How AI-Powered Commercial Invoice Automation Streamlines Your Business

Manual data entry for customs entries is not only inefficient; it’s also a business risk. Each minute spent manually on data entry is a minute lost to productivity, and every error risks costly delays, compliance violations and financial discrepancies – challenges that freight forwarding companies and customs brokers can no longer afford.

Automated processing of commercial invoices and other customs documents offers a viable solution to these problems.

Shiv Ramamurthi, chief product officer at Deep Cognition, points out that artificial intelligence (AI) commercial invoice processing is instrumental in improving business processes, optimizing workflows and delivering cost savings in the freight industry.

“For too long, the variability of commercial invoices has hindered efficient customs clearance processes,” Ramamurthi said.

“With AI-assisted and automated commercial invoice processing, we’re bridging the gap between data complexity and automation, enabling businesses to navigate the intricacies of global trade with confidence.”

The High Costs of Manual Data Entry Processes

Complete and accurate data entry of commercial invoices are crucial for seamless customs compliance. Without this critical document, customs clearance may be delayed or outright denied, leading to legal penalties, hefty storage fees or even returned shipments.

Commercial invoices, however, vary in format depending on the requirements of the shipping destination and any other applicable regulations. This variability poses significant challenges for traditional data entry methods, including:

• Time-consuming and labor-intensive processes
• Error-prone and inaccurate data entry
• Lack of visibility and control
• Inadequate security and compliance risks
• Reconciliation and scalability issues

As businesses seek to optimize workflows, the move towards artificial intelligence document processing becomes not just a choice but a necessity.

“With intelligent document processing’s advanced technology, we’re not just solving a problem; we’re unlocking new efficiencies and possibilities for our partners,” Ramamurthi said.

Consider the case of Savino Del Bene – South Africa, a global logistics and supply chain management company.

How Automated Commercial Invoice Processing Streamlines Business Operations

Manual processing of commercial invoices and other customs documents significantly drains time and resources that could be better allocated to higher-value business activities. 

Intelligent document processing solutions, powered by generative AI, revolutionize data entry for customs clearance by significantly improving efficiency and accuracy.

According to John Pennypacker, vice president of sales and marketing at Deep Cognition, the ability of AI-powered automated commercial invoice processing software to accurately process commercial invoices is crucial for businesses operating in global trade.

“With AI-assisted commercial invoice automation, we’re empowering companies to streamline their customs clearance processes and supercharge their team,” Pennypacker said. 

Is your company still relying on manual commercial invoice processing? Discover how automated commercial invoice processing software can simplify your document processing and enhance your business operations:

1. Faster Processing Times

   Generative AI-powered intelligent document automation allows commercial invoices to be processed at unprecedented speed. Automated commercial invoice data entry systems use advanced technologies to automatically capture and verify commercial invoice data. This process reduces the average processing time from days to minutes.

   Consider the case of the leading logistics company, for example. Through intelligent document automation, data entry processes that previously took 3-4 hours are now being completed in 2-3 minutes with up to 99% accuracy.

2. Reduced Resource Requirements

   Automated commercial invoice data entry systems require less manual labor, freeing up valuable human resources for more strategic tasks. Instead of hiring people for redundant job titles, intelligent document processing solutions enable you to invest more in other business areas that drive growth and innovation.

3. Consistency and Standardization

   Commercial invoice data entry automation standardizes data extraction across various document formats, making it particularly beneficial for global logistics companies dealing with multiple suppliers and jurisdictions.

   Automated commercial invoice processing software also has the capability to extract and interpret data from complex tables and line items, including HS codes, product descriptions and purchase order numbers. This ensures all necessary documentation is generated accurately and meets regulatory requirements, avoiding border delays and costly fines.

4. Up to 99% Accuracy and 90% Cost Reduction

   Artificial intelligence commercial invoice processing systems collect and analyze large volumes of data with up to 99% accuracy. This enables freight forwarders to reduce error rates and gather insights into shipment volumes and business expansion opportunities.

   Moreover, the cost savings can be substantial – as demonstrated in the case of Savino Del Bene S.A., which projected monthly savings of over $100K after implementing AI commercial invoice processing. From reducing resource requirements to minimizing error rates, generative AI-powered intelligent document processing solutions offer up to 90% cost savings compared to manual processes.

5. Seamless TMS/ERP Integration

   Commercial invoice processing automation solutions seamlessly integrate with multiple Transport Management Systems (TMS) and Enterprise Resource Planning (ERP) systems such as CargoWise, Descartes, MercuryGate, Magaya and others. Once the data is extracted from the commercial invoice, it is automatically validated and integrated into the company’s existing infrastructure, eliminating manual data transfers and reducing the risk of errors.

6. On-Prem/Cloud Deployment

   AI-powered commercial invoice process automation systems offer the flexibility of both on-premise and cloud deployment, allowing freight companies to choose the setup that best suits their operational needs. This adaptability ensures companies of all sizes can benefit from AI commercial invoice processing regardless of their IT infrastructure.

How Does Commercial Invoice Data Entry Automation Work?

Intelligent document automation leverages generative AI to streamline the handling of commercial invoices. Here’s how the process typically works:

1. Document Forwarding

   Intelligent document processing begins with document intake. Commercial invoices can be directly uploaded to a designated drive or sent to the system through API or email. This flexibility ensures freight forwarders can easily integrate invoice processing automation into their established processes and workflows.

2. Data Extraction

   Upon receipt, the AI invoice processing software automatically extracts all structured information from the invoices. Advanced artificial intelligence invoice processing technology can identify and extract data such as invoice number, location, number of packages, bill of lading (B/L) and air waybill (AWB) number.

3. Validation

   After extraction, the AI commercial invoice automation system automatically validates the data to ensure accuracy and compliance. This validation process may involve cross-referencing the extracted data with predefined business rules, databases or historical records, guaranteeing errors are minimized and data integrity is maintained.

4. Integration

   The structured data is directly integrated into the company’s TMS/ERP system. This eliminates the need for manual data entry and ensures all necessary parties have access to correct information in real time.

Embrace the Future of Document Management

It’s time to leave outdated processes and use new technology to handle menial, repetitive tasks. Speed up your commercial invoice data entry and improve your business operations with powerful commercial invoice process automation.

PaperEntry AI is a generative AI-powered intelligent document processing tool that sets a new standard for commercial invoice management. While traditional systems struggle with handling complex commercial invoices with varying layouts and formats, PaperEntry AI is up to the challenge.

As Kurt Knapton, CEO of Deep Cognition, aptly puts it:

“As leaders in document processing for customs clearance, we understand the importance of accuracy and efficiency in handling commercial invoices,” Knapton said.

“With PaperEntry AI, we’re not just meeting these demands; we’re exceeding them, setting a new standard for excellence in invoice processing automation.”
Unlock new operational efficiencies and stay competitive in this fast-paced global market with PaperEntry AI. Contact us today to schedule a demo.

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