The challenge

The client, was dealing with multi-modal transport vendors, faced significant challenges in integrating their invoicing system with various services and contracts, leading to lengthy and error- prone invoice review processes. The manual handling of invoices, coupled with the receipt of bills in multiple formats, resulted in high processing times and incorrect payments. Different geographical locations followed non- standardized procedures, causing visibility issues and high report creation times. This also led to application mismatches, with invoices uploaded through disparate systems at various locations. Executives spent considerable time finding matching invoices, limiting the company's growth, employee productivity, and customer satisfaction. The need for fast and accurate invoice examination and verification was critical to facilitate correct payments and improve business scalability.

Client company background

The client is a Fortune 500 company operating with multi-modal transport vendors, resulting in numerous[VSN1] data exchanges in multiple formats. They manage a diverse portfolio of well-known retail brand across various sectors, and have operations in multiple geographies including Middle East, Africa and Europe.

Client goals

Correct payments

Identify mismatched invoices

Improve business scalability

Cozentus Solution

Automation of Invoice Process: Streamlined manual invoice handling by automating invoice reading and entry.

Freight Bill Auditing: Ensured all charges were legitimate and fair, improving transparency and accuracy.

Centralized Contract Management: Integrated all data sources into a single customer management system for easier customization and error detection.

Auto-Audit Application: Designed, developed, and implemented an application to: Conduct automatic audit trials. Match each contract with the service provided. Notify deviations to enhance business scalability.

Shipment Trackers: Uploaded to the application to monitor services provided by third-party logistics (3PL) vendors.

Automated Invoice Matching: Compared incoming invoices against shipment information and rate cards and made audited amounts available for user verification.

Streamlined Processes Across Geographies: Centralized processing reduced manual errors and time, standardizing procedures across different locations.

Visibility and Reporting: Improved visibility through automated reporting, ensuring all stakeholders accessed a single version of the truth.

Tech Utilisation

80% Reduction in Manual Efforts

Centralized contract management

Automatic Audit Trails

Results

  • Automated freight audit process saved approximately 10,000 man-hours per month, reducing manual efforts by around 80%.
  • The application flagged shipments needing attention, ensuring timely resolution of issues.
  • Automatically updated carrier rate changes and ensured service level agreements (SLAs) were met on time.
  • Two-way key matching improved invoice matching accuracy and decreased invoice processing time.
  • Centralized processing for all locations reduced manual errors and saved time, standardizing procedures across different geographical areas.
  • $$$ saved because of lesser errors in payments Integration with accounts payable system. With our document extraction and processing framework, the client can compare Freight invoices with.
    • Bill of Ladings
    • Shipping manifest
    • Delivery receipts
    • Carrier Contracts/Agreements and SLAs
    • Rate cards
    • Customs documents (commercial invoices, packing lists, certificates of origin, and other necessary customs paperwork)
    • Accessorial services and charges

Value addition

Compare more documents and auto audits

  • Comparing invoice rates with contracted rates or tariff rate cards.
  • Ensuring billed services match the service levels agreed upon in the contract.
  • Cross-referencing numbers, weights and dimensions on the invoice with the Bill of Lading and shipping manifest, and with custom clearance documents.
  • Verifying accessorial charges against the agreed rates and services provided.
  • Identifying and correcting any duplicate charges or invoices
  • Confirming delivery and condition of goods through delivery receipts and comparing with the Bill of Lading.

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