Technologies Used
The Client, Trax, is a leading technology company specializing in spend management solutions. They cater to organizations with globally intricate supply chains, giving them control and visibility over transportation expenditure. Collaborating with multinational corporations dealing with multiple trading partners, Trax manages high volumes of invoices daily through its Freight Audit Payment (FAP) services. Their meticulous approach ensures every shipping invoice is received, audited, and processed punctually and accurately, aiming for optimal "First Pass Yield" to streamline daily invoice traffic. With a focus on optimizing logistics and transportation spending, Trax's efficient audit management is vital for clients seeking to reduce operational costs while dealing with multiple carriers
Trax operates within spend management, specializing in auditing transportation invoices for clients. The company faced challenges such as escalating time and effort due to increasing transaction volumes, lack of organizational visibility into rates across carriers, delays in updating and approving rate sheets, and complexities in managing exceptions. Trax sought to streamline the audit process to optimize efficiency, enhance visibility, and reduce costs for clients grappling with the dynamic nature of transportation expenditure
Challenges
Manual invoice loading from various companies resulted in duplicates, causing potential financial discrepancies
Duplicate invoice entries raised conflicts and posed a risk of multiple payments, negatively impacting client relationships
Ambiguity in invoice management resulted in a lack of clarity and customer dissatisfaction, reducing retention rates
Solution
Optimized invoice management system, minimizing financial losses and ensuring accurate processing
Streamlined invoice management through automated matching and reconciliation, boosting operational efficiency
Enhanced client control over transportation spending, enabling effective budget allocations in real-time
Challenges
Manual invoice loading from various companies resulted in duplicates, causing potential financial discrepancies
Duplicate invoice entries raised conflicts and posed a risk of multiple payments, negatively impacting client relationships
Ambiguity in invoice management resulted in a lack of clarity and customer dissatisfaction, reducing retention rates
Solution
Optimized invoice management system, minimizing financial losses and ensuring accurate processing
Streamlined invoice management through automated matching and reconciliation, boosting operational efficiency
Enhanced client control over transportation spending, enabling effective budget allocations in real-time
Business Impact
Reduced Financial Discrepancies
Optimized invoice management system to minimize financial losses by eliminating duplicate entries. Mitigated the risk of conflicts and payment delays, enhancing trust and credibility
Enhanced Operational Efficiency
Streamlined invoice management through automated processes and significantly boosted operational efficiency, saving time and resources while improving workflow to handle increasing transaction volumes effectively
Improved Client Satisfaction and Retention
Enhanced clarity and control, leading to improved client satisfaction and retention rates. Provided real-time visibility into transportation spending and enabled adequate budget allocations, fostering stronger long-term relationship
Why Kanerika?
Kanerika is a premier provider of data-driven software solutions and services that facilitate digital transformation. Specializing in Data Integration, Analytics, AI/ML, and Cloud Management, Kanerika prides itself on its expertise in employing cutting-edge technologies and agile methodologies to ensure exceptional outcomes. With a proven track record across various industries, Kanerika maintains rigorous quality standards, backed by ISO 27701 certification, SOC II, and GDPR compliance. As a distinguished partner of Microsoft, AWS, and Informatica, Kanerika’s commitment to innovation and strong partnerships positions it at the forefront of empowering businesses for their growth.
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