How are Logistics Companies Using AI to Extract data?
Behind the scenes of successful logistics operations is a time-consuming, tedious, and highly-repetitive data entry and extraction process, requiring close attention to detail, sharp focus at all times and a high degree of accuracy.
Around the clock and calendar, logistics companies employ swathes of data entry clerks to extract data from invoices, bill of ladings and other documents and manually key in updates to the TMS or ERP.
Slow processes cause delays and repetitive monotonous tasks lead to errors – even from the most conscientious employees.
However, by applying powerful AI data extraction solutions, logistics companies can automate these crucial, yet painstaking backend processes to improve efficiencies and turnaround times and reduce costs and errors.
AI-Powered Data Extraction
Traditional, template-based automated data entry solutions suffer from serious limitations and are really only useful when dealing with documents with low variability. With these solutions, data fields are collected from specific coordinates within a digital image. As such, for every new type of document, a new template must be built so the relevant data can be extracted.
AI data extraction solutions address these shortcomings in no uncertain terms.
Utilising machine learning (ML), a subset of artificial intelligence, these modern solutions are trained on millions of invoices to learn about the patterns and features they contain. In other words, they aren’t relying on rules or coordinates, but bring an actual contextual understanding to the meaning of the text they read.
This means that users no longer have to build and programme new templates for every new invoice and document that needs to be processed. Instead, the machine learning technology learns from context and can thereby extract the relevant data – date, address, billed amount, etc. – from any document it comes across. This data can then be automatically pushed into the TMS or ERP system without any further intervention.
AI Data Extraction from Shipamax
AI-powered smart data extraction tools can extract information with greater accuracy and less human interaction, speeding up invoice processing, reducing errors and lowering costs.
With Shipamax, our AI data extraction solution can reduce manual data entry costs by more than 80%.
What’s more, it can handle greater volumes of documents with the same or even greater accuracy of a human – up to 99% accuracy in fact.
Our machine learning solution plugs directly into your existing infrastructure, syncing directly with any email server to start processing invoices and other documents the moment they hit your inbox. Eliminating repetitive manual tasks, Shipamax enables costs savings, time savings and greater value generation as your team can finally get away from tedious data entry and start focusing on the work that matters.