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Intelligent Audit: Streamlining the 'Business of Shipping'
Processing approximately $8 billion in transportation spend, Intelligent Audit (IA) continuously identifies supply chain savings for each of its 2,500+ customers. IA’s proprietary technology solution audits carrier compliance by fusing carrier invoices, carrier contracts, TMS data, and client-specific business rules in one data warehouse. “Just as a company would audit its inventory or financials, it should also audit its supply chain and carrier compliance,” says Yosie Lebovich, CEO and founder of Intelligent Audit. “Call us. Our goal is to spread the gospel of intelligent auditing.”
IA has always been a pioneer in the industry and was the first company to move away from the manual auditing process—leveraging technology to automate the transportation invoice audit and payment function. Automation improves the speed and effectiveness of the audit process, resulting in much greater hard dollar savings opportunities which drop directly to the bottom line.
For example, as part of its real-time audit of carrier invoices, Intelligent Audit detected $1.1 million in duplicate charges for a major global customer. As a result, IA alerted the customer and worked diligently to help identify the cause of the issue. Ultimately, it was a glitch in a new version of the customer’s TMS that caused the same shipments to be manifested multiple times. IA worked with the carrier to void these transactions and recover overcharged funds.
“We overcome the challenges associated with spreadsheet data and help our customers visualize their shipping operations using the business intelligence (BI) reporting tools we provide,” explains Yosie. “Our solution helps clients untangle the complex web of transportation data through visual dashboards that allow them to easily identify areas in need of improvement and develop better strategies.”
Yosie, a developer by trade, formed IA to inject technology into the time-consuming and cumbersome transportation invoice audit process. The goal was to proactively work with customers to help them normalize their data, gain better insight into their business activities, and reallocate valuable human resources to more productive functions.
Today, the company’s service offering has evolved beyond audit—featuring a cloud-based business intelligence reporting engine, contract negotiation, and advisory services—including systematic identification and optimization of current processes to drive efficiencies, reduce spend, and increase end-customer satisfaction levels. Using its proprietary technology and decades of supply chain expertise, IA helps its customers utilize their transportation data in a smarter way—adding ‘intelligence’ to the ‘audit.’ IA’s tools allow customers to identify modal optimization opportunities, gain visibility into accruals, monitor critical KPIs, and even understand how service exceptions can impact customer retention.
By integrating data from carriers and TMS, IA’s technology also provides the finance department with general ledger (GL) coding and cost allocation on the shipment-level or shipment plus SKU-level, helping all stakeholders better understand the landed cost of any product.
Drilling Down to Meticulous Detail
Yosie notes that transportation invoice auditing and carrier contract compliance have attained a never-before-seen level of complexity with the increasing use of accessorial charges by carriers. Bolstered by the data captured by its software, IA works with its customers to understand when such charges apply and how they can utilize this information to develop better shipping practices and avoid unnecessary surcharges in the future without sacrificing service.
In the process of analyzing and auditing invoices against carrier contracts, IA helps clients identify and remediate overcharges, duplicate billing, and potential fraudulent activity. It also provides proof-of-delivery, identifies late deliveries, and flags other package exceptions (i.e. lost or damaged). As a part of its freight payment services, IA ages carrier invoices, sends requests for funding to the finance department, and distributes funds to the respective carriers—typically remitting payment in less than 24 hours.
Our solution helps clients untangle the complex web of transportation data through visual dashboards that allow them to easily identify areas in need of improvement and develop better strategies
By integrating data from carriers and TMS, IA’s technology also provides the finance department with general ledger (GL) coding and cost allocation on the shipment-level or shipment plus SKU-level, helping all stakeholders better understand the landed cost of any product.
Drilling Down to Meticulous Detail
Yosie notes that transportation invoice auditing and carrier contract compliance have attained a never-before-seen level of complexity with the increasing use of accessorial charges by carriers. Bolstered by the data captured by its software, IA works with its customers to understand when such charges apply and how they can utilize this information to develop better shipping practices and avoid unnecessary surcharges in the future without sacrificing service.
