Manual invoicing, lack of financial transparency, and exceptions are major struggles for organizations that manage freight transactions. The sheer volume of transactions exacerbates the challenges of paperwork, multiple regulatory and tax environments, lack of uniformity in rates and invoice formats, and time-consuming approvals, emails and phone calls. Leading companies are hiring third-party services or building automated freight audit and pay (FAP) processes in-house to streamline invoice auditing, reduce costs of processing invoices and improve financial transparency.
Some companies have invested millions in FAP solutions without achieving an acceptable ROI. Why? It turns out, success of an FAP upgrade depends on the quality of the implementation. If implementation is done incorrectly, automation will break down and will have to be replaced with laborious, time-consuming and expensive manual processes. Even with new FAP technology at their disposal, companies have been derailed by traditional problems, including inaccurate or outdated contract information such as lane rates, accessorials, or fuel costs; vendor confusion because of inaccurate DBA or other identifiers; lack of duplication protection controls; and lack of a defined process for managing invoicing discrepancies.
Read this paper to learn about successfully harnessing advanced analytics and cognitive technologies to execute freight audit and pay actions and support evidence-based human decision-making. It offers:
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