Accounts Payable Automation and Supply Chain Management Fuel Digital Transformation Initiatives
ABBYY®, a leading provider of technologies and solutions to action information, today announced that several global transportation and logistics providers are digitizing critical business processes using ABBYY intelligent capture solutions. Transportation and logistics companies and service providers, including carriers ranking among the top 46 in the U.S.* , and several other international carriers, manufacturers and 3PLs are using ABBYY FlexiCapture to automate and overcome major challenges plaguing the industry such as manual data entry, proliferation of data from IoT devices, warehouse and on-truck capture devices interfacing into legacy systems, and the rise of emerging geographic markets with antiquated paper-based systems.
“3PLs have worked hard to support a high volume of digital transactions, however, documents still drive and support most of their business processes – bills of lading, customs declarations, claims documents, proof of delivery, driver logs, catering and fuel receipts, carrier invoices and expenses – that all have to get captured in order to start a process,” commented Bruce Orcutt, vice president of Marketing and Management at ABBYY NAHQ. “Found at various stages of the supply chain, these documents are typically printed out and then manually keyed in to another electronic system. Unfortunately, this manual data entry translates into information delays, human errors and hours of redundant labor. ABBYY solutions automatically extract business-ready data from paper, facilitating transactions and increasing visibility into business processes.”
According to the Frost & Sullivan report, Digital Transformation in the Global Logistics Industry, Forecast to 2020, “the freight logistics industry is experiencing a sweeping transformation of the scale last seen in the 1990s when IT revolutionized logistics. Digital technologies such as automatic identification and data capture (AIDC), warehouse automation, analytics, and cloud services are expected to create an estimated $171 billion opportunity in the global logistics industry by 2020.”
“We embarked on modernizing our accounts payable infrastructure after our in-house solution could no longer scale beyond the processing of more than seven million invoices annually and support the over 14,000 suppliers we work with,” commented Richard Perry, vice president of Global Product Management at CTSI-Global, a supply chain management company that helps shippers and 3PLs manage and control all aspects of their supply chains. “Working with ABBYY and a partner, we developed and deployed an automated AP solution within 60 days that did more than merely extract data. We are now able to customize with straight-forward configuration and have insight to line-item detail. The cost to process invoices went from dollars to cents, making a significant impact to our bottom line.”
*Transport News, Top 100 For-Hire U.S. Carriers 2016
ABBYY is a leading global provider of technologies and solutions that help businesses to action information. The company sets the standard in content capture and innovative language-based technologies that integrate across the information lifecycle. ABBYY solutions are relied on to optimize business processes, mitigate risk, accelerate decision making and drive revenue. ABBYY technologies are used and licensed by some of the largest international enterprises and government organizations, as well as SMBs and individuals. The company maintains offices in Australia, Canada, Cyprus, France, Germany, Japan, Spain, Taiwan, UAE, the UK, Ukraine, and the United States. For more information, visit www.abbyy.com/company.
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Gina Ray, APR