About Cargotrack
Cargotrack is a company providing comprehensive GPS monitoring services. Recently, due to a large client base, it faced significant challenges in managing and monitoring payment orders received from customers and suppliers. Before implementing an automated solution, the process was manual, leading to time losses, frequent errors, and a significant workload for the financial teams.
The proposed solution included the development of custom integrations and queries powered by artificial intelligence (AI) that continuously monitor emails and automate the extraction and management of relevant data, without requiring a user interface.
The Challenge
Cargotrack faced the following difficulties in managing incoming payment orders:
- Manual processing: Every payment order had to be manually read and processed, consuming significant time and exposing the process to human error.
- Lack of an automated system: Without efficient monitoring, cash flows were difficult to manage, impacting reconciliation and financial reporting.
- Diversity of formats: Email attachments (PDFs, scanned images, etc.) complicated the process of extracting relevant data.
- Risk of errors and omissions: Manual processing methods did not ensure data accuracy and completeness, affecting business relationships and financial operations.
The Proposed Solution
We developed a custom solution consisting of integrations and queries powered by artificial intelligence, without a user interface, to automatically manage the process of monitoring and extracting data from incoming payment orders.
Key components of the solution:
- Continuous email monitoring: The solution continuously scans the inbox to identify payment orders, eliminating delays caused by manual processing.
- Attachment analysis: Incoming documents are analyzed to determine if they are payment orders. If identified, relevant information (amounts, beneficiaries, deadlines) is automatically extracted.
- Advanced processing technologies: OCR and AI algorithms were used to recognize and extract data, even from scanned files or deteriorated PDFs.
- Integration with internal systems: Processed data is directly imported into existing financial software, ensuring centralized storage and efficient workflows.
Implementation and Challenges Encountered
The implementation process was structured into several stages:
- Process analysis: We mapped the existing workflow for payment orders to identify critical points that required automation.
- Solution development: AI algorithms were trained to recognize and process payment orders in various formats without user intervention.
- Integration into existing infrastructure: The solution was connected to internal financial systems to ensure automatic data transfer.
- Testing and optimization: Before full implementation, the solution was tested under real-world conditions and adjusted to maximize performance and accuracy.
Benefits of the Solution
Implementing this solution delivered multiple benefits:
- Error elimination: Full automation eliminated risks associated with manual processing.
- Reduced processing time: Tasks that previously took hours were reduced to minutes.
- Operational efficiency: Continuous workflow and real-time monitoring improved payment management and financial reconciliation.
- Scalability: The solution can handle increased volumes of payment orders, supporting Cargotrack’s operational growth.
- Centralized data: All financial information is now quickly accessible in a structured and organized format.
Conclusion
By developing and implementing this AI-powered solution, Cargotrack successfully transformed its payment management approach. Process automation reduced errors, saved resources, and increased operational efficiency, offering a competitive edge in the transport and logistics industry.
