·       Reduced Costs

IDP offers cost-effective solutions for you by reducing overhead costs associated with manual processes. The system eliminates manual typing errors by automatically scanning documents into an electronic format for easier storage and retrieval later.

 

How does an AI-powered IDP System Work?

An AI-powered IDP system works by taking your documents and processing them according to a set of rules you've created. The rules depend on the information you want to extract from your documents and how you want to use it.

 

The system will take in all the information in your document and analyze it to find patterns. It uses those patterns as a basis for its decisions about what information is relevant to your goal and what's not.

 

Once it's figured out what parts of the document are relevant and which aren't, it makes a recommendation based on what it thinks you need to know. Then it presents the final results in a way that's easy for you to understand.

 

Benefits of IDP for Cargo Document Processing

Here are various advantages you can get by introducing an IDP platform for cargo document processing.

 

·       Reduced Errors

IDP detects errors in the documents before processing them, so fewer mistakes make it through the system. Similarly, as there is no manual intervention, there are no chances of errors due to incorrect data entry. It reduces cargo delays and increases efficiency by reducing employee workloads.

 

·       Lower Processing Costs

One of the benefits of IDP is that it can cut your document processing costs. IDP does this by eliminating time-consuming and expensive tasks in your document processing activity, including manual data entry, data reconciliation, and data extraction. The result? You will have more time to focus on what matters most: improving customer service and increasing profitability.

 

·       Quick TAT

IDP allows you to process documents faster than ever before. The IDP system automates the processing of documents and streamlines the entire process. You can save time and money on every shipment you process, which results in more profit for your company.

 

·       Improved Data Accuracy

IDP improves data accuracy by collecting all the information needed for a document and processing it through a series of checks that ensure each section is correct. It also allows you to catch errors earlier in the process, so you can correct them before they become more costly or time-consuming later on.

 

·       Improved Staff Utilization

IDP is a proven system that helps reduce the time and effort required for manual document processing. You can assign staff members for other critical activities that require more human attention. This leads to an increase in productivity and efficiency, translating into better value for your business.

 

Automate the processing of cargo documents today with VisionERA

VisionERA is an IDP platform that allows you to automate the processing of cargo documents of all types. It comes with a Decode, Decipher, and Decide mechanism that enables you to extract relevant information and process it further. The platform offers rule-based solutions that allow you to automate the process in the manner you want.

 

The proprietary AI technology offers a continuous learning mechanism. The platform will get better every time you process a new document. There is no dependency on third-party platforms, which eases the worry of non-performance due to any issue.

 

VisionERA also comes with smart integrations that allow for seamless export of extracted data. You can export the data to your document depository or cloud database. Another striking aspect of VisionERA is the outcome-based pricing model, which eliminates upfront or fixed monthly costs. You only pay when you get the desired business results.

 

We bet it can’t get any better than this. So, do not wait any longer to see VisionERA in action. Contact us today, and we will schedule a free platform demo.

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