eDs
Intelligent Freight Audit and Payment Optimization for a Global Engine Manufacturing Leader
Summary
The client has been a global leader in designing, manufacturing, distributing, and servicing engines and related technologies for over a century. Their expertise includes fuel systems, controls, air handling, filtration, emission solutions, and electrical power generation systems. They operate in more than 190 countries and are known for prioritizing innovation and sustainability.
Industry
Automative Industry
Company Size
70,000+ Employees
Region
US
Revenue
$30 Billion
Key Challenges
High 3PL invoice processing costs, errors in invoices, lack of standardized processes, absence of MIS system
Business Challenges
- Increased operational expenses due to substantial third-party logistics (3PL) invoice processing costs
- Errors in invoices, resulting in overpayments ranging from 5% to 10% of the total invoice value, impacting profitability
- Lack of standardization and non-compliant processes hindering operational efficiency and accuracy
- The absence of a comprehensive reporting and Management Information System (MIS) system limits visibility and process optimization opportunities
Strategy & Solution
To address these challenges, the client partnered with Techwave, a leading Business Process Outsourcing (BPO) provider, implementing a comprehensive solution encompassing freight audit and pay services, including:
- Audit Maintenance: Thorough auditing of invoices was conducted to identify and rectify errors, ensuring accurate billing
- Rate Maintenance:Continuous monitoring and updating of freight rates were prioritized to prevent overcharges
- Dispute Handling: Disputes with carriers were efficiently resolved, mitigating potential financial losses
- Business Intelligence Reporting: Leveraged data-driven insights and analytics for informed decision-making
- Invoice Processing with Robotic Process Automation (RPA): Optical Character Recognition (OCR) and Transaction Matching capabilities were implemented to automate manual extraction processes
Featured Technologies
Business Outcomes
Enhanced Support: Reduced invoice processing time by 92% (from ~25 minutes to 2 minutes), enhancing efficiency
Automated 95% of the manual extraction process
Achieved ~90% document accuracy
Minimized manual errors through process improvements, reducing overpayments and duplicate invoices
Improved input quality accuracy of invoices from 42% to 88%, enhancing data integrity and reliability
Achieved substantial cost savings by reducing overpayments and streamlining processes
About Techwave
Headquartered in Houston, TX, Techwave provides Global Technology and Engineering Services and Solutions to more than 600+ clients across 5 continents. Our expertise in SAP S4/HANA, Data & Analytics, Software Engineering, AI/ML, Cloud Engineering Services, and Strategic Sourcing provides the end-to-end digital capabilities that empower our clients to maximize the value realization from their digital investments. Our CMMI Level 5 and ISO 9001:2015 certifications demonstrate our ability to deliver excellence to all our clients.
To learn more about Techwave, please visit www.techwave.net
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