Companies are constantly seeking innovative solutions to streamline operations, reduce costs, and enhance customer satisfaction. At Navia, the team is looking to achieve this by integrating Raft’s AI platform into its invoice processing system.
Greg Amanatidis, Director of Communications and Enablement at Navia, explained that the process used to involve manually entering data. This labour-intensive method not only consumed extensive time but also introduced a plethora of problems.
“Before implementing Raft’s AI, our operations team had to process invoices from suppliers such as shipping lines, airlines, transport carriers, and agency partners,” Amanatidis explained.
“Aside from the extensive time spent, we also experienced data entry errors, particularly in reimbursements, leading to excess costs for Navia. Our finance team then had to reconcile these errors manually, which took even more time.”
AI integration
Navia turned to Raft’s AI to revolutionise their Accounts Payable (AP) invoice processing. The AI handles invoices from various suppliers, ensuring precision and efficiency in data management. This integration aimed to alleviate the repetitive and error-prone nature of manual data entry.
“Navia uses Raft to process our AP invoices to suppliers—covering shipping lines, airlines, transport carriers, and agency partners,” Amanatidis elaborated.
The introduction of Raft’s AI platform has led to substantial improvements in accuracy and operational efficiency. Navia processes approximately 1,500 invoices weekly, with each requiring at least two minutes of data entry.
“Automating our invoice processing with Raft has saved us over 3,000 minutes each week, previously spent on tedious data entry,” Amanatidis highlighted.
“This shift has not only boosted our efficiency but also significantly reduced human error, saving us tens of thousands of dollars annually.”
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Benefits
The financial implications of AI integration have been profound for Navia. By eliminating manual data entry and the associated errors, the company has realised substantial cost savings. Amanatidis estimates these savings to be between US$50,000 and $100,000 annually.
“Our operations teams are now more efficient, focusing more on customer needs rather than being bogged down by repetitive tasks,” he noted.
“Additionally, our finance teams have reclaimed hours each week, allowing them to concentrate on more important tasks instead of correcting data errors.”
Navia is in the early stages of rolling out the AI to process pre-alert documents for import shipments, aiming to streamline shipment registration into their FMS.
“This will save our teams from another layer of time-consuming data entry,” Amanatidis added.
“Next stop…. compiling entry lines against commercial invoices.”
