From booking to invoicing, the hyper-automation that transforms freight travel
Every day, more freight companies are integrating full digital platforms, which use artificial intelligence and machine learning to automate groups of related tasks while increasing employee workflow. This entire process is called hyperautomatization, a term coined by the research firm Gartner.
The ultimate goal of hyperautomation is to serve the end user. As industry brokers and shippers continue to face limited capacity, labor shortages, and high tariffs, taking this approach has the potential to drive growth, improve accuracy, improve productivity and ensure customer satisfaction across the industry.
Following the end-to-end journey of an expedition, here are five areas where hyper-automation can have an immediate impact.
Automatic scheduling: appointments made according to preferences
AI and automation can help alleviate some of the pain of scheduling pickups and deliveries between shippers and carriers. Using historical facility data, AI can predict appointment times and automate planning, thereby streamlining the lifecycle of an expedition.
The leading Transfix digital freight platform integrates with shipper planning systems to automate internal processes. Using real-time location data, shippers and brokers can see when a carrier is picking up, as well as automatically detect when a shipment is overdue.
However, automation does not remove the need for human labor. If, after depositing the shipment, no one in the establishment confirms the appointment by e-mail, a member of the team will contact you directly. Combining the highest bids with what technology and people have to offer makes the supply chain efficient.
Automatic bidding: drivers can bid and book on the go
Using automation and AI in the transportation industry means not only integrating with a shipper’s TMS, but also integrating with drivers’ devices so that booking loads is easy and convenient. .
At Transfix, carriers can search, bid and book loads through web and app portals. By using historical data to forecast appointment times, dispatchers and small carriers can book without having to make additional phone calls or emails.
Auto Match: Omniscient Algorithm Maximizes Utilization
When it comes to digitizing the freight ecosystem, timing is everything. Matching the right carrier to the right shipper requires the aggregation of thousands of data points, such as carrier and shipper preferences, market conditions, driver locations, and carrier scorecards.
Transfix’s proprietary algorithm classifies and matches carriers with the most appropriate loads using historical data found via AI or preferences communicated by the carrier. This automation process results in repeat bookings and strong relationships with shippers and carriers. For these highly ranked carriers, Transfix’s reserved lane feature gives priority access to the corresponding lanes to maximize usage. To minimize those costly and environmentally harmful empty miles, Transfix regularly maximizes backhaul to help carriers get back to where they started and increase their revenue.
Automatic pricing: real-time data provides reliable pricing today and tomorrow
Compared to other industries, the transportation industry has struggled to obtain reliable tariff data. However, leveraging machine learning algorithms and third-party data allows digital freight networks to offer the most reliable rates for shipper spot and contract rates.
Specifically, Transfix TrueRate enables a holistic understanding of the market and industry seasonality. Third-party vendors and other sources bolster TrueRate’s real-time data flow, giving Transfix the confidence to secure rates to shippers.
âIn seconds, we can provide guaranteed prices for thousands of shipments,â said Jonathan Salama, co-founder and CTO of Transfix. âWe can price each track, determine a fair location or a contract cost. We can even tell a shipper what they should have paid for a shipment in the past so they can understand their purchasing power.
Automatic billing: let the AI ââtake care of this task
Historically, back office processes such as invoicing and invoicing relied on hours of manual labor. This is a great opportunity for automation to save time, improve accuracy, and empower employees to perform higher-level tasks.
Automatic billing eliminates the need to edit PDFs or manually invoice by email or fax. Automating Transfix allows it to create custom templates for senders that sync with real-time billing data.
The bottom line is that automation, machine learning, and AI work together for the needs of shippers and carriers, needs that are both fixed and ever-changing.
âOur goal is to make one of the most difficult jobs easier. For carriers, the platform guarantees that they will not be left without a load in hand, among other things, âsaid Salama.
âFor shippers, it’s never been easier to track the shipment lifecycle and get real-time updates. We are an invisible hand that makes their process hassle-free and efficient and helps reduce their freight costs, âhe added.
As announced on September 21, Transfix has entered into a definitive business combination agreement with G Squared Ascend I Inc. (NYSE: GSQD), a special purpose acquisition company sponsored by subsidiaries of G Squared, which is expected to make Transfix a publicly traded corporation. The transaction is expected to close by the end of the first quarter of 2022, subject to customary closing conditions.
For upcoming news on Transfix’s data science solution and how to leverage its use of automation, AI, and machine learning as a shipper or carrier, click here.