Freight Forwarding companies are managing high volume of transactions but are making marginal profits.
With the rise of competition and digital offerings, it is becoming more difficult to meet the profit margins needed to grow in the freight forwarding industry.
Therefore, business leaders are constantly on the lookout to new technological solutions to resolve their pain points, streamline business processes and creating better customer relationships.
Current Operational Pain Points
- Labour intensive manual extraction of key information from documents, especially from lengthy commercial invoices
- Human errors when entering information
- Double keying information into multiple systems
It is often underestimated the cost of these daily operational pain points. Small data entry errors, such as typos or incorrect classifications can have large and often expensive consequences – from limiting how productive teams can be, to reducing the profitability of each job and causing downstream operational issues. The most common mistakes that result in invoice errors and incorrectly managed services are made during the operational process stage. Documents are misplaced and files are easily mismanaged, leading to an increase in errors and decrease in customer satisfaction. While most small and medium size freight forwarders are working to implement solutions to relieve some pain points, the current pool of solutions are simply not ideal.
Current Solutions
- Outsource the data entry
- Develop IT solutions internally
- Implement an expensive TMS solution
Each option above can relieve partial pain points, but will not be enough to fully streamline the operations and to increase profit margins. Outsourcing data entry can reduce some cost at first, but your operations become dependant to the quality of the data provided by the outsourced supplier. Having IT team to develop solution internally will certainly help to relieve a specific pain, however due to ever changing demands and requirements, the effort required to maintain the solution or to develop new solution will become costly and certainly not scalable. Finally, there are mature TMS platforms that can be implemented, such as CargoWise. Not only the operating cost of solution is extremely expensive, the implementation cost is high and the implementation effort is heavy from everyone.
There must be a better solution out there.
Ideal Solution
- Smart data entry with high extraction accuracy
- Automated workflows to streamline operational processes
- Integration to your existing operating systems, minimizing your internal change management
- Full visibility for everyone in the organization
The ideal solution should be managing incoming emails with freight documents, such as Bill of Lading and commercial invoices, automatically. Instead of managing incoming emails in your Outlook Inbox, the Smart Inbox extracts information automatically and accurately using Artificial Intelligence. The extracted information will then be used in the automated workflow, such as managing priorities, opening a new shipment file or sending a notification by email or SMS to clients, vendors, carriers or internal team members.
In sum, this ideal solution shall improve dramatically your business process efficiency and streamline your operations.
Grasp control of your documents with Smart Inbox from Mely.ai
Mely.ai™ Smart Inbox automatically and accurately extracts information from Bill of Lading, Waybill, Commercial Invoice, Proof of Delivery (POD), Manifest, Certificate of Origin, Packing List and more. Along with its hyperautomation technology, 85% cost saving and 95% time saving can be expected by removing the manual data extraction from document and entry to other systems.
Speedy deployment
Whenever you feel pain, you want to find your pain killer as soon as possible. Nowadays in 2021, it is unreasonable to wait for a 6-month deployment of a vanilla solution. Thanks to the cloud hosting and computing, solutions should be able to be deployed within 2 weeks and start relieving from your pain.
Pay per use
Why paying for products or services that you do not need or have not use? This is non-sense. While some solutions offer an all-inclusive monthly fee to their comprehensive platform, are you really using all product features? You will only pay for your usage and only for the features you will need. Also, you can make changes on-the-fly month after month.
Freight Forwarding companies are managing high volume of transactions but are making marginal profits.
With the rise of competition and digital offerings, it is becoming more difficult to meet the profit margins needed to grow in the freight forwarding industry.
Therefore, business leaders are constantly on the lookout to new technological solutions to resolve their pain points, streamline business processes and creating better customer relationships.
Current Operational Pain Points
- Labour intensive manual extraction of key information from documents, especially from lengthy commercial invoices
- Human errors when entering information
- Double keying information into multiple systems
It is often underestimated the cost of these daily operational pain points. Small data entry errors, such as typos or incorrect classifications can have large and often expensive consequences – from limiting how productive teams can be, to reducing the profitability of each job and causing downstream operational issues. The most common mistakes that result in invoice errors and incorrectly managed services are made during the operational process stage. Documents are misplaced and files are easily mismanaged, leading to an increase in errors and decrease in customer satisfaction. While most small and medium size freight forwarders are working to implement solutions to relieve some pain points, the current pool of solutions are simply not ideal.
Current Solutions
- Outsource the data entry
- Develop IT solutions internally
- Implement an expensive TMS solution
Each option above can relieve partial pain points, but will not be enough to fully streamline the operations and to increase profit margins. Outsourcing data entry can reduce some cost at first, but your operations become dependant to the quality of the data provided by the outsourced supplier. Having IT team to develop solution internally will certainly help to relieve a specific pain, however due to ever changing demands and requirements, the effort required to maintain the solution or to develop new solution will become costly and certainly not scalable. Finally, there are mature TMS platforms that can be implemented, such as CargoWise. Not only the operating cost of solution is extremely expensive, the implementation cost is high and the implementation effort is heavy from everyone.
There must be a better solution out there.
Ideal Solution
- Smart data entry with high extraction accuracy
- Automated workflows to streamline operational processes
- Integration to your existing operating systems, minimizing your internal change management
- Full visibility for everyone in the organization
The ideal solution should be managing incoming emails with freight documents, such as Bill of Lading and commercial invoices, automatically. Instead of managing incoming emails in your Outlook Inbox, the Smart Inbox extracts information automatically and accurately using Artificial Intelligence. The extracted information will then be used in the automated workflow, such as managing priorities, opening a new shipment file or sending a notification by email or SMS to clients, vendors, carriers or internal team members.
In sum, this ideal solution shall improve dramatically your business process efficiency and streamline your operations.
Grasp control of your documents with Smart Inbox from Mely.ai
Mely.ai™ Smart Inbox automatically and accurately extracts information from Bill of Lading, Waybill, Commercial Invoice, Proof of Delivery (POD), Manifest, Certificate of Origin, Packing List and more. Along with its hyperautomation technology, 85% cost saving and 95% time saving can be expected by removing the manual data extraction from document and entry to other systems.
Speedy deployment
Whenever you feel pain, you want to find your pain killer as soon as possible. Nowadays in 2021, it is unreasonable to wait for a 6-month deployment of a vanilla solution. Thanks to the cloud hosting and computing, solutions should be able to be deployed within 2 weeks and start relieving from your pain.
Pay per use
Why paying for products or services that you do not need or have not use? This is non-sense. While some solutions offer an all-inclusive monthly fee to their comprehensive platform, are you really using all product features? You will only pay for your usage and only for the features you will need. Also, you can make changes on-the-fly month after month.