In the process of analyzing and auditing invoices against carrier contracts, IA helps clients identify and remediate overcharges, duplicate billing, and potential fraudulent activity. It also provides proof-of-delivery, identifies late deliveries, and flags other package exceptions (i.e. lost or damaged). As a part of its freight payment services, IA ages carrier invoices, sends requests for funding to the finance department, and distributes funds to the respective carriers—typically remitting payment in less than 24 hours.
These activities are later consolidated in reports that are available to the customer on-demand or at scheduled intervals. IA’s reporting can be tailored to what is most relevant to stakeholders within a customer, such as summary snapshots for C-level executives, KPIs and granular shipping performance statistics for the supply chain team, or detailed accruals for the finance department.
Large multinational companies are ridden with protocols that slow the movement of funds across the organization and delay vendor payment. Consequently, they covet the ability to foresee all spend and costs (such as landed costs) well before invoices are received from carriers. IA provides projected costs for shipments based on initial manifest data, allowing organizations to budget effectively, allocate costs accurately, and deploy resources on the exact day they are needed.
“Successful strategic initiatives require solid data,” notes Yosie. “If a customer is looking to open a new distribution center, we can help identify the most suitable locations based on shipment costs, carrier availability, and most importantly, proximity to their end-customers. We advise customers to implement best practices across the entire supply chain including omnichannel distribution tactics and reverse logistics strategies.”
Auditing for a Global Audience
“We support all transportation modes, more than 120 different currencies, and we integrate with more than 3,000 carriers across the globe,” says Yosie. “We are proud to have built a solution that works for companies of all shapes and sizes—from the largest members of the Fortune 50 to small and mid-sized businesses. It is gratifying to be the partner they turn to.”
Using its technology-based approach, IA’s solution addresses common pain-points and challenges experienced by customers across a variety of verticals, while also matching its service offerings to meet unique industry needs (e.g. HIPAA compliance requirements within the healthcare industry). By conducting quarterly business reviews and hosting monthly webinars, IA remains engaged with its customers and maintains a continuous dialogue, allowing the team to develop system enhancements and best practices to better serve their business needs.
Illustrating the team’s customer-centric philosophy, Yosie says, “We encourage continuous learning and maintain an open-door policy when it comes to discussing new and inventive ways to solve customer challenges.” With a team that understands the ‘business of shipping’ and a best-in-class technology platform, IA has positioned itself as the premier provider of transportation auditing and payment solutions.
Large multinational companies are ridden with protocols that slow the movement of funds across the organization and delay vendor payment. Consequently, they covet the ability to foresee all spend and costs (such as landed costs) well before invoices are received from carriers. IA provides projected costs for shipments based on initial manifest data, allowing organizations to budget effectively, allocate costs accurately, and deploy resources on the exact day they are needed.
“Successful strategic initiatives require solid data,” notes Yosie. “If a customer is looking to open a new distribution center, we can help identify the most suitable locations based on shipment costs, carrier availability, and most importantly, proximity to their end-customers. We advise customers to implement best practices across the entire supply chain including omnichannel distribution tactics and reverse logistics strategies.”
Auditing for a Global Audience
“We support all transportation modes, more than 120 different currencies, and we integrate with more than 3,000 carriers across the globe,” says Yosie. “We are proud to have built a solution that works for companies of all shapes and sizes—from the largest members of the Fortune 50 to small and mid-sized businesses. It is gratifying to be the partner they turn to.”
Using its technology-based approach, IA’s solution addresses common pain-points and challenges experienced by customers across a variety of verticals, while also matching its service offerings to meet unique industry needs (e.g. HIPAA compliance requirements within the healthcare industry). By conducting quarterly business reviews and hosting monthly webinars, IA remains engaged with its customers and maintains a continuous dialogue, allowing the team to develop system enhancements and best practices to better serve their business needs.
Illustrating the team’s customer-centric philosophy, Yosie says, “We encourage continuous learning and maintain an open-door policy when it comes to discussing new and inventive ways to solve customer challenges.” With a team that understands the ‘business of shipping’ and a best-in-class technology platform, IA has positioned itself as the premier provider of transportation auditing and payment solutions.
