03 Oct A New Age of Logistics with IDP and AI Transformation
Global commerce runs with logistics at the heart of it. To keep up with these fast-running industries, traditional logistics methods are not enough. It has become a need of the hour to upgrade the logistics sector and enhance efficiency. The growing customer demands and rising e-commerce industry underlines this statement.
With the advent of AI and Intelligent Document Processing (IDP), Logistics has changed into a data-driven industry. Modern tech-powered technologies like AI fleet is redefining transportation and shipping across the globe. Now logistics companies can reduce costs, streamline operations, and improve accuracy with AI backing up their processes.
Major Challenges in the Logistics Industry
Logistics deals with a network of sophisticated processes that include order fulfilment, documentation, and warehouses. With manual paperwork, these processes will slow down to a great extent. Other hurdles include human errors and inaccuracies. The errors can cost so much, that they can result in financial losses and delays in deliveries. Research says that logistics companies invest up to 15% of their time in managing invoices, shipping manifests, compliance papers, delivery notes, and other documents.
The e-commerce industry is expected to raise to $8.1 trillion by 2026. This puts more pressure on the logistics industry. Globally, logistics has to work faster, more efficiently, and with fewer errors. IDP and AI step in to this scenario to solve challenges like scattered data, manual processes, and inconsistent communication in the logistics industry.
IDP enters the Logistics industry!
Automating manual tasks: From handwritten documents to printed documents, IDP can extract data without the need for manual entry. By automating these administrative tasks, you can save up to 60% of your time.
Better Accuracy: With automated processing of documents, you can reduce the recurrence of errors by up to 80%. The more accurate information will result in fewer complaints and reliable delivery.
Less processing time: IDP helps companies process documents faster, thus reducing time for billing, processing, and customs clearance.
Big logistics firms like DHL have already implemented IDP in their customs documentation to improve compliance and reduce processing times.
Logistics and AI revolution
You can count on IDP to handle the documentation, while AI will help the logistics industry provide data-driven insights. AI can be applied to various areas in logistics such as optimizing routes, forecasting demands, predictive maintenance, and inventory management.
With AI, companies can analyze historical data and find trends in market fluctuations. This helps to plan resources and inventory more precisely.
A report by McKinsey says that optimizing routes with the help of AI can reduce delivery times up to 20%.
How AI and IDP work together in Docketry!
Companies using AI and IDP found that within their first year, they were able to bring a 15% increase in their profitability!
