The Evolution of Audit Gave Rise to an AI-Driven Smart Audit
Q: What’s in a freight audit?
A: It depends on who you ask. Some say a freight audit is a simple process that ensures shippers pay what they’re supposed to. Others consider an audit a vital resource for understanding and making more informed decisions around every shipment.
We’ve transformed the traditional freight audit into something more, but what? And what problems can that solve?
These are vital questions for shippers wanting a truly meaningful way to manage their data, optimize their logistics networks, and make smarter, fact-based decisions.
Q: What’s a traditional freight audit?
A: The best way to understand an advanced audit starts with digging into the definition of a traditional freight audit. At its core a freight audit is an examination of financial records to validate accuracy.
That information is used in payment processing to ensure shippers pay the correct amount for services rendered. That definition, rooted in simplicity, sufficed for linear and siloed supply chains. However, in today’s age, disruption has rendered that definition obsolete.
Q: What makes a modern-day freight audit stand out from the pack?
A: The modern-day freight audit is a technology that leverages all its data to do more than just a freight audit. Shippers can often cut more costs by eliminating inefficiencies in their supply chains.
By ingesting all carrier invoices across all modes of transportation, shippers can access cleansed, normalized data to drill down on any data point to identify cost savings. However, what sets a freight audit company apart from the pack is when the system can do all that work for you and proactively send you strategies to reduce costs, improve service, and eliminate exceptions.
Q: What problems does a freight audit & payment provider solve?
A: Standard freight audits revolve around simplicity for each invoice. That’s fine on the surface, but the global supply chain needs a mode-agnostic solution that can actually pinpoint and correct things when they go wrong. Applying machine learning within the audit itself provides shippers with greater access to their data in ways they never thought possible, combing through the data repository and finding anomalous patterns.
Such a holistic approach is critical to overcoming disruptions. The ability to quickly identify and mitigate disruptive events—or avoid them altogether—sets industry leaders apart from the laggards. And using next-generation AI (i.e., machine learning) within the platform, gives rise to something shippers have long felt unattainable—an “Easy” button.
Q: What’s next?
A: The days of your father’s audit are over, and the modern freight auditor is the number one source for all data across all modes. Therefore, you can have honest conversations with carriers, point to the right KPIs, and keep everything on track for success and savings. Intelligent Audit can help; connect with an expert now.