How to Better Freight Payments with Technology?

Linda James, Logistics Tech Outlook | Thursday, August 06, 2020

Technology clears the way for the logistics industry to excel in payments and other finance processes.  

FREMONT, CA: Technology and its advancement only aim at rewriting the practical circumstances in order to present the business side of the world with the ultimate solution that does not only take an industry or an organization forward into success but solves critical problems which would otherwise remain unsolved by mere human efforts. Similar is the case with the logistics industry as well. Be it auditing the finance ecosystem or carrying out and even monitoring freight payments, technology has been lending its helping hand to the managers and administrators from the realm of logistics. Top 10 Logistics Tech Startups in Europe - 2020

Payment automation is increasingly and immensely gaining traction in the sphere of freight and logistics. The process of freight payments includes a multitude of operations that include reception of the invoice, its validation, analyzing and capturing of the data, accounting, and auditing of the cost, service, and quality. Smoothing the processes involved in accounts payable is yet another operation that might be highly tasking for the freight managers.

The procurement of technologies such as artificial intelligence (AI), the internet of things, and data analytics, along with automation by the industry of logistics, helps in achieving the task in a more smart and dynamic manner. An algorithm based on the technology of AI helps in the process invoice reception and validation by collecting data pertaining to the email receipts and acknowledgment and matching the same with the information about the identity or the main person involved in the payment procedures. The potential of AI in managing and validating data makes the process even easier.

Data analytics plays a highly significant role in capturing the required data from multiple fields and areas across the operational and infrastructure ecosystems of the logistics company. Analyzing the collected data is sure to be accompanied by full quality as we all know the eagle eye of the analytical software solutions in the market. In this way, freight payments and management can be excelled by the logistics industry.

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