With the massive growth of globalization and e-commerce, the transportation and logistics (T&L) industry stands as the backbone of modern commerce. Vast-distance shipping and intricate supply chains are no small feat, and logistics companies must face various challenges on a daily basis — from optimizing routes to documentation, and from customer service to strict regulations.
However, a transformative solution has emerged: Optical Character Recognition (OCR) meets AI-powered API. With OCR’s ability to scan and convert unstructured documents into machine-readable text and the API’s capacity to analyze and extract insights from this data, the logistics and transportation industry is now ready for a revolution.
Let’s see how this OCR and AI can help tackle the challenges the T&L industry faces.
Document management and processing
A 2022 report from Unsupervised has seen how a big volume of data is one of the top three challenges business leaders face — and logistics involves handling a large number of data such as invoices, bills of lading, and customs documents.
Manually processing and managing these documents can be time-consuming and error-prone. AI and OCR can automate the extraction of relevant information from these documents, reducing human errors and speeding up the processing time.
Reducing inaccuracies
The other top three data-related concerns, according to the same Unsupervised report, are constant data changes and inaccuracies. Logistics companies can leverage OCR to automate their big data entry, reducing inaccuracies caused by changes and human errors.
Route optimization and fleet management
Optimizing delivery routes to save time, fuel, and costs is a complex task. AI-powered API can analyze historical data, traffic information, weather conditions, and other variables to suggest the most efficient routes for the fleet, as well as schedule their maintenance and monitor vehicle performance.
Real-time tracking
Customers often expect quick updates on the location and status of their shipments. With OCR, operational staff and couriers can scan airway bills and invoices and instantly upload them to allow real-time tracking and transparency.
Data analysis and forecasting
The vast amounts of data that T&L companies use and produce present challenges in terms of analysis and forecasting. Using machine-learning software or API, these complex processes can be automated. Logistics companies can get insightful, intuitive, and actionable data in a short amount of time, thus helping them predict more accurate demand to plan their operations effectively.
How to use OCR+ and AI-powered API by Fintelite in your logistics companies
The OCR technology benefits various industries in many ways, including transportation and logistics. Meanwhile, OCR+ by Fintelite is created with the latest technology to enable 100% automation of manual data entry, allowing you to scan and process more than 10,000 documents within a day.
This streamlines your data process tremendously, especially when paired with our AI-powered Enrichment API. Trained with over 500,000 customers and more than a million data, our machine-learning model is a powerful companion to optimize your entire logistics processes — from data to operations.
Talk to our AI Experts to schedule a free API demo and request a tailored solution for your logistics companies. What’s more? You also get to enjoy a free trial for our OCR+ product so you can get a taste of the streamlined logistics before making a commitment.
