Robotic process automation (RPA) refers to advanced software technology that allows business managers to efficiently build, deploy, and manage software robots, chatbots, AI machines, and automated processes. These innovative machines and systems emulate human actions by interacting with digital systems and specially designed software. Using RPA makes it easier to manage software, read screens, perform keystrokes, manage basic operations, monitor processes, and perform other routine tasks. The benefit is that software robots can do it faster and more consistently than people. That’s especially important for an error-prone process like freight billing. Intelligent Audit explains: “Up to 80% of all carrier freight invoices contain discrepancies, resulting in a 10%+ loss through invoice overpayments. These discrepancies range from missed points on invoices to incorrectly assigned liability or to delays in payments. Freight invoice management mistakes can become quite costly in the short and long term.”
Freight bill process automation and digital documentation represent a critical feature that can benefit the supply chain as a whole. A document management system puts documents all in one place, where employees can easily access data and updates to ensure they all are working with the same set of information. This centralized source of critical credentials can work as a central resource center and can be used and accessed across the entire supply chain. Many benefits come from freight billing automation and document extraction bots, including the following seven key perks.
1. Faster Evaluation of Charges and Fees
Shippers expect certain surcharges and fees, but sudden changes can make the process more difficult. With automated recordkeeping and digital documentation, it becomes easier for management to note changes in fees and surcharges and respond quickly.
2. Universal Compilation of Invoices Across All Carriers
Manually filling out and recording invoices leads to discrepancies and errors that negatively affect profits and overall customer service. Digital documentation services can allow uniform creation, recording, and review of all invoices and payment requests.
3. Streamlined Payment Processing and Reporting
Another drawback to manual invoicing and old-school methods of chasing down payments is how long it can take. With machine learning, freight bill process automation streamlines the entire process and saves time and money on missed payments and labor costs.
4. Digitalization of All Invoices and Payments
Automated payments can occur digitally with digital freight billing, which further speeds up receiving and processing invoices. Faster payments mean more significant profits and a quicker turnaround time between orders and customer communications.
5. Better Understanding of Current Surcharges and Costs
Rates and fees associated with shipping and transportation services constantly change depending on current market status and customer demands. Digitizing payments and invoices make it easier to monitor current rates and prepare for changes down the road.
6. Lower Back Office Expenses in Accounting
Behind the scenes work and fees also need careful consideration when it comes to bill processing and accounting. Automated payment processing and monitoring can help improve back-office operations and expenses to improve productivity all around
7. Automatic Notifications and Updates to Keep Everyone Informed and Collaborative
Digital collaborative dashboards help improve customer alerts and communication between team members and third-party service providers. Keeping everyone on the same page with real-time notifications and updates keeps the supply chain moving efficiently.
Reap the Rewards of Freight Bill Process Automation
Freight bill process automation is a significant benefit supply chain managers can experience through RPA. Utilizing document KPIs and document indexing bots makes it easier to drive decision-making, analyze real-time data, oversee productivity, and manage documents and reports. Papers can easily pair with corresponding shipments, allowing for easier tracking and monitoring from start to finish.
Data entry and recording become more manageable, and freight billing automation expands the ability of supply chain team members to manage all exceptions in one location. A document management system puts documents all in one place, where employees can easily access data and updates to ensure they all are working with the same set of information. Contact RPA Labs for a free demo of their digital management system and get started with freight bill process automation today.