provenio.ai revolutionises the logistics industry with cutting-edge AI, automating monotonous tasks and streamlining data-heavy processes to deliver rapid value and tangible ROI.
In an era where the digital transformation of industries is not just an advantage but a necessity, provenio.ai stands as a vanguard in the domain of supply chain logistics. With a steadfast commitment to liberating human potential, provenio.ai’s mission is clear and ambitious: to eradicate the burden of manual and repetitive tasks that have long plagued the back office of supply chains.
The traditional landscape of manual processing in supply chains is fraught with errors, leading to significant financial losses, wasted time, and tarnished reputations. However, provenio.ai’s proprietary domain-curated artificial intelligence and machine learning technology herald a new dawn. By digitising and automating data buried in the reams of paper-based documents and images, provenio.ai deploys secure, accurate, and ethical solutions that empower organisations to enhance their operational efficiency.
Provenio.ai’s customised solutions and flagship products, Fraitey and trePO, epitomise provenio.ai’s innovative approach. Fraitey, for instance, is not just a tool but a powerhouse that digitalises and validates complex freight payment audits, ensuring correct rates are applied across the supply chain network in near real-time. trePO automates up to 90 per cent of the end-to-end accounts payable process, using AI to effectively handle complex and cumbersome three-way PO matching and reducing time-to-process cycles down to a matter of seconds.
“Organisations that have a huge amount of spend in freight and logistics services typically don’t actually know what they’re paying for because the process of checking and accurately validating their spend is a laborious task,” says Simon Lupica, Co-Founder of provenio.ai. “From what we’ve studied with customers, they often don’t have the people required to do detailed analysis and validation – resulting in variations in overcharges ranging from two per cent right up to 19 per cent in some cases. And if they do have an extended back-office workforce, they can’t divert them solely onto that task as their cost to operate would drastically blow-out. Fraitey solves this issue, creating greater control and cost transparency but in an extremely efficient, scalable and sustainable way through the use of AI.”
“Throughout the entire lifecycle of the various businesses we’re engaging with, there’s a significant amount of data,” adds Sriram Bhargav Madhav, CTO of provenio.ai. “This data is essentially non-standard—it’s very unstructured and represented in multiple ways. The distinction of our AI lies in its ability to process this domain-specific data, which we’ve enriched with numerous examples and scenarios. The true strength of AI is its capacity to find a method in the madness, which involves correlating these diverse non-standard data points to simplify the information, thus providing what we refer to as actionable intelligence. This intelligence is something that can enable data-driven decisions to be quickly acted upon. The essence of AI’s power is that, unlike a human, it can analyse these numerous data points and draw inferences swiftly, informing the user what actions to take or avoid in certain scenarios.”
Ben Clannachan, Head of Product & Delivery at provenio.ai, adds that provenio.ai allows true automation of supply chain office processes.
“We’ve identified some common industry problems and have applied this technology in a practical, consumable format that can address these widespread issues across the industry,” Ben says. “People might become confused when they hear the term ‘AI’, perhaps thinking of the way it’s portrayed in countless movies. But we’ve distilled it down to the basics, mimicking human behaviour — think of these as building blocks, if you will. We apply this principle in the work context within the supply chain industry, solving problems that previous levels of technology could not. There has always been some form of automation with people, systems, and so on. However, due to the non-standard, unstructured data problem that Sriram mentioned, it’s not feasible to automate effectively without the power of AI and the specific types of AI building blocks we utilise. It’s the reading, understanding, analysing, and processing capabilities that set us apart. That’s our niche; that’s what we’ve homed in on in this industry, where there is a prevalent problem and a notable lack of investment and advancement.”
GETTING STARTED
Fraitey’s domain-specific AI and machine learning algorithms can be implemented in as little as one month, enabling businesses to witness immediate productivity gains. It tackles the arduous task of extracting data from documents and images, automating over 90 per cent of the end-to-end freight audits and payments process. This efficiency is not at the cost of flexibility; Fraitey seamlessly integrates across various legacy systems, enhancing them without the need for extensive overhauls.
