Document processing in supply chain and logistics can be expensive and error-prone. However, AI-powered document processing technologies such as Emagia Gia Docs AI can accelerate document data extraction, processing and comprehension to deliver exponential gains.
Supply chains contain logistics companies, which comprise operations such as warehousing, shipping, transportation, distribution etc. Logistics companies handle a huge volume of documents such as bills of lading, commercial invoices, supplier invoices, warehouse certificates, customs documents, packing lists, proof of delivery etc.
Nearly 80% of the data in these documents is in hard-to-process formats such as e-mails, scanned copies, images, and PDFs. Processing data manually from these supply chain & logistics documents is not only frustrating and error-prone, but can be very expensive as well. Automating document data processing helps extract data from these documents, saving time, effort and money.
Automation on the Rise
According to Gartner, by 2025, 50% of business-to-business invoices worldwide will be processed and paid without manual intervention. By 2030, 80% of business-to-business invoices worldwide will be transmitted digitally.
Document processing automation involves applying scanning and data extraction processes to automate document-driven tasks. Automation of document processing in supply chain and logistics is increasing because it makes processing, tracking, analysis of data more accurate and faster while enhancing customer experience. Document processing automation empowers businesses to improve productivity exponentially while reducing the overhead costs of running the operations.
OCR vs RPA vs AI: What automation technology to choose?
Optical Character Recognition (OCR), Robotic Process Automation (RPA), and Artificial Intelligence (AI) are some of the technologies being used for document data processing in supply chains. How do you know which one is the best for you?
Optical Character Recognition (OCR) is widely used to convert any handwritten, scanned text, or text within an image to a machine-readable format.
Robotic Process Automation (RPA) is used to automate a task based on a series of repetitive actions usually performed by humans. RPA mimics any process-oriented activities such as copying and extracting information.
Artificial Intelligence (AI) is used to simulate human intelligence in robots that have been trained to “think” and act like humans. AI-powered document processing automation use machine learning algorithms to perform tasks such as determining the language in which the document was written and extracting important data from various types of documents while assuring quality and accuracy.
Step into the Future of Document Processing with Gia Docs AI
Gia Docs AI, Emagia’s intelligent document processing service, can transform the unstructured logistics and supply chain data into high quality, structured data that can be readily used for analysis. Using Gia Docs AI, companies can accelerate document data extraction, processing and comprehension to gain operational efficiency and improved profitability.
Supply chain and logistics professionals often ask whether Gia Docs AI is different from OCR and RPA technologies. The answer is, YES. OCR and RPA alone cannot handle unstructured data. But Gia Docs AI makes use of OCR to extract data from images and complements RPA to process unstructured data and achieve digital transformation from all documents and data sources.
Gia Docs AI connects to any email or unstructured data source and starts extracting data automatically in real-time – processing a clean, structured feed with the help of built-in AI engine. Gia Docs AI turns unstructured documents into digital data, specifically for the financial operations in supply chain logistics.
Gia Docs AI and OCR
While many companies consider purchasing a standalone OCR, in logistics companies, OCR is a tiny component. Purchasing an OCR system doesn’t really help because you still have to go and build the rest of the solution yourself as OCR cannot understand the context. Building a solution in-house needs substantial investment.
Gia Docs AI has a built-in OCR component to assist with data extraction from Bills of Lading, Proof of Dispatch, Account Receivables, Accounts Payable invoices, commercial invoices and packing lists, and so on. Gia Docs AI eliminates the need to create templates or rules on top of OCR. When extracting text from a document, the machine learning component of Gia Docs AI understands what that it means, and seamlessly processes data, which can be fed into an ERP.
Gia Docs AI and RPA
One of the biggest challenges of processing data from logistics and supply chain documents is dealing with the multitude of invoice formats that suppliers and manufacturers use. RPA requires structured data but 80% of enterprise data is buried in unstructured documents that are hard to process. RPA simply mimics any process-oriented, repetitive activities such as copying and extracting information. This is where Gia Docs AI complements RPA.
Gia Docs AI extracts unstructured data from any type of invoice or email, and then standardizes that data into a structured format. Once Gia Docs AI has automated and start posting data into your ERP, an RPA may be leveraged to offer rule-based activities. Once RPA is integrated with Gia Docs AI’s machine learning engine, workflows for both structured and unstructured data may be automated.
Benefits of using a specialist document automation tool like Gia Docs AI
Gia Docs AI specialises in providing automated data extraction for logistics and supply chain companies. The solution comes as ‘plug-and-play’ and offers advantages such as:
No Set-up or Maintenance: Gia Docs AI can be used as a plug-and-play solution that learns continuously while processing various document types. With Gia Docs AI, you can avoid the set up and maintenance costs of building a solution from the scratch.
Seamless Integration: Gia Docs AI seamlessly integrates with popular ERP systems such as SAP, Oracle, PeopleSoft etc., with minimal intervention of your technical team.
Seamless Extraction: Gia Docs AI extracts data seamlessly from 15 different languages and multiple documents such as invoices, remittances, cheques, bank statements, and lockboxes.
Using Gia Docs AI, Logistics and Supply Chain companies can:
- Reduce the risk of errors by 52% or more
- Cut down manual document processing by 90%
- Reduce document processing time by 50%-70%
- Achieve up to 99% accuracy rate