![]() ![]() “Most employees within freight forwarders spend the majority of their time communicating with the 10-25 different entities that might be associated with a given shipment and coordinating freight movement and documentation. James Coombes, Co-Founder and CEO of Vector.ai, comments: Customers include Fracht, EFL, NNR Global Logistics, The Scarbrough Group, Steam Logistics and Navia Freight, as well as several of the world’s top-10 freight forwarders. In 2021 alone, it has signed up a range of customers – from multi-national to SME freight forwarders – in 20 countries and month-on-month revenue has tripled. It also gives freight forwarders greater visibility into ongoing operations, improving collaboration and further increasing productivity.ĭemand for Vector.ai has skyrocketed since the release of its first Beta product in late 2020, with the company implementing its technology across Europe, Asia, Australasia, South Africa and the US. From straight-through processing of accounts payables, including bill pay, audit and reconciliation, to automated customs declarations and import/export documentation workflows, Vector.ai’s platform enables workers to offload basic tasks and focus on building relationships with customers and suppliers. Vector.ai uses machine learning to automate these inefficient and error-prone processes, transforming workforce productivity and eliminating previously siloed workstreams. It’s estimated that operational staff at freight forwarders spend one third of each day hunting through customer emails, attachments and legacy computer systems, which is distracting them from higher-value activities and limiting freight forwarders’ ability to scale effectively. ![]() The funding will enable the company, which uses machine learning to transform cumbersome and monotonous processes, to accelerate its international expansion plans and build on its reputation as the automated system of choice for the world’s biggest freight forwarders.įreight forwarders globally, through no fault of their own, lose billions of hours to cumbersome and time-consuming administrative tasks as they process billions of shipments every year. ![]()
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