The customisation doesn’t end with system integration. Human-AI collaboration is at the heart of provenio.ai’s philosophy. Fraitey is intuitive and customisable, allowing users to manage complex processes effortlessly. It supports data-driven decisions by providing insights and actionable intelligence in near real-time, effectively creating a super-efficient and more productive workforce.
“Essentially, we adopt a phased approach, which begins with understanding the customer’s most problematic or substantial volume areas,” says Dan Pace, Co-Founder of provenio.ai. “More importantly, we identify the most complex components. We aim to address complexity while delivering quick value. By ‘quick value,’ we mean a timeline ranging from four weeks to three months to start delivering value to the customer. Throughout the entire ecosystem, we interface with various core systems of these businesses, which often carry residual technical debt. By overlaying our systems, we enhance existing systems, thus aiding customers to eliminate the need for lengthy and costly system overhauls. Contrary to some other core systems, we can deliver value very quickly, with customers realising savings and a return on investment within the first 12 months.”
BIG RESULTS, FAST
One of provenio.ai’s clients, an Australian retail powerhouse, with over 200 stores in Australia and New Zealand, recently faced a daunting challenge: the manual reconciliation and processing of an annual freight spend exceeding $25 million. With a complex array of inbound and outbound logistics to coordinate, the retailer turned to provenio.ai and Fraitey to navigate the intricate maze of freight management.
Within a mere six weeks—a blink of an eye in the corporate timeline—Fraitey was implemented as an agile, non-integrated, stand-alone solution. Its mission was to streamline approximately $7 million of the retailer’s inbound freight spend. The system was designed to handle a highly variable array of charges, including forward origin, ocean freight, destination charges, customs clearing, and assorted fees.
At the core of Fraitey’s prowess lies provenio.ai’s finely-tuned Natural Language Processing (NLP) and Natural Language Interpretation (NLI) capabilities.
These tools are custom-crafted for the supply chain logistics domain, empowering Fraitey to automatically classify, digitise, and contextually extract critical data. The AI performs rapid validation checks against the retailer’s complex, multi-page supplier rate cards with unwavering precision.
One of Fraitey’s most innovative features is its ability to perform automatic GL-mapping for cost allocation – streamlining the financial workflow and processing within existing end-point systems. Moreover, the comprehensive reporting features offer a transparent lens into the freight spend, providing the retailer with actionable insights to further refine their processes and optimise their supply chain network.
The results? They speak for themselves. Fraitey identified over 3 per cent variance across the retailer’s top five suppliers, exposing discrepancies that had previously slipped through the cracks of manual processing. Additionally, the retailer now operates at a pace 30 times faster than traditional methods, marking a seismic shift in productivity.
Beyond the tangible metrics of time and money saved, the most significant impact of Fraitey’s deployment is perhaps felt in the day-to-day operations. The retailer has reported productivity gains exceeding 75 per cent, which, in turn, has dramatically improved the employee experience. No longer bogged down by the tedium of manual data entry and error checking, the staff can now focus on more strategic, rewarding tasks, fostering a more engaging and dynamic workplace.
This case study showcases the transformative potential of AI in streamlining the supply chain, offering a beacon for businesses aiming to achieve similar efficiency and clarity in their operations.
As provenio.ai continues to pave the way, the future of supply chain logistics shines brighter, driven by intelligent automation and human ingenuity working in concert.
While Fraitey is helping consumers of freight and logistic services better manage their spend, the team also works with 3PL and 4PL providers, such as Linfox.
Using their domain curated AI, the team are creating AI-powered solutions that simplify how activity and costs are reconciled, validated and accurately charged for – helping to prevent revenue leakage, improve productivity and ensure improved customer experiences for 3PL and 4PL solution providers.
For more information on provenio.ai, click here